Legal Software with Global Machine Learning Market to Reach USD 630 Million by 2026 at a CAGR of 13.2%

DUBLIN, September 12, 2022 /PRNewswire/ — “Legal Software (focus on machine learning) Global Market Report 2022, By Application, End User, Technology, Deployment Mode” has been added to from ResearchAndMarkets.com offer.

The global legal software market is expected to grow from $0.33 billion in 2021 for $0.39 billion in 2022 at a compound annual growth rate (CAGR) of 16.6%. The change in growth trend is mainly due to companies stabilizing their production after meeting the demand which increased exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $0.63 billion in 2026 at a CAGR of 13.2%.

Rising demand for intelligent business processes in law firms is driving the growth of machine learning market. Smart business processes include the adoption of artificial intelligence (AI) or machine learning in business processes. AI is the development of a system that has the ability to perform tasks that require human intelligence.

Software solutions are widely adopted in developed countries like the UNITED STATES to achieve benefits, such as contract management and efficient analysis of legal data. Machine learning helps law firms and professionals manage their huge data and learn from it. According to ABA Surveying’s Legal Technology Survey Report, 35% of respondents from large firms with more than 500 lawyers said they had used AI and 16% of respondents from firms with 100 or more lawyers were most likely considering an AI purchase. . Growing demand for machine learning adoption in law firms is driving the market.

The machine learning market is limited due to the lack of awareness among law firms. Data, information and knowledge together constitute a vital business asset for law firms in the decision-making process. Law firms face an increasingly competitive market as large accounting firms restore their legal practices and reduce the amount of work available to law firms. According to a survey by Bloomberg Law, only 24% of law firms use machine learning or AI, indicating lack of knowledge and underutilization of technology. The lack of notoriety thus hinders the growth of the market.

Many online platforms have been introduced to allow potential clients to connect with lawyers for simple services including registration of trademarks, leases, registration and execution of wills, contracts and leases, dishonoured cheques, collection of lawsuits and consumer complaints. For example, LegalZoom, a company based in the United States, helps you find lawyers without hourly fees and the documents provided by this company are accepted by courts and government agencies in all 50 states. This trend of providing services online will drive the demand for legal software.

Legal software that includes artificial intelligence (AI) and machine learning (ML) is not yet fully regulated by governing bodies to protect confidential data involved in the processes. For example, the Indian government has decided to regulate the development and implementation of AI. However, countries like UNITED STATES are considering regulating ML and AI, as there could be a threat of legally constraining ML or AI before it can be fully developed in practice.

Scope
Covered markets:
1) Per application: EDiscovery; Legal research
2) By End User: Corporate Legal; Law firms
3) By technology: machine learning and deep learning; natural language processing
4) By deployment mode: Cloud; On the site

Main topics covered:

1. Summary

2. Characteristics of the legal software market

3. Legal Software Market Trends and Strategies

4. Impact of COVID-19 on legal software

5. Legal Software Market Size and Growth

6. Legal Software Market Segmentation

7. Regional and Country Analysis of Legal Software Market

8. Asia Pacific Legal Software Market

9. Chinese legal software market

10. India Legal Software Market

11. Japan legal software market

12. Australia Legal Software Market

13. Indonesia Legal Software Market

14. South Korea Legal Software Market

15. Western Europe Legal Software Market

16. UK legal software market

17. Germany Legal Software Market

18. French legal software market

19. Eastern Europe Legal Software Market

20. Russia Legal Software Market

21. North America Legal Software Market

22. UNITED STATES legal software market

23. South America Legal Software Market

24. Brazil Legal Software Market

25. Middle East Legal Software Market

26. Africa Legal Software Market

27. Legal Software Market Competitive Landscape and Company Profiles

28. Key mergers and acquisitions in the legal software market

29. Legal Software Market Future Outlook and Potential Analysis

30. Annex

Companies cited

  • Microsoft Corporation
  • IBM Corporation
  • Google Inc.
  • Baidu inc.
  • Hewlett Packard Enterprise Development LP (HPE)
  • intel company
  • SAP SE
  • SAS Institute Inc.
  • BigML Inc.
  • Fair Isaac Corporation (FICO)
  • Wipro
  • Communications Shades
  • KNIME.com AG
  • Rapid Miner Inc.
  • Angoss Software Corporation
  • H2O.ai
  • Alpine data
  • Domino Data Lab Inc.
  • Dataiku
  • Luminoso Technologies Inc.
  • TrademarkVision
  • Fractal Analytics Inc.
  • TIBCO Software Inc.
  • Teradata
  • Dell Inc.
  • Oracle Corporation

For more information about this report visit https://www.researchandmarkets.com/r/578r5c

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SOURCE Research and Markets

Sherry J. Basler