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Legal AI Software Market by Component, Deployment Mode, Technology, End User, Application, and Region - Global Forecast to 2024DUBLIN, May 14, 2019 /PRNewswire/ -- The "Legal AI Software Market by Component (Solutions and Services), Deployment Mode, Technology, End User (Corporate Legal Departments and Law Firms), Application (Legal Research, Contract Management & eDiscovery), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering. The Legal AI Software Size to Grow From USD 317 Million in 2019 to USD 1,236 Million By 2024, at a CAGR of 31.3% During 2019-2024. Major growth factors for the market include an increase in the adoption of AI-based solutions to manage the entire legal process efficiently. A growing demand for automation in applications such as eDiscovery, contract management, compliance, and case prediction are also expected to drive the market. Key Topics Covered: 1 Introduction 5.2.1.1 Increase in the Use of AI By Legal Companies to Reduce the Time It Takes to Complete the Legal Case 5.2.1.2 Growing Number of Litigations Across the Globe in the Legal Industry 5.2.1.3 Increasing Demand for Automation in Legal AI Software 5.2.2 Restraints 5.2.2.1 Lack of Awareness Among Law Firms 5.2.3 Opportunities 5.2.3.1 Growing Demand for Data-Driven Decision By Legal Professionals 5.2.3.2 Chatbots Helping Legal Firms to Take Significant Step Toward AI and Digital Transformation 5.2.4 Challenges 5.2.4.1 Cybersecurity and Data Privacy Concerns of the Legal Data 5.3 Use Cases 5.4 Regulatory Implications 5.4.1 GDPr 5.4.2 HIPAA 5.4.3 FTC 5.4.4 ISO/IEC JTC 1/SC 42 6 Legal AI Software Market By Component 6.1 Introduction 6.2 Solutions 6.2.1 Software Solutions 6.2.1.1 Software Solution Offers Enhanced Set of Features for Specific Legal Application 6.2.2 Platforms 6.2.2.1 Platforms Provide A Complete Foundation to Create Various Legal Applications 6.3 Services 6.3.1 Professional Services 6.3.1.1 Technicalities Involved in Implementing Legal AI Software Solutions to Boost the Growth of Professional Services 6.3.2 Managed Services 6.3.2.1 Growing Deployment of Legal AI Software Solution to Drive Demand for Managed Services 7 Legal AI Software Market By Technology 7.1 Introduction 7.2 Machine Learning and Deep Learning 7.2.1 Growing Demand for Automation of Manual Legal Tasks to Drive Machine Learning and Deep Learning Segment 7.3 Natural Language Processing 7.3.1 Natural Language Processing to Grow at A Rapid Pace in the Coming Years 8 Legal AI Software Market By Deployment Mode 8.1 Introduction 8.2 Cloud 8.2.1 Scalability and Ease of Implementation to Boost the Growth of Cloud Deployment Mode 8.3 On-Premises 8.3.1 Data-Sensitive Organizations to Adopt On-Premises Deployment Mode for Legal AI Software Solutions 9 Legal AI Software Market By End User 9.1 Introduction 9.2 Corporate Legal Departments 9.2.1 Corporate Legal Departments Adopting AI-Powered Solutions to Reduce Cost 9.3 Law Firms 9.3.1 Law Firms Adopting AI-Powered Solutions to Save Time and Increase Efficiency 9.4 Others 10 Legal AI Software Market By Application 10.1 Introduction 10.2 Ediscovery 10.2.1 AI Solutions Becoming Crucial to Make Ediscovery Process More Effective and Efficient 10.3 Legal Research 10.3.1 AI Tools Becoming Crucial to Reduce Time Required to Complete Tedious Tasks in Research 10.4 Contract Management 10.4.1 AI-Powered Solutions Enabling Law Firms to Efficiently Streamline the Entire Contract Management Process 10.5 Compliance 10.5.1 Mandatory Compliance With Stringent Regulations to Drive the Adoption of AI-Powered Solutions By Law Firms 10.6 Case Prediction 10.6.1 AI Technology Becoming Crucial to Deliver Accurate Case Prediction Results 10.7 Others 11 Geographic Analysis 11.1 Introduction 11.2 North America 11.2.1 United States 11.2.1.1 Growing Implementation of AI and Mi Based Solutions to Boost the Growth of Legal AI Software Market 11.2.2 Canada 11.2.2.1 Increase in AI Based Investment and Funding to Drive the Growth of Market in Canada 11.3 Europe 11.3.1 United Kingdom 11.3.1.1 Growing Investments and Funding in the Market to Drive the Deployment of Legal AI Software 11.3.2 Germany 11.3.2.1 Rapid Adoption of New Technologies to Spur Demand for Legal AI Software Solutions 11.3.3 France 11.3.3.1 Government Investments in AI Technology to Boost Market Growth in France 11.3.4 Rest of Europe 11.4 Asia Pacific 11.4.1 China 11.4.1.1 Growing Investment in AI for Legal Industry to Offer Growth Opportunities for Market in China 11.4.2 Japan 11.4.2.1 Startups Offering AI for Legal Industry to Drive Market in Japan 11.4.3 Singapore 11.4.3.1 Government Initiatives in AI to Boost the Market Growth 11.4.4 Rest of Asia Pacific 11.5 Middle East and Africa 11.5.1 Middle East 11.5.1.1 Upcoming AI Startups to Drive Market in the Middle East 11.5.2 Africa 11.5.2.1 Rising Adoption of Advanced Digital Technologies to Offer Opportunities for Vendors of Legal AI Software Solutions and Services in Africa 11.6 Latin America 11.6.1 Brazil 11.6.1.1 Emergence of Innovative Startups Offering Legal AI Solutions to Boost the Market Growth in Brazil 11.6.2 Mexico 11.6.2.1 Government Initiatives to Drive the Adoption of AI-Based Solutions in Mexico 11.6.3 Rest of Latin America 12 Competitive Landscape 12.1 Competitive Leadership Mapping (Startup) 12.2 Strength of Product Portfolio 12.3 Business Strategy Excellence 13 Company Profiles 13.1 Introduction 13.2 IBM 13.3 Opentext 13.4 Thomson Reuters 13.5 Veritone 13.6 Ross Intelligence 13.7 Luminance 13.8 Lexisnexis 13.9 Neota Logic 13.10 Everlaw 13.11 Legalsifter 13.12 Pensieve 13.13 Cognitiv+ 13.14 Casetext 13.15 Klarity 13.16 Omni Software Systems 13.17 Nalanda Technology 13.18 Lawgeex 13.19 Kira 13.20 Ey Riverview Law For more information about this report visit https://www.researchandmarkets.com/r/6jynt4 Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Media Contact: Research and Markets View original content:http://www.prnewswire.com/news-releases/legal-ai-software-market-by-component-deployment-mode-technology-end-user-application-and-region---global-forecast-to-2024-300848823.html SOURCE Research and Markets |