Brooklyn, New York, USA, 2021-Jun-25 — /Meridian Market Consultants/ — An overview of conceptual frameworks, analytical approaches of the Legal AI Software Market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The legal AI Software market is expected to grow at a significant rate in the near future.

The global Legal Ai Software Market in 2020 is estimated for more than US$ 419.0 Mn and expected to reach a value of US$ 3,605.7 Mn by 2028 with a significant CAGR of 30.9%.

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Legal AI Software Market Dynamics

The application of artificial intelligence in law and order is expected to generate excellent results during the forecast period owing to the number of benefits and enormous potential the revolutionizing technology carries.

The legal AI software smoothens the working of law and order as it assists legal authorities to perform their functions fluently. Owing to this, the global legal AI software market is projected to witness significant growth during the forecast timeframe.

Along with that, artificial Intelligence is competent and efficient enough for examining and giving data the rundown to help it in predicting the future regarding the legal proceeding much better than the human mind. Such factors further enhance the demand of the legal AI software market in the global market.

Attributing to this, the global legal AI software market is estimated to progress swiftly in the near future. In addition to that, the increased adoption rate of AI software in order to improve customer-client relationships and surging count of prosecutions or litigations in the field of law across the world is also estimated to propel the growth of the global legal AI software market during the forecast period.

Furthermore, the rising need for data-driven solutions and decisions by legal professionals has increased the demand for advanced technologies, ultimately giving a push to the global legal AI software market.

However, the only factor which may hold back the growth of the global legal AI software market is the inadequacy of awareness among consumers and end-users with regards to utilities and benefits of legal AI software and the expensive installation cost of advanced software.

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Legal AI Software Market Segmentation

The legal AI software market is segmented on the basis of application, services, deployment, technology, end-use, and region.

On the Basis of Application

eDiscovery

Legal Research

Contract Management

Compliance

Case Prediction

Others

By Services

Professional Services

Managed Services

By Deployment

Cloud

On-Premises

By Technology

Machine Learning and Deep Learning

Natural Language Processing

By End-Use

Corporate Legal Departments

Law Firms

Others

By Region

North America

Latin America

Europe

Asia Pacific

Middle East

Africa

Legal AI Software Market Key Players

Some of the key participating players in the global legal AI software market are

•    IBM Corporation

•    OpenText

•    Thomson Reuters

•    Veritone

•    ROSS Intelligence

•    Luminance

•    LexisNexis

•    Neota Logic

•    Everlaw

•    Legalsifter

•    Pensieve

•    Cognitiv+

•    Casetext

•    Klarity

•    Omni Software Systems

•    Nalanda Technology

•    LawGeex

•    Kira

•    CaseMine

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MMC Overview on Legal AI Software Market Report

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