Global AI Software Market 2020: This Report provides highlighting opportunities, and supporting strategic and tactical decision-making. This report recognizes that in this rapidly-evolving and competitive environment, up-to-date Marketing information is essential to monitor performance and make critical decisions for growth and profitability. It provides information on trends and developments, and focuses on Markets and materials, capacities and on the changing structure of the AI Software. The report also presents forecasts for Global AI Software Market investments from 2020 till 2025.
The AI software market in the legal industry is expected to register a CAGR of over 28% over the forecast period 2020 – 2025. AI is fast becoming the next big technology in productivity and efficiency tools for law firms. With the computing capacity improvement and the developments in the field of NLP, neural networks & chips, the algorithm has further improved the potential and has resulted in increased utility in its application in the legal sector.
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Corporate Legal Department End-user Industry is Expected to Witness Highest Growth Rate
– The corporate legal department segment is expected to witness the highest growth rate over the forecast period, as legal AI software and Platforms helps them in reducing the cost and streamlining work and processes, reducing repetitive tasks, and increasing productivity.
– Some big companies, such as JP Morgan have created their own AI solutions. For instance, JPMorgan Chase�s legal team used to review commercial loan agreements manually. In 2017, JPMorgan built Coin (Contract Intelligence), an AI engine to automate legal work that cut up to 360,000 hours of agreement review by lawyers and loan officers each year. The company is rolling out Coin on other complex legal processes, such as reviewing credit default swaps and custody agreements. Additionally, British Telecom used iManage RAVN AI to focus on contract analysis and was able to identify approximate savings of 30 million pounds.
– According to a LexisNexis survey of legal departments, 20% to 25% of legal departments use AI in at least one area. The number is expected to increase with the growing adoption of Ai technology by the various corporate legal department.
– Moreover, AI solutions can create form contracts that have standard terms and conditions according to parameters set by the legal department. Some companies are using contract management software with AI capabilities to help them organize contract data as well as locate data.
North America is Expected to Hold a Major Share
– North America is expected to hold a major share owing to high adoption of advanced technologies such as AI. Moreover, the region has a strong foothold of vendors who provides AI software and platforms for legal Industry.
– Some of them include IBM Corporation, OpenText Corporation, Ross Intelligence Inc., Veritone Inc., and Neota Logic Inc., among others. Ross Intelligence Inc. is one of the major vendors in the market. In March 2018, Ross Intelligence Inc. collaborated with Jackson Lewis, one of the leading law firm in the United States, to deploy the Ross Intelligence AI legal research solution firm-wide.
– AI is helping the lawyers to improve their productivity, which is boosting the market’s growth positively in the region. For instance, According to lawyers for IBM Corporation, adopting AI has cut down the total time their lawyers spent analyzing the trademark search results by approximately 50%. This includes algorithms which try to model the outcome of trademark litigation by analyzing a broad variety of factors.
– An increasing number of litigations is impacting the market’s growth positively. For instance, several Houston-area public companies spent millions of dollars in court costs. According to American City Business Journals, nine local companies recorded more than USD 500,000 in after-tax expenses for legal, litigation, and settlement costs in 2017. Combined, those nine companies spent USD 68.98 million.
The AI software market in the legal industry is neither consolidated nor fragmented as many large companies and startups have made a well-established presence in the market. The market is emerging and over the forecast period, the market competition is expected to be intense owing to the entry of new players. Vendors are offering solutions and platforms for different applications as per end-user industries needs. The companies are adopting numerous organic and inorganic growth strategies, such as solution enhancements, partnerships, agreements, mergers, and acquisitions, to further expand their presence in the global legal AI software market.
– January 2019 – OpenText Corporation announced that the company had acquired Catalyst Repository Systems, Inc., one of the leading provider of eDiscovery solutions for top law firms and corporate legal departments. The joint strength of Catalyst and OpenText combines the powerful set of solutions to help corporate legal departments and law firms leverage the opportunities of digital transformation, automation, AI, and machine learning.
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There are 15 Chapters to deeply display the AI Software Market.
Chapter 1 Market Overview
Chapter 2 Industry Chain
Chapter 3 Environmental Analysis
Chapter 4 Market Segmentation by Type
Chapter 5 Market Segmentation by Application
Chapter 6 Market Segmentation by Region
Chapter 7 Market Competitive
Chapter 8 Major Vendors
Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10 Marketing Strategy Analysis, Distributors/Traders
Chapter 11 Market Effect Factors Analysis
Chapter 12 Market Forecast (2020-2026)
Chapter 13 Marketing Strategy Analysis, Distributors/Traders
Chapter 14 Research Findings and Conclusion
Chapter 15 Appendix
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