What are the Historical Developments and Current Growth Metrics of the Legal Software focus on machine learning Market?
The legal software focus on machine learning market has seen considerable growth due to a variety of factors.
• In recent years, the market size for legal software emphasizing machine learning has seen significant growth. The market is predicted to increase from $0.49 billion in 2024 to $0.55 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 12.6%.
Factors contributing to the growth during the historic period include a rise in legal workload, greater cost efficiency, improved document management, regulatory compliance, and enhanced research.
What Does Future Hold for The Legal Software focus on machine learning Market By 2029?
The legal software focus on machine learning market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for legal software, with an emphasis on machine learning, is anticipated to experience swift expansion. It is predicted to reach $0.93 billion by 2029, with a compound annual growth rate (CAGR) of 13.7%.
Factors such as predictive analytics, natural language processing (nlp), remote collaboration, global development, and cybersecurity and privacy considerations will drive growth during the forecast period. Key trends during this period are expected to be legal chatbots, regulations on data privacy, legal analytics, virtual legal assistants, and automation of legal processes.
What Are The Primary Growth Drivers In The Legal Software focus on machine learning Market?
The surge in the need for smart business operations in legal companies is contributing to the expansion of the machine learning market. This includes the implementation of artificial intelligence (AI) or machine learning in business procedures. AI pertains to the creation of systems capable of executing tasks that demand human intelligence. In developed nations like the USA, there is a high adoption of software solutions for advantages like contract administration and effective legal data evaluation. Machine learning assists law firms and specialists in managing their extensive data and extracting valuable information from it. As per the Legal Technology Survey Report by ABA Surveying, 35% of participants from large law firms with more than 500 attorneys revealed they have utilized AI, and 16% of respondents from companies with over 100 lawyers are considering buying AI. This escalating requirement to implement machine learning in legal firms is propelling the market.
What Is The Segmentation Of The Global Legal Software focus on machine learning Market?
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
Subsegments:
1) By Cloud: Public Cloud, Private Cloud, Hybrid Cloud
2) By On-Premise: On-Premise Software (Traditional on-site Deployment)
Pre-Book The Legal Software focus on machine learning Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are Emerging Trends Reshaping The Dynamics Of The Legal Software focus on machine learning Market?
A multitude of digital platforms have emerged, offering potential clients the opportunity to engage with attorneys for straightforward tasks such as trademark registration, leases, will creation and execution, contracts, lease agreements, cheque dishonour issues, recovery suits, and consumer complaints. Take LegalZoom, an American company, as an example. It aids in locating lawyers without the need for hourly charges, and papers supplied by this firm are recognized by courts and government agencies throughout all 50 states. This shift towards delivering online services is expected to stimulate demand for legal software.
Who Are the Key Players In The Legal Software focus on machine learning Market?
Major companies operating in the legal software (focus on machine learning) market include:
• 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.
What Are The Regional Insights Into The Legal Software focus on machine learning Market?
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
