Global Legal Software (focus on machine learning) Market Report 2024, Forecast To 2033
16 Jan, 2024
The legal software market, with a focus on machine learning, has witnessed rapid growth, increasing from $0.44 billion in 2023 to $0.5 billion in 2024, showcasing a 13.8% CAGR. Historical growth is attributed to increased legal workloads, cost efficiency gains, document management improvements, regulatory compliance, and enhanced research capabilities. The forecast indicates ongoing rapid growth, reaching $0.81 billion by 2028, with a 12.7% CAGR. Anticipated growth drivers include predictive analytics, natural language processing (NLP), remote work collaboration, global expansion, and heightened focus on cybersecurity and privacy. Key trends in the forecast period include legal chatbots, data privacy compliance, legal analytics, virtual legal assistants, and legal process automation.
Global Legal Software (focus on machine learning) Market Key Driver
The machine learning market is experiencing growth propelled by the increasing demand for intelligent business processes in law firms. The adoption of artificial intelligence (AI) and machine learning in business operations, including legal processes, has become prevalent. Major firms, especially in the USA, are leveraging software solutions for tasks like contract management and legal data analysis. The incorporation of machine learning aids legal professionals in handling vast datasets and extracting valuable insights, leading to market expansion.
Get A Free Sample Of The Global Legal Software (focus on machine learning) Market ReportGlobal Legal Software (focus on machine learning) Market Segments
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
By Geography: The regions covered in the legal software (focus on machine learning) market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
The Asia-Pacific was the largest region in the legal software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the legal software market during the forecast period. The regions covered in the legal software (focus on machine learning) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Legal Software (focus on machine learning) Industry Players
Microsoft Corporation, International Business Machines Corporation, Google LLC, Baidu Inc., Hewlett Packard Enterprise Development LP, Intel Corporation, SAP SE, SAS Institute Inc., BigML Inc., Fair Isaac Corporation, Wipro Limited, Nuance Communications Inc., KNIME.com AG, RapidMiner Inc., Angoss Software Corporation, H2O.ai Inc., Alpine Data Labs Inc., Domino Data Lab Inc., Dataiku Inc., Luminoso Technologies Inc., TrademarkVision Pty Ltd., Fractal Analytics Inc., TIBCO Software Inc., Teradata Corporation, Dell Technologies Inc., Oracle Corporation, Legal Files Software Inc., Rocket Matter LLC, RELX Group plc, Themis Solutions Inc., MyCase Inc., Smokeball Technologies Pty Ltd., PracticePanther Legal Software LLC, Zola Media LLC, Abacus Data Systems Inc., CosmoLex Inc., TimeSolv Corporation, Bill4Time LLC, Merus Inc., CaseFleet LLC, Filevine Inc.
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Legal Software (focus on machine learning) Market Overview
Legal software is software used by legal professionals to perform tasks specifically related to legal affairs and the operation of law firms.
Legal Software (focus on machine learning) Global Market Report 2023 provides data on the global legal software (focus on machine learning) market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The legal software (focus on machine learning) market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.