Pune, Maharashtra -- (SBWIRE) -- 07/05/2023 -- According to HTF MI, The report "Global Legal AI Software Market: Industry Trends, Growth, Share, Size, Opportunity, and Forecast 2023-2029" was published in June 2018. From 2023 to 2028, the Global Legal AI Software Market is expected to develop at a compound annual growth rate (CAGR) of 26.4%, reaching USD 510.18 Million in 2023 and USD 3066.30 Million by 2028.

Legal AI software is transforming the legal business by using artificial intelligence and machine learning algorithms to expedite and automate numerous legal operations and processes. This cutting-edge technology is intended to help attorneys and legal professionals improve their efficiency, accuracy, and production. Contract analysis, legal research, document review, predictive analytics, and case management are all features of legal AI software. These software tools may swiftly find trends, extract key information, and give significant insights to enhance decision-making and legal strategy formulation by analyzing vast amounts of legal documents and historical data. There are various advantages to using legal AI software. It saves time and money for legal professionals by automating repetitive procedures, enabling them to focus on more complicated and strategic parts of their work. Furthermore, AI-powered solutions can improve the consistency and accuracy of legal analysis, reducing the chance of human mistakes and enhancing overall outcomes.

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Key and Developing Players,
- Neota Logic
- Kira Systems
- Lexpredict
- KRYTERION
- ROSS Intelligence
- ZhiShi.AI
- RAVN
- Everlaw
- Casetext
- ROSS Intelligence

Market Drivers
- Legal AI software automates time-consuming and repetitive operations including contract analysis, due diligence, and legal research.
- Manufacturers may improve operational efficiency, cut costs, and dedicate resources to more important initiatives by decreasing manual work.
- Manufacturers work in a litigious environment and confront a variety of legal concerns, such as product liability, intellectual property conflicts, and supply chain difficulties.
- Legal artificial intelligence software may identify possible hazards, analyze contracts for potential liabilities, and offer early warnings, allowing for proactive risk management.

Market Trend
- Manufacturers may use legal AI tools to automate contract analysis, extraction, and administration.
- It is capable of identifying crucial contract clauses, reviewing terms and conditions, and ensuring compliance.
- Manufacturers can enhance negotiation outcomes and lower legal risks by simplifying contract administration.
- Manufacturers rely significantly on intellectual property protection to defend their creations.
- Legal AI software assists with intellectual property search and research, patent writing, and infringement analysis.
- It helps firms to improve their intellectual property strategy, uncover potential infringements, and safeguard their competitive edge.

Market Opportunities
- Manufacturers may use AI-powered contract analysis to negotiate favorable terms and optimize contractual relationships with suppliers, distributors, and customers.
- It makes contract administration more efficient, lowering the chance of conflicts and boosting overall company relationships.
- Manufacturers must manage personal data properly in light of the growth of data protection rules such as the General Data Protection Regulation (GDPR).
- Legal AI software can help with data privacy compliance by guaranteeing correct data processing and protection.

Market Restraints
- Implementing Legal AI software can be expensive due to the expenses of software development, customization, training, and continuing maintenance. Manufacturers must show potential buyers a clear return on investment (ROI).
- If the perceived advantages of the program do not outweigh the expenses, potential consumers may be discouraged from adopting the technology.
- Legal AI software is based on massive volumes of data, including sensitive and secret client information.
- Data privacy and security are top priorities for legal practitioners.
- Manufacturers must address these issues by adopting strong data protection safeguards, adhering to data privacy legislation, and guaranteeing secure software access.

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Legal AI Software Market Segmentation:

Market Breakdown by Applications:
- Cloud Based
- On Premises

Market Breakdown by Types:
- Legal Research
- Contract Management
- Compliance
- Others

Report Scope
The Market size value in 2023 - USD 510.18 Million
Revenue Forecast by 2033 - USD 3066.30 Million
Growth Rate - CAGR Of 26.4%
Regions Covered- Europe, the Middle East and Africa, Latin America, North America, and the rest of the world
Historical Years - 2018-2022
The base Year 2022
The estimated Year 2023
Short-Term Projection Year 2028

Competitive Landscape:
Along with researching the profiles of the top competitors in the Legal AI Software market, the competition environment is thoroughly evaluated. Some of the players profiled are Kira Systems, Neota Logic, Lexpredict, ROSS Intelligence, KRYTERION, ZhiShi.AI, Everlaw, RAVN, Casetext, ROSS Intelligence

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Key highlights of the report:
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