by The global generative AI in legal market size was estimated to be around US$ 52.27 million in 2022. It is projected to reach US$ 781.55 million by 2032, indicating a CAGR of 31.06% from 2023 to 2032.
Key Takeaways:
- North America dominated the global market with the largest revenue share of 37% in 2022.
- Asia Pacific is expected to accounts a substantial revenue during the forecast period.
- By the Deployment model, the on-premises segment shows a substantial growth in the market during the forecast period.
- By Application, the document review segment carries the largest revenue share in the generative AI in legal market.
- By End-user, the law firms segment is expected to share the maximum CAGR during the projection period.
The market research report on the Generative AI in legal market provides a comprehensive analysis of various key aspects. It includes the definition, classification, and application of Generative AI in legal products. The report examines the development trends, competitive landscape, and industrial chain structure within the industry. Furthermore, it presents an overview of the industry, analyzes national policies and planning, and offers insights into the latest market dynamics and opportunities at a global level.
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Generative AI in Legal Market Report Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 68.51 Million |
| Market Size by 2032 | USD 781.55 Million |
| Growth Rate from 2023 to 2032 | CAGR of 31.06% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Deployment Model, By Application, and By End-User |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Read More: Generative AI in E-Commerce Market Size to Garner USD 2,530.89 Million by 2032
Opportunities
The legal market is ripe with opportunities to leverage Generative AI technology. By automating various routine tasks, such as document review, contract analysis, and legal research, law firms and legal departments can experience a substantial boost in efficiency while effectively reducing operational costs. The integration of AI-powered chatbots is another promising avenue, enabling quick responses to frequently asked questions and liberating human resources to handle more intricate legal matters. Moreover, the implementation of predictive generative AI proves to be invaluable, providing assistance in developing legal strategies and conducting risk assessments. This, in turn, empowers legal professionals to dedicate more time to high-value tasks, resulting in increased productivity and heightened client satisfaction.
Restraints
Generative AI holds great promise in the legal sector, offering numerous potential benefits. However, its application must be approached with utmost caution to adhere to ethical and regulatory guidelines. One of the primary concerns lies in the ethical implications of using AI within legal processes, as it raises questions about accountability and transparency regarding AI-generated outcomes. The impact of such AI-generated outputs on legal proceedings necessitates careful evaluation and monitoring.
Moreover, the legal domain demands strict confidentiality, making privacy and security critical issues when implementing generative AI systems. Ensuring the protection of sensitive data and maintaining compliance with confidentiality requirements becomes paramount. Developing these AI systems must incorporate robust safeguards to ensure they meet both legal and ethical standards throughout their application in legal processes involving AI technologies.
The report presents the volume and value-based market size for the base year 2022 and forecasts the market’s growth between 2023 and 2032. It estimates market numbers based on product form and application, providing size and forecast for each application segment in both global and regional markets.
Focusing on the global Generative AI in legal market, the report highlights its status, future forecasts, growth opportunities, key market players, and key market regions such as the United States, Europe, and China. The study aims to present the development of the Generative AI in legal market by considering factors like Year-on-Year (Y-o-Y) growth, in addition to Compound Annual Growth Rate (CAGR). This approach enables a better understanding of market certainty and the identification of lucrative opportunities.
Regarding production, the report investigates the capacity, production, value, ex-factory price, growth rate, and market share of major manufacturers, regions, and product types. On the consumption side, the report focuses on the regional consumption of Generative AI in legal products across different countries and applications.
Buyers of the report gain access to verified market figures, including global market size in terms of revenue and volume. The report provides reliable estimations and calculations for global revenue and volume by product type from 2023 to 2032. It also includes accurate figures for production capacity and production by region during the same period.
The research includes product parameters, production processes, cost structures, and data classified by region, technology, and application. Furthermore, it conducts SWOT analysis and investment feasibility studies for new projects.
This in-depth research report offers valuable insights into the Generative AI in legal market. It employs an objective and fair approach to analyze industry trends, supporting customer competition analysis, development planning, and investment decision-making. The project received support and assistance from technicians and marketing personnel across various links in the industry chain.
The competitive landscape section of the report provides detailed information on Generative AI in legal market competitors. It includes company overviews, financials, revenue generation, market potential, research and development investments, new market initiatives, global presence, production sites, production capacities, strengths and weaknesses, product launches, product range, and application dominance. However, the data points provided only focus on the companies’ activities related to the Generative AI in legal market.
