The Legal Software (focus on machine learning) Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s Legal Software (focus on machine learning) Global Market Report 2024, The legal software (focus on machine learning) market size has grown rapidly in recent years. It will grow from $0.44 billion in 2023 to $0.5 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to increased legal workload, cost efficiency, document management, regulatory compliance, enhanced research.
The legal software (focus on machine learning) market size is expected to see rapid growth in the next few years. It will grow to $0.81 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to predictive analytics, natural language processing (nlp), remote work and collaboration, global expansion, cybersecurity and privacy . Major trends in the forecast period include legal chatbots, data privacy compliance, legal analytics, virtual legal assistants, legal process automation.
Increasing demand for intelligent business processes in law firms is driving the growth of the machine learning market. Intelligent business process includes the adoption of artificial intelligence (AI) or machine learning in business processes. AI is the development of system that has the ability to perform tasks requiring human intelligence. Software solutions are highly adopted in developed countries like the USA to achieve benefits, such as contract management and efficient legal data analysis. Machine learning helps legal firms and professionals to manage their huge data and derive insights from them. According to Legal Technology Survey Report by ABA Surveying, 35% of respondents from large firms with over 500 attorneys reported they used AI and 16% of respondents at firms with 100 or more attorneys were most likely considering an AI purchase. The growing demand to adopt machine learning in the law firms drives the market.
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The legal software (focus on machine learning) market covered in this report is segmented –
1) By Deployment Mode: Cloud; On-Premise
2) By Technology: Machine Learning And Deep Learning; Natural Language Processing
3) By Application: eDiscovery; Legal Research
4) By End User: Corporate Legal Departments; Law Firms
The legal software (focus on machine learning) market report table of contents includes:
- Executive Summary
- Legal Software (focus on machine learning) Market Characteristics
- Legal Software (focus on machine learning) Market Trends And Strategies
- Legal Software (focus on machine learning) Market – Macro Economic Scenario
- Global Legal Software (focus on machine learning) Market Size and Growth
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- Global Legal Software (focus on machine learning) Market Competitive Benchmarking
- Global Legal Software (focus on machine learning) Market Competitive Dashboard
- Key Mergers And Acquisitions In The Legal Software (focus on machine learning) Market
- Legal Software (focus on machine learning) Market Future Outlook and Potential Analysis
- Appendix
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