Legal AI Software Market Rising Demand, Evolving Trends, Future Perspectives, Size, Share And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Legal AI Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The legal ai software market size has grown exponentially in recent years. It will grow from $1.92 billion in 2023 to $2.3 billion in 2024 at a compound annual growth rate (CAGR) of 20.3%. The growth in the historic period can be attributed to increasing legal workload, advancements in natural language processing (nlp), cost and time efficiency, data security and compliance concerns, demand for predictive analytics.

The legal ai software market size is expected to see exponential growth in the next few years. It will grow to $4.83 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%. The growth in the forecast period can be attributed to globalization of legal services, integration with legal practice management systems, ethical and bias mitigation measures, legal research automation, regulatory changes and compliance requirements. Major trends in the forecast period include continued advancements in ai technologies, rise in remote work and collaboration, contract lifecycle management (clm) integration, cloud-based legal solutions, automation of routine legal tasks.

Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/legal-ai-software-global-market-report

Market Drivers and Trends:

The growing number of lawsuits is expected to boost the growth of the legal AI software market going forward. A lawsuit is a legal proceeding in a court of law, typically involving a claim, complaint, or dispute brought by one party (the plaintiff or claimant) against another party (the defendant). In lawsuits, legal AI software is used in lawsuits as it leverages predictive analytics by analyzing past case outcomes and legal precedents, offering valuable insights to assist lawyers in making informed decisions and formulating robust legal strategies. For instance, in September 2023, the US Equal Employment Opportunity Commission (EEOC), a US-based federal agency, filed 143 new employment discrimination lawsuits in fiscal year 2023, representing more than a 50% increase over fiscal year 2022 suit filings. Further, the fiscal year 2023 suit filings include 25 systemic lawsuits, almost double the number filed in each of the past three fiscal years. Therefore, the growing number of lawsuits is driving the growth of the legal AI software market.

Major companies operating in the legal AI software market are developing advanced technological solutions, such as legal generative AI platforms, to meet larger customer bases, increase sales, and drive revenues in the market. A legal generative AI platform refers to a technology solution in the field of law that utilizes generative artificial intelligence (AI) to create and generate legal documents, content, or insights. For instance, in May 2023, LexisNexis, a US-based software company, launched Lexis+ AI, a generative AI platform designed to transform legal work. This AI platform is specifically designed to revolutionize legal processes, harnessing the power of the largest repository of accurate and exclusive legal content. By tapping into an extensive collection of documents and records, Lexis+ AI delivers unparalleled speed and precision, offering customers trusted and comprehensive legal results. The new Lexis+ AI technology features conversational search functionality, which simplifies the often intricate and time-consuming legal research process. This feature enables users to pose diverse legal questions with citations, streamlining the research journey and enhancing lawyers' ability to conduct effective and efficient investigations.

Key Benefits for Stakeholders:

• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=13688&type=smp

Major Key Players of the Market:

Major companies operating in the legal AI software market report are International Business Machines Corporation, Thomson Reuters Corporation, Opentext Corporation, Lexisnexis Group Inc., iManage LLC, Kira Inc., Veritone Inc., Cs Disco Inc., Everlaw, Brightflag, Lex Machina Inc., Brainspace Corporation, Lawgeex, Ironclad Inc., Neota Logic Inc., Luminance Technologies Ltd., LegalSifter Inc., Autto Limited, CaseMine, Cognitiv+ Ltd., Intraspexion Inc., Kim Technologies, Legal Robot Inc., Nalanda Technology Ltd., Omni Software Solutions, Pensieve Technology Ltd., Ross Intelligence, Text IQ Inc.

Legal AI Software Market 2024 Key Insights:

• The legal ai software market is expected to grow to $4.83 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%.
• Legal AI Software Market Growth Fueled By Rising Lawsuits And Evolving Legal Landscape
• Leading Innovations in the Legal AI Software Market
• North America was the largest region in the legal AI software market in 2023

We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=13688&type=smp

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

This release was published on openPR.