Prominent players in the market are expected to face tough competition from new entrants. Key players are targeting acquisitions of startup companies to maintain their dominance. The report
Reasons to Purchase this Report:
- Comprehensive market segmentation analysis incorporating qualitative and quantitative research, considering the impact of economic and policy factors.
- In-depth regional and country-level analysis, examining the demand and supply dynamics that influence market growth.
- Market size in USD million and volume in million units provided for each segment and sub-segment.
- Detailed competitive landscape, including market share of major players, recent projects, and strategies implemented over the past five years.
- Comprehensive company profiles encompassing product offerings, key financial information, recent developments, SWOT analysis, and employed strategies by major market players.
Key Players
- IBM Corporation
- Open Text Corporation
- Thomson Reuters Corporation
- Veritone Inc.
- ROSS Intelligence Inc.
- Luminance Technology Ltd.
- LexisNexis Group Inc.
- Neota Logic Inc.
- Kira Inc.
- Casetext Inc.
Generative AI in Legal Market Segmentations
By Deployment Model
- Cloud-based
- On-premises
By Application
- Document Review
- Legal Research
- Contract Analysis
- Prediction of Legal Outcomes
- Other Applications
By End-User
- Law Firms
- In-House Legal Department Corporation
- Government Legal Departments
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology (Premium Insights)
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Generative AI in Legal Market
5.1. COVID-19 Landscape: Generative AI in Legal Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Generative AI in Legal Market, By Deployment Model
8.1. Generative AI in Legal Market, by Deployment Model, 2023-2032
8.1.1 Cloud-based
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. On-premises
8.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Generative AI in Legal Market, By Application
9.1. Generative AI in Legal Market, by Application, 2023-2032
9.1.1. Document Review
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Legal Research
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Contract Analysis
9.1.3.1. Market Revenue and Forecast (2020-2032)
9.1.4. Prediction of Legal Outcomes
9.1.4.1. Market Revenue and Forecast (2020-2032)
9.1.5. Other Applications
9.1.5.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Generative AI in Legal Market, By End-User
10.1. Generative AI in Legal Market, by End-User, 2023-2032
10.1.1. Law Firms
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. In-House Legal Department Corporation
10.1.2.1. Market Revenue and Forecast (2020-2032)
10.1.3. Government Legal Departments
10.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Generative AI in Legal Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.1.2. Market Revenue and Forecast, by Application (2020-2032)
11.1.3. Market Revenue and Forecast, by End-User (2020-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.1.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.1.4.3. Market Revenue and Forecast, by End-User (2020-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.1.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.1.5.3. Market Revenue and Forecast, by End-User (2020-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.2.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.3. Market Revenue and Forecast, by End-User (2020-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.2.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.4.3. Market Revenue and Forecast, by End-User (2020-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.2.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.5.3. Market Revenue and Forecast, by End-User (2020-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.2.6.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.6.3. Market Revenue and Forecast, by End-User (2020-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.2.7.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.7.3. Market Revenue and Forecast, by End-User (2020-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.3.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.3. Market Revenue and Forecast, by End-User (2020-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.3.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.4.3. Market Revenue and Forecast, by End-User (2020-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.3.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.5.3. Market Revenue and Forecast, by End-User (2020-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.3.6.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.6.3. Market Revenue and Forecast, by End-User (2020-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.3.7.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.7.3. Market Revenue and Forecast, by End-User (2020-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.3. Market Revenue and Forecast, by End-User (2020-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.4.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.4.3. Market Revenue and Forecast, by End-User (2020-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.4.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.5.3. Market Revenue and Forecast, by End-User (2020-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.4.6.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.6.3. Market Revenue and Forecast, by End-User (2020-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.4.7.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.7.3. Market Revenue and Forecast, by End-User (2020-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.5.3. Market Revenue and Forecast, by End-User (2020-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.5.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.5.4.3. Market Revenue and Forecast, by End-User (2020-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Deployment Model (2020-2032)
11.5.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.5.5.3. Market Revenue and Forecast, by End-User (2020-2032)
Chapter 12. Company Profiles
12.1. IBM Corporation
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Open Text Corporation
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Thomson Reuters Corporation
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Veritone Inc.
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. ROSS Intelligence Inc.
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Luminance Technology Ltd.
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. LexisNexis Group Inc.
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Neota Logic Inc.
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Kira Inc.
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Casetext Inc.
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
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