AI Software Market Projections & Future Opportunities Recorded for the Period Forecast:2022-2031
The AI software market in the legal industry is projected to register a growth of over 28% over the forecast period. The law firms have always been at the forefront of using emerging technological advancements for productivity, efficiency enhancements, and artificial intelligence (AI) to play an integral role in supporting such initiatives. AI is becoming the next big technology for law firms. The legal sector is witnessing increased utility in its application owing to the developments and the computing capacity improvement in NLP, neural networks & chips.
– The market studied is witnessing an increase in the adoption of artificial intelligence-based solutions to the efficient management of the entire legal process. For example, in-house legal departments spend 50% of their time reviewing contracts even as necessary as a non-disclosure agreement, creating bottlenecks and slowing down business and deals. AI is helping lawyers focus their review on each contract’s relevant segments, saving a significant amount of lawyer-hours.
– Rising demand for automation in applications like eDiscovery, contract review and management, case prediction, and compliance are boosting the market’s growth. The automation in contract management enhances the sales team’s ability to finalize deals, improves relationships with customers, and impacts many other areas of an organization to enable companies to realize tangible value.
– According to a survey of near to 100 law firms by real estate giant CBRE, 48% of firms are already using AI software in their businesses, and 41% have immediate plans to implement the same. The survey also found 61% of the companies are using AI to generate and review legal documents, 47% for due diligence purposes, and 42% for research.
– According to the “2020 Legal Analytics Study” conducted by LexisNexis, about 92% of the law firms are planning to increase their adoption of AI for analytics in the next 12 months. This is majorly driven by competitive pressures such as the need to excel in the business (57%), and client expectations (56%). The survey also found that about 73% of the companies are already using AI to gain competitive insights on opposing counsel, parties, judges. About 59% and 48% of the companies are using AI to determine case assessment and case strategy, respectively.
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– The COVID-19 challenge is unprecedented, both for the economy and for aspects of the legal system. Law-firms has to prepare for a wide range of scenarios, the likelihood of which will depend on the efficient implementation of public-health- and economic-policy interventions.
– With the increasing economic crisis due to the COVID-19 pandemic, the increasing shareholder’s litigations, supplier disputes will create opportunities for the legal industry players in the future. Furthermore, distressed debt, intellectual property, and force majeure disputes will drive the growth of the market in the coming years.
Key Market Trends
Contract Review and Management is Expected to Witness a Significant Growth Rate
– AI software is predominantly making its presence felt in the legal industry by helping and automating various tasks. AI tools are used to complete any number of contract-related tasks from clause identification and extraction to contract review and management.
– AI is improving how firms and in-house legal departments are handling contracts by centralizing contract management through a single AI tool and automating routine tasks across the contract management lifecycle.
– Furthermore, AI is transforming the contract review and management services in the Asia –Pacific region. For instance, One of India’s leading firms, Cyril Amarchand Mangaldas, is leveraging the power of AI for contract analysis and review by partnering with Canadian AI assistant Kira Systems.
– In October 2019, LawGeex, a significant contract review automation (CRA) provider, released LawGeex 5.0, which automates the review and approval of routine contracts incorporating customer requests in three vital areas such as accelerated deployment, data-driven optimization, and extended coverage.
– Nowadays, AI-powered chatbot asks a series of questions before guiding users through the legal process to avoid parking tickets, sue corporations for data breaches, and even get money back when airline prices drop. According to AskCody, chatbots are 90% faster and 10% more accurate than humans at contract review.
North America is Expected to Hold a Major Share
– North America is projected to hold a significant share owing to the rising adoption of cutting-edge technologies such as AI. Furthermore, the region has a strong foothold of vendors who provides AI software and platforms for the legal Industry.
– Some of them include OpenText Corporation, IBM Corporation, Ross Intelligence Inc., Veritone Inc., and Neota Logic Inc., among others. In the recent past, Ross Intelligence Inc. collaborated with Jackson Lewis, one of the leading law firms in the United States, to deploy the Ross Intelligence AI legal research solution firm-wide.
– AI is helping the lawyers improve their productivity, which is positively boosting the market’s growth in the region. For example, according to lawyers for IBM Corporation, adopting AI has cut down the time their lawyers spent for analyzing the trademark search results by near to 50%. This includes algorithms that help to model the outcome of trademark litigation by analyzing a wide variety of factors.
– AI is also used to surface previously hidden and hard to manage contractual obligations, to increase compliance, and maximize revenue. Agiloft, a United States-based player in commerce lifecycle management, partnered with Xeeva, an international provider of AI-powered procurement software, to develop a completely integrated source-to-contract experience for the enterprise customers of the company. Available in 18 languages and already in use in over 45 countries, the platform from Xeeva is built with patented AI at its core, which is integrated across the entire suite to drive superior results in organizations quantifiably.
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The AI software market in the legal industry is neither consolidated nor fragmented as many large companies and startups have made a well-established presence in the market. The market is emerging and over the forecast period. The AI software market in the legal industry is neither consolidated nor fragmented as many large companies and startups have made a well-established presence in the market. The market is emerging, and over the forecast period, the market competition is expected to be intense owing to the entry of new players. Vendors are offering solutions and platforms for different applications as per end-user industries needs. The companies are adopting numerous organic and inorganic growth strategies, such as solution enhancements, partnerships, agreements, mergers, and acquisitions, to further expand their presence in the global legal AI software market.
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