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市场调查报告书

法务产业的AI软体的全球市场:成长率,趋势及预测分析(2019年~2024年)

AI Software Market in Legal Industry - Growth, Trends, Forecasts (2020 - 2025)

出版商 Mordor Intelligence LLP 商品编码 871394
出版日期 内容资讯 英文 120 Pages
商品交期: 2-3个工作天内
价格
法务产业的AI软体的全球市场:成长率,趋势及预测分析(2019年~2024年) AI Software Market in Legal Industry - Growth, Trends, Forecasts (2020 - 2025)
出版日期: 2020年06月01日内容资讯: 英文 120 Pages
简介

全球法务产业的AI软体市场在2019年~2024年的预测期间内,预测将以28%以上的年复合成长率成长。对法律事务所来说,作为提高生产率,发展效率化的工具,AI急速成为下个大技术。由于计算能力的提高及NLP、神经网及晶片领域的发展,演算法更加提高可能性,在法务领域的适用效用高涨。

本报告提供全球法务产业的AI软体市场相关调查分析,市场概要,市场动态,市场区隔,各地区的市场分析,竞争情形,主要企业等相关的系统性资讯。

目录

第1章 简介

  • 调查的成果
  • 调查的前提条件
  • 调查范围

第2章 调查方法

第3章 摘要整理

第4章 市场动态

  • 市场概况
  • 市场成长要素及阻碍因素
  • 市场成长要素
    • 对法律AI软体的自动化的需求高涨
    • 法律界的诉讼数量的增加
    • 为了完成诉讼的法务相关企业的AI利用扩大
  • 市场课题
    • 资料的机密性和机密资料相关疑虑
  • 产业价值链分析
  • 产业的魅力 - 波特的五力分析
    • 新加入厂商的威胁
    • 买主/消费者谈判力
    • 供应商谈判力
    • 替代产品的威胁
    • 产业内的竞争激烈度
  • 科技概述

第5章 市场区隔

  • 各零件
    • 解决方案
    • 服务
  • 各部署
    • 内部部署
    • 云端
  • 各应用领域
    • 法律研究
    • 契约的与重新评估管理
    • 电子付款
    • 电子化搜寻(电子讯息披露)
    • 遵守
    • 诉讼预测
    • 其他
  • 各终端用户产业
    • 法律事务所
    • 企业的法务部门
    • 其他
  • 各地区
    • 北美
    • 欧洲
    • 亚太地区
    • 中南美
    • 中东、非洲

第6章 竞争情形

  • 企业简介
    • Luminance Technologies Ltd.
    • ROSS Intelligence Inc.
    • Kira Inc.
    • IBM Corporation
    • Nalytics (Nalanda Technology Limited)
    • Casetext Inc.
    • CS Disco Inc.
    • Thomson Reuters Corporation
    • Veritone Inc.
    • LexisNexis Group Inc.
    • Neota Logic Inc.
    • Brainspace Corporation
    • Smokeball Inc.
    • Text IQ Inc.
    • OpenText Corporation

第7章 投资分析

第8章 市场机会及未来趋势

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目录
Product Code: 66597

The AI software market in the legal industry is projected to register a growth of over 28% over the forecast period 2020 - 2025. The law firms have always been at the forefront of using emerging technological advancements for productivity, efficiency enhancements, and artificial intelligence (AI) to play an integral role in supporting such initiatives. AI is becoming the next big technology for law firms. The legal sector is witnessing increased utility in its application owing to the developments and the computing capacity improvement in NLP, neural networks & chips.

  • The market studied is witnessing an increase in the adoption of artificial intelligence-based solutions to the efficient management of the entire legal process. For example, in-house legal departments spend 50% of their time reviewing contracts even as necessary as a non-disclosure agreement, creating bottlenecks and slowing down business and deals. AI is helping lawyers focus their review on each contract's relevant segments, saving a significant amount of lawyer-hours.
  • Rising demand for automation in applications like eDiscovery, contract review and management, case prediction, and compliance are boosting the market's growth. The automation in contract management enhances the sales team's ability to finalize deals, improves relationships with customers, and impacts many other areas of an organization to enable companies to realize tangible value.
  • According to a survey of near to 100 law firms by real estate giant CBRE, 48% of firms are already using AI software in their businesses, and 41% have immediate plans to implement the same. The survey also found 61% of the companies are using AI to generate and review legal documents, 47% for due diligence purposes, and 42% for research.
  • According to the "2020 Legal Analytics Study" conducted by LexisNexis, about 92% of the law firms are planning to increase their adoption of AI for analytics in the next 12 months. This is majorly driven by competitive pressures such as the need to excel in the business (57%), and client expectations (56%). The survey also found that about 73% of the companies are already using AI to gain competitive insights on opposing counsel, parties, judges. About 59% and 48% of the companies are using AI to determine case assessment and case strategy, respectively.
  • The COVID-19 challenge is unprecedented, both for the economy and for aspects of the legal system. Law-firms has to prepare for a wide range of scenarios, the likelihood of which will depend on the efficient implementation of public-health- and economic-policy interventions.
  • With the increasing economic crisis due to the COVID-19 pandemic, the increasing shareholder's litigations, supplier disputes will create opportunities for the legal industry players in the future. Furthermore, distressed debt, intellectual property, and force majeure disputes will drive the growth of the market in the coming years.

