Houston, TX -- (SBWire) -- 06/13/2018 --The global LegalTech AI Market is estimated to surpass $2.5 billion by 2025, growing at an estimated rate of more than 35% during 2018 to 2025, majorly driven by the efforts put to develop advanced technology for legal services through AI, as well as growth of legal tech services. Furthermore, the growing emphasis on applications such as due diligence, legal research is also set to propel the market growth in the future. In the current market, legalTech AI is employed by around 2% of the law firms, with this number set to grow significantly by 2025.
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The Global LegalTech Artificial Intelligence Market research report helps analyze the market on a global basis and also offers forecast and statistics in terms of revenue for the forecast period. This research study offers a detailed overview of the market dynamics that are expected to affect the overall industry in the coming few years. The report has been well-organized applying primary and secondary research approaches. In addition, the study explains the impact of the key factors on the development and growth of the market through the forecast period. Promising opportunities in the global market have also been mentioned in the study.
Top Key Vendors in Market: ROSS Intelligence, Lex Machina, Casetext Inc, LawGeex, FiscalNote, and others.
A broad range of LegalTech AI applications, which are currently being explored includes due diligence, legal research and analytics, intellectual property, electronic billing, prediction technology, IP management, robust cybersecurity, compliance, eDiscovery and many others. The capital expenditure of major companies in pursuit of LegalTech AI have also escalated significantly since the last decade. Premonition, an AI company which has its headquarters in the U.S., had raised around $100 million valuation by applying AI to the largest legal database in the world. The potential for AI in legal is immense, and law firms are beginning to strategize and purchase AI solutions. While only around 2% of the legal firms currently employ AI, around 15% companies are monitoring the implementation of AI in their firms.
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This research, highlighting the current situation of the Global LegalTech Artificial Intelligence market, focuses on answering some of the important questions faced by stakeholders. By providing answers to all of these questions related to the key drivers and dominant companies, the report's authors also focus on different factors, which would create new growth opportunities in the global market. Prepared by an expert team, the report on the global LegalTech Artificial Intelligence market highlights recent developments, key trends, and new project developments in the market. As leading companies take efforts to maintain their dominance in the global market, the right way to do so is by adopting new technologies and strategies.
The report delivers a comprehensive overview of the crucial elements of the market and elements such as drivers, restraints, current trends of the past and present times, supervisory scenario, and technological growth. A thorough analysis of these elements has been accepted for defining the future growth prospects of the global LegalTech Artificial Intelligence market.
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Table of Content:
Global LegalTech Artificial Intelligence Market Research Report 2018
Chapter 1 LegalTech Artificial Intelligence Market Overview
Chapter 2 Global Economic Impact
Chapter 3 Competition by Manufacturer
Chapter 4 Production, Revenue (Value) by Region
Chapter 5 Global Supply (Production), Consumption, Export, Import by Regions
Chapter 6 Production, Revenue (Value), Price Trend by Type
Chapter 7 Global Analysis by Application
Chapter 8 Global Manufacturing Cost Analysis
Chapter 9 Global Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10 Global Marketing Strategy Analysis, Distributors/Traders
Chapter 11 Global Market Effect Factors Analysis
Chapter 12 Market Forecast
Chapter 13 Appendix
Insights on the Growth of LegalTech Artificial Intelligence Market Growing at CAGR of +35% by 2025: Technological Advancements, Potential Business Opportunities
This study presents an extensive overview of the global market and throws light on the market overview, predicted growth rate, and estimated size of the market. The present trends, preference of consumers, and key opportunities in the market have been encapsulated in this study.