How big is the AI Software Market In Legal Industry?

The AI Software Market In Legal Industry size is expected to reach USD 2.19 billion in 2024 and grow at a CAGR of 10.70% to reach USD 3.64 billion by 2029. Read More

What is the current AI Software Market In Legal Industry size?

In 2024, the AI Software Market In Legal Industry size is expected to reach USD 2.19 billion. Read More

Who are the key players in AI Software Market In Legal Industry?

ROSS Intelligence Inc., Luminance Technologies Ltd., LexisNexis Group Inc., IBM Corporation and KIRA Inc. are the major companies operating in the AI Software Market In Legal Industry. Read More

Which is the fastest growing region in AI Software Market In Legal Industry?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in AI Software Market In Legal Industry?

In 2024, the North America accounts for the largest market share in AI Software Market In Legal Industry. Read More

What years does this AI Software Market In Legal Industry cover, and what was the market size in 2023?

In 2023, the AI Software Market In Legal Industry size was estimated at USD 1.96 billion. The report covers the AI Software Market In Legal Industry historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the AI Software Market In Legal Industry size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What future developments are expected in the AI Legal Software Market?

Future developments that are expected in the Artificial Intelligence Legal Software Market are a) Sophisticated AI algorithms b) Increased integration with other technologies like IoT c) Greater emphasis on ethical AI and transparency Read More

AI Software Market In Legal Industry Market Share

Statistics for the 2023 & 2024 AI Software Market In Legal Industry market share, created by Mordor Intelligence™ Industry Reports. AI Software Market In Legal Industry share report includes a market forecast to 2029 and historical overview. Get a sample of this industry share analysis as a free report PDF download.

Market Share of AI Software Industry In Legal Industry

The legal industry's AI software market has a low market penetration rate, creating tremendous potential for incumbent companies and outsiders looking to enter the sector. However, current market participants have a tremendous edge over any new entrants. Due to the outstanding prospects, rising investments, and supporting activities, competition among present market participants is expected to heat up.

May 2023 - LexisNexis Group Inc has announced the launch of Nexis Hub, a new tool that supports and streamlines any research workflow to accelerate time to insight. The innovative new solution, created to meet the needs of busy professionals, integrates with Google Chrome and Microsoft Word to help users streamline the complicated and time-consuming process of collecting research and creating reports.
May 2023 - Luminance Technologies Ltd has launched the latest cutting-edge application of its specialist legal large language model (LLM), the AI-powered 'Ask Lumi' chatbot. 'Ask Lumi' represents the first chatbot underpinned by this legal-grade AI. It allows users to open any contract in Microsoft Word, ask the AI questions about their agreement, and receive instant responses. In contrast, Luminance's Legal Pre-Trained Transformer (LPT) technology learns solely from legally verified documents. It is able to produce content and analyze and understand the content, even that created or edited by third parties. This powerful combination of both generative and analytical AI ensures the utmost legal rigor.