Key Market Trends

Contract Review and Management is Expected to Witness a Significant Growth Rate

  • AI software is predominantly making its presence felt in the legal industry by helping and automating various tasks. AI tools are used to complete any number of contract-related tasks from clause identification and extraction to contract review and management.
  • AI is improving how firms and in-house legal departments are handling contracts by centralizing contract management through a single AI tool and automating routine tasks across the contract management lifecycle.
  • Furthermore, AI is transforming the contract review and management services in the Asia -Pacific region. For instance, One of India's leading firms, Cyril Amarchand Mangaldas, is leveraging the power of AI for contract analysis and review by partnering with Canadian AI assistant Kira Systems.
  • In October 2019, LawGeex, a significant contract review automation (CRA) provider, released LawGeex 5.0, which automates the review and approval of routine contracts incorporating customer requests in three vital areas such as accelerated deployment, data-driven optimization, and extended coverage.
  • Nowadays, AI-powered chatbot asks a series of questions before guiding users through the legal process to avoid parking tickets, sue corporations for data breaches, and even get money back when airline prices drop. According to AskCody, chatbots are 90% faster and 10% more accurate than humans at contract review.

North America is Expected to Hold a Major Share

  • North America is projected to hold a significant share owing to the rising adoption of cutting-edge technologies such as AI. Furthermore, the region has a strong foothold of vendors who provides AI software and platforms for the legal Industry.
  • Some of them include OpenText Corporation, IBM Corporation, Ross Intelligence Inc., Veritone Inc., and Neota Logic Inc., among others. In the recent past, Ross Intelligence Inc. collaborated with Jackson Lewis, one of the leading law firms in the United States, to deploy the Ross Intelligence AI legal research solution firm-wide.
  • AI is helping the lawyers improve their productivity, which is positively boosting the market's growth in the region. For example, according to lawyers for IBM Corporation, adopting AI has cut down the time their lawyers spent for analyzing the trademark search results by near to 50%. This includes algorithms that help to model the outcome of trademark litigation by analyzing a wide variety of factors.
  • AI is also used to surface previously hidden and hard to manage contractual obligations, to increase compliance, and maximize revenue. Agiloft, a United States-based player in commerce lifecycle management, partnered with Xeeva, an international provider of AI-powered procurement software, to develop a completely integrated source-to-contract experience for the enterprise customers of the company. Available in 18 languages and already in use in over 45 countries, the platform from Xeeva is built with patented AI at its core, which is integrated across the entire suite to drive superior results in organizations quantifiably.

Competitive Landscape

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 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.

  • In October 2019, with the help of IBM Watson Knowledge Studio and the Watson Discovery service, QNC GmbH, a legal tech firm, was able to launch its new "digital law firm" subscription service and provide affordable, fast, flat-rate online legal services to small enterprises in Germany.
  • In October 2019, ROSS Intelligence and Clio announced an integration between their innovative AI-enabled products. Cilo is one of the significant players in the cloud-based legal technology provider. As a result of this partnership, all Clio customers will have a chance to use ROSS's Document Analyzer.

Reasons to Purchase this report:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

Table of Contents

1 INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Industry Attractiveness - Porter's Five Forces Analysis
    • 4.2.1 Threat of New Entrants
    • 4.2.2 Bargaining Power of Buyers/Consumers
    • 4.2.3 Bargaining Power of Suppliers
    • 4.2.4 Threat of Substitute Products
    • 4.2.5 Intensity of Competitive Rivalry
  • 4.3 Assessment of Impact of COVID-19 on the Industry

5 MARKET DYNAMICS

  • 5.1 Market Drivers
    • 5.1.1 Growing Demand for Automation and Increasing Number of Litigations in the Legal Industry
    • 5.1.2 Growth in the Utilization of AI by Legal Companies to Complete Legal Cases
  • 5.2 Market Challenges
    • 5.2.1 Data Privacy Concerns of the Confidential and Legal Data

6 MARKET SEGMENTATION

  • 6.1 Component
    • 6.1.1 Solution
    • 6.1.2 Services
  • 6.2 Deployment
    • 6.2.1 On-Premise
    • 6.2.2 Cloud
  • 6.3 Application
    • 6.3.1 Legal Research
    • 6.3.2 Contract Review and Management
    • 6.3.3 E-Billing
    • 6.3.4 E-Discovery
    • 6.3.5 Compliance
    • 6.3.6 Case Prediction
    • 6.3.7 Other Applications
  • 6.4 End-user Industry
    • 6.4.1 Law Firms
    • 6.4.2 Corporate Legal Departments
    • 6.4.3 Other End-user Industries
  • 6.5 Geography
    • 6.5.1 North America
    • 6.5.2 Europe
    • 6.5.3 Asia-Pacific
    • 6.5.4 Latin America
    • 6.5.5 Middle East & Africa

7 COMPETITIVE LANDSCAPE*

  • 7.1 Key Vendor Profiles
    • 7.1.1 Luminance Technologies Ltd.
    • 7.1.2 ROSS Intelligence Inc.
    • 7.1.3 Kira Inc.
    • 7.1.4 IBM Corporation
    • 7.1.5 LexisNexis Group Inc.
    • 7.1.6 CS Disco Inc.
    • 7.1.7 Thomson Reuters Corporation
    • 7.1.8 Veritone Inc.
    • 7.1.9 Casetext Inc
    • 7.1.10 Neota Logic Inc.
    • 7.1.11 Brainspace Corporation
    • 7.1.12 Smokeball Inc.
    • 7.1.13 Text IQ Inc.
    • 7.1.14 OpenText Corporation

8 INVESTMENT ANALYSIS

9 FUTURE OF THE MARKET