The Legaltech Artificial intelligence market was valued at USD 3,683 million in 2020 and is anticipated to grow at CAGR of over 35.95% during the period 2020-2027 to USD 37,998 million in 2027.
As all the spheres of the world is increasingly moving towards the tech-age, Artificial intelligence is rapidly making its way into the lives of the people. From SIRI to Alexa to self-driving cars, Artificial intelligence is increasing rapidly. Now, AI is even into the sector of legal services. AI plays a vital role in rapid and improved delivery of many legal services at an economical cost. Various legal departments and corporate law firms are applying AI for the evaluation and standardization of documents. AI in the legal terms is defined as technologies that are intelligent but have established defined functions. The increasing funding and rising AI adaptability and adoption in legal firms are the key factors which are driving the global legaltech artificial intelligence market growth in the coming future.
Additionally, growing mergers and acquisitions in the legaltech industry are also adding fuel to the global legaltech artificial intelligence market. The restraining factor for the growth of the global legaltech artificial intelligence market might be the continuous requirement for software updates and high-cost of technologies over the estimated timeline.
JP Morgan, One of the Legaltech leader launched their in-house program COIN, which pull out 150 features from 12,000 commercial credit agreements and contracts in just a few seconds. This implies to 36,000 hours of legal work by loan officers and lawyers. According to researchers, block chain technology will considerably impact the commercial and dispute resolution in law firm. If AI is added along with block chain, contract legal work or due diligence can be completed without lawyers. The British High court also adopted AI technology TAR (Technology Assisted Review) to showcase how important a document can be for particular case. It shows positive attitude towards technology. These drivers have influenced the clients and law firms to adopt digitalization due to the easy usage and lowered turn-around time. Artificial intelligence has resulted in increased efficiency of legaltech, thereby increasing its adoption in many private law firms as well as government agencies, adding fuel to the growth of global legaltech artificial intelligence market.
Global artificial intelligence market is led by North America region with U.S. contributing the most and is expected to dominate the market in the upcoming years as well due to growing investments in AI related technologies in the region followed by Asia Pacific, which is the largest growing region and is expected to give a tough fight over the forecast timeframe.
As all the spheres of the world is increasingly moving towards the tech-age, Artificial intelligence is rapidly making its way into the lives of the people. From SIRI to Alexa to self-driving cars, Artificial intelligence is increasing rapidly. Now, AI is even into the sector of legal services. AI plays a vital role in rapid and improved delivery of many legal services at an economical cost. Various legal departments and corporate law firms are applying AI for the evaluation and standardization of documents. AI in the legal terms is defined as technologies that are intelligent but have established defined functions. The increasing funding and rising AI adaptability and adoption in legal firms are the key factors which are driving the global legaltech artificial intelligence market growth in the coming future.
Additionally, growing mergers and acquisitions in the legaltech industry are also adding fuel to the global legaltech artificial intelligence market. The restraining factor for the growth of the global legaltech artificial intelligence market might be the continuous requirement for software updates and high-cost of technologies over the estimated timeline.
JP Morgan, One of the Legaltech leader launched their in-house program COIN, which pull out 150 features from 12,000 commercial credit agreements and contracts in just a few seconds. This implies to 36,000 hours of legal work by loan officers and lawyers. According to researchers, block chain technology will considerably impact the commercial and dispute resolution in law firm. If AI is added along with block chain, contract legal work or due diligence can be completed without lawyers. The British High court also adopted AI technology TAR (Technology Assisted Review) to showcase how important a document can be for particular case. It shows positive attitude towards technology. These drivers have influenced the clients and law firms to adopt digitalization due to the easy usage and lowered turn-around time. Artificial intelligence has resulted in increased efficiency of legaltech, thereby increasing its adoption in many private law firms as well as government agencies, adding fuel to the growth of global legaltech artificial intelligence market.
Global artificial intelligence market is led by North America region with U.S. contributing the most and is expected to dominate the market in the upcoming years as well due to growing investments in AI related technologies in the region followed by Asia Pacific, which is the largest growing region and is expected to give a tough fight over the forecast timeframe.
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