Rising services and solutions provided by AI software to analyze and examine the document is expected to drive AI in Law Market expansion in the near future at a CAGR of 33.80% during the forecast period 2023 to 2032.

Market Research Future (MRFR) has published a cooked research report on the "Global Artificial Intelligence in Law Market" that contains information from 2018 to 2032. The Artificial Intelligence in Law market is estimated to register a CAGR of 33.80% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Artificial Intelligence in Law market—Casetext Inc., Catalyst Repository Systems,eBREVIA, Everlaw, FiscalNote, Judicata, Jusita, Knomos Knowledge Management Inc., Lawgeex and Legal Robot, Inc.

Market Highlights

The global Artificial Intelligence in Law market is accounted to register a CAGR of 33.80% during the forecast period. It is estimated to reach USD 11.20 billion by 2032.

The rising demand for artificial intelligence with new services and software is driving the demand to increase the efficiency of document examination and analysis, which is the major driver of artificial intelligence in the law market. Security concerns and constantly changing technologies are restraining the market's growth. Additionally, the rising research and innovations in AI software are anticipated to spur the use of Artificial Intelligence in Law, which is anticipated to promote the growth of the global Artificial Intelligence in Law market.

Segment Analysis

The global Artificial Intelligence in Law market has been segmented based on application and end user.

On the basis of application, the market is segmented into document management systems, e-discovery, practice and case management, e-billing, and others. The e-discovery segment was attributed to holding the largest market share in 2022 due to its ability to locate, gather, process, and create electronic documents and data.

Based on end users, the global Artificial Intelligence in Law market has been segmented into lawyer and client. The lawyer segment was expected to hold the largest market share in 2022 due to increased investment in AI technology.

Regional Analysis

The global Artificial Intelligence in Law market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Artificial Intelligence in Law market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Artificial Intelligence in Law market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Artificial Intelligence in Law market comprises of Middle East, Africa, and Latin America.

The largest market share for Artificial Intelligence in Law was maintained by the North American regional sector. This increase is attributed to an increase in the requirement for cost-effectiveness and efficiency in legal operations. Additional factors promoting market growth include increased investor investments, government support, and the viability of the technology in the area. The implementation of stringent rules, the growing advancement in technology, and the considerable presence of significant technology providers and major production companies all have an impact on the US market.

Moreover, the Europe market has been persistently growing over the forecast period. The demand for Artificial Intelligence in Law is driven by rising machine learning, artificial intelligence, and natural learning.

Additionally, due to the increasing emphasis placed on the rising adoption of new AI-based legal software, Asia Pacific is anticipated to experience the quickest growth over the forecast period. The Asia Pacific market will benefit from a growing emphasis on work efficiency in less time.

Furthermore, the rest of the world's Artificial Intelligence in Law market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rising use of AI software in law. Government support, a rise in investor interest, and the viability of technology in the sector are all contributing factors to the expansion of the market.

Key Findings of the Study

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  The global Artificial Intelligence in Law market is expected to reach USD 11.20 billion by 2032, at a CAGR of 33.80% during the forecast period.

  
  


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  The Asia-Pacific region accounted for the fastest-growing global market due to the increasing emphasis placed on AI-based legal software.

  
  


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  Based on application, the e-Discovery segment was attributed to holding the largest market in 2022, with an approximate market share of X–X%.

  
  


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  Casetext Inc., Catalyst Repository Systems, eBREVIA, Everlaw, FiscalNote, Judicata, Justia, Knomos Knowledge Management Inc., Lwageex and Legal Robot, Inc