LegalTech Artificial Intelligence Market 2020 Global Industry research report studies latest LegalTech Artificial Intelligence industry aspects market size, share, trends, growth, business overview and LegalTech Artificial Intelligence industry scenario during the forecast period (2020-2025).
Global LegalTech Artificial Intelligence Market overview:
Artificial intelligence (AI) is increasingly transforming the field of law practice. Many legal professionals are aware that AI can significantly reduce cost and time while increasing accuracy. AI plays an important role in faster and better delivery of certain legal services at an economical cost. Various corporate law firms and legal departments are implementing AI for the standardization and review of documents. AI in the legal context is defined as technologies that are intelligent but have certain defined functions. The Global LegalTech Artificial Intelligence Market is segmented on the basis of Product Type, Application, End Use Industry and Region. This report also covers all the regions and countries of the world, which shows a regional development status, including market size.
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On the Basis of Product Type segment, the LegalTech Artificial Intelligence Market is sub segmented into Lawyers and Clients. Based on End Use Industry segment, the LegalTech Artificial Intelligence Market is segmented as Document Management System, Practice and Case Management, Contract Management, IP-Management, Legal Research/Legal Analytics/Cyber Security/Predictive Technology/Compliance. Additionally, rising acquisitions and mergers in the legaltech industry are also fuelling the global legaltech artificial intelligence market. However, the regular need for software updates and high-cost of technologies may hamper the global legaltech artificial intelligence market over the estimated timeline.
There are several manufacturers of LegalTech Artificial Intelligence in Europe and North America. In North America, the demand for LegalTech Artificial Intelligence is primarily driven by the Services sector. Among the countries in Asia Pacific, the demand was substantially high in developing countries such as China and India. The rising funding for AI and the growing AI adoption in legal firms are major factors driving the global legaltech artificial intelligence market growth in the upcoming years.
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Top Industry News:
eBrevia Co-Founder, Adam Nguyen, and PWC Partner, Anindya Bose, to speak at the Contract Risk Management Summit on 14 September, 2020 -- The devastation caused by Covid 19 on commercial contracts across the world in every industry sector. How do we manage this devastation? How do we assess the risks, liabilities and losses? How do we manage the ongoing situation and which might reoccur in waves going forward? How do we devise and manage future contracts?
Effective contractual risk management is fundamental to efficient business management. Contracts often involve very big dollars and very big risks. Risks vary from regulatory, operational, financial, reputational, non-compliance and change among many others.
Organisations with capable people and robust processes can gain competitive advantage through savings, value improvement, full value extraction and flexibility in contract delivery.
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Major Key Players:
Some of the LegalTech Artificial Intelligence Market manufacturers involved in the market are Blue J Legal, Casetext Inc., Catalyst Repository Systems, eBREVIA, Everlaw, FiscalNote, Judicata, Justia, Knomos Knowledge Management Inc., Lawgeex, Legal Robot Inc., LEVERTON, LexMachina, Loom Analytics, Luminance Technologies Ltd., Ravel Law in World, effective mergers are some of the strategies adopted by the LegalTech Artificial Intelligence Market manufacturers. New product launches and continuous technological innovations are the LegalTech Artificial Intelligence Market strategies adopted by the major players.
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