Global Legal Software (Focus On Machine Learning) Market Overview 2024: Size, Drivers, And Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The Business Research Company’s Legal Software (Focus On Machine Learning) Global Market Report 2024 offers crucial insights into the legal software (focus on machine learning) market help businesses analyse and build stronger strategies.
The legal software market, with a specific focus on machine learning, has experienced significant growth in recent years. Key factors driving this growth include increased legal workload, cost efficiency, document management, regulatory compliance, and enhanced research.
Market Expansion in 2023-2024
- Market size to grow from $0.44 billion in 2023 to $0.5 billion in 2024.
- Compound Annual Growth Rate (CAGR) at an impressive 13.8%.
Driving Forces in the Historic Period
- Increased Legal Workload
- Cost Efficiency
- Document Management
- Regulatory Compliance
- Enhanced Research
Anticipated Growth by 2028
- Projected market size: $0.81 billion.
- CAGR: 12.7%.
Emerging Trends in the Forecast Period
- Predictive Analytics
- Natural Language Processing (NLP)
- Remote Work and Collaboration
- Global Expansion
- Cybersecurity and Privacy
Intelligent Business Processes and AI Adoption
The increasing demand for intelligent business processes in law firms is a key driver for the growth of the machine learning market. This involves the adoption of artificial intelligence (AI) or machine learning in various business processes within law firms.
- AI Adoption in Law Firms
- 35% of large firms with over 500 attorneys reported using AI.
- 16% of firms with 100 or more attorneys were considering an AI purchase.
Key Players in the Legal Software Market
Major companies contributing to the legal software market include Microsoft Corporation, IBM, Google LLC, Baidu Inc., Hewlett Packard Enterprise, Intel Corporation, SAP SE, and many others.
Focus on Machine Learning
- Machine learning helps manage large datasets and derive insights for legal professionals.
- Adoption of machine learning is driven by the growing demand in law firms.
Read The Full Legal Software (Focus On Machine Learning) Market Report Here:
Product Innovations for Reliable Services
Companies in the legal software market are focusing on product innovations to provide reliable services to their customers.
- Example of Product Innovation
- LegalZoom.com Inc. launched LZ Books, an accounting software for small business owners.
- Features include expense and income tracking, invoices, and simplified bookkeeping.
Thomson Reuters Expanding Generative AI Portfolio
In August 2023, Thomson Reuters Corporation acquired Casetext Inc. for $650 million, expanding its generative AI portfolio.
- Acquisition Details
- Casetext Inc. provides legal software solutions.
- Aims to offer generative AI solutions and reimagine the future of professionals.
Market Segmentation
Understanding the nuances of the legal software market is crucial, and it is segmented based on deployment mode, technology, application, and end user.
Segmentation Overview
- By Deployment Mode
- Cloud
- On-Premise
- By Technology
- Machine Learning and Deep Learning
- Natural Language Processing
- By Application
- eDiscovery
- Legal Research
- By End User
- Corporate Legal Departments
- Law Firms
Regional Dominance
Asia-Pacific emerged as the largest region in the legal software market in 2023, and it is expected to be the fastest-growing region during the forecast period.
Get A Free Sample On The Global Legal Software (Focus On Machine Learning) Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=2561&type=smp
The Legal Software (Focus On Machine Learning) Global Market Report 2024 provides a comprehensive outlook of the legal software (focus on machine learning) market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The legal software (focus on machine learning) market forecast offers a thorough analysis on legal software (focus on machine learning) market size, legal software (focus on machine learning) market share, prominent players and their strategies.
The Table Of Content For The Legal Software (Focus On Machine Learning) Market Include:
1. Legal Software (Focus On Machine Learning) Market Executive Summary
2. Legal Software (Focus On Machine Learning) Market Segments
3. Legal Software (Focus On Machine Learning) Market Size And Legal Software (Focus On Machine Learning) Market Growth Rate
4. Key Legal Software (Focus On Machine Learning) Market Trends
5. Major Legal Software (Focus On Machine Learning) Market Drivers
……
25. Key Mergers And Acquisitions In The Legal Software (Focus On Machine Learning) Market
26. Top Legal Software (Focus On Machine Learning) Companies
27. Legal Software (Focus On Machine Learning) Market Opportunities And Strategies
28. Legal Software (Focus On Machine Learning) Market, Conclusions And Recommendations
29. Appendix
Explore Similar Reports From The Business Research Company:
Legal Services Global Market Report 2023
Software As A Service (SaaS) Global Market Report 2023
Artificial Intelligence Global Market Report 2023
Learn More About The Business Research Company
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on:
