June 13, 2024

Generative AI in Legal Market Size To Rake USD 781.55 Mn By 2032

The generative AI in legal market size is poised to grow by USD 781.55 million by 2032 from USD 52.27 million in 2022, exhibiting a CAGR of 31.06% during the forecast period 2023-2032. 

Generative AI in Legal Market Size 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.

Precedence Research has conducted a comprehensive market study that provides valuable insights into the performance of the market during the forecast period. The study identifies significant trends that are shaping the growth of the Generative AI in legal market. In this recently published report, essential dynamics such as drivers, restraints, and opportunities are highlighted for both established market players and emerging participants involved in production and supply.

To begin with, the Generative AI in legal Market report features an executive summary that offers a concise overview of the marketplace. It outlines the key players and industry categories expected to have an impact on the market in the coming years. The executive summary provides an unbiased summary of the market.

Get a Sample Reporthttps://www.precedenceresearch.com/sample/3155

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 Rake USD 2,530.89 Mn By 2032

Reginal Snapshot:

North America dominates the global market for generative AI in the legal sector. This leadership position can be attributed to the region’s strong focus on technological advancements, fueled by the presence of top-notch research institutions and technology-driven enterprises. Leveraging this innovation-rich environment, cutting-edge AI technologies, including generative AI, are being developed to cater to the legal industry’s evolving needs.

The demand for AI-powered solutions in North America’s legal sector is substantial, given the sector’s vast size and complexity. These AI solutions have the potential to revolutionize client services by streamlining processes and significantly increasing efficiency. As a result, the legal sector in the region stands to benefit from the application of contemporary AI technologies that have been nurtured and refined in this tech-forward landscape.

The empirical study on the global Generative AI in legal market primarily focuses on the drivers in subsequent sections. It demonstrates how changing demographics are projected to influence the supply and demand dynamics in the Generative AI in legal Market. Our market report for the Generative AI in legal market also delves into the significant rules and regulations that are likely to impact the future growth of this sector. Moreover, in order to comprehend the underlying demand factors, industry experts have provided insights into its fundamental origins.

Top 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.

Data Sources and Methodology

To gather comprehensive insights on the Global Generative AI in legal Market, we relied on a range of data sources and followed a well-defined methodology. Our approach involved interactions with industry experts and key stakeholders across the market’s value chain, including management organizations, processing organizations, and analytics service providers.

We followed a rigorous data analysis process to ensure the quality and credibility of our research. The gathered information was carefully evaluated, and relevant quantitative data was subjected to statistical analysis. By employing robust analytical techniques, we were able to derive meaningful insights and present a comprehensive overview of the Global Generative AI in legal Market.

The most resonating, simple, genuine, and important causes because of which you must decide to buy the Generative AI in legal market report exclusively from precedence research

  • The research report has been meticulously crafted to provide comprehensive knowledge on essential marketing strategies and a holistic understanding of crucial marketing plans spanning the forecasted period from 2023 to 2032.

Key Features of the Report:

  • Comprehensive Coverage: The report extensively encompasses a detailed explanation of highly effective analytical marketing methods applicable to companies across all industry sectors.
  • Decision-Making Enhancement: It outlines a concise overview of the decision-making process while highlighting key techniques to enhance it, ensuring favorable business outcomes in the future.
  • Articulated R&D Approach: The report presents a well-defined approach to conducting research and development (R&D) activities, enabling accurate data acquisition on current and future marketing conditions.

Generative AI in Legal Market Segmentation:

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

Reasons to Consider Purchasing the Report:

  • Enhance your market research capabilities by accessing this comprehensive and precise report on the global Generative AI in legal market.
  • Gain a thorough understanding of the overall market landscape and be prepared to overcome challenges while ensuring robust growth.
  • Benefit from in-depth research and analysis of the latest trends shaping the global Generative AI in legal market.
  • Obtain detailed insights into evolving market trends, current and future technologies, and strategic approaches employed by key players in the global Generative AI in legal market.
  • Receive valuable recommendations and guidance for both new entrants and established players seeking further market expansion.
  • Discover not only the cutting-edge technological advancements in the global Generative AI in legal market but also the strategic plans of industry leaders.

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

About Us:

Our team comprises a dedicated group of research analysts and management consultants who are driven by a unified vision: assisting individuals and organizations in realizing their strategic objectives, both immediate and long-term, through the provision of comprehensive research services. At Precedence Research, we have positioned ourselves to cater to the needs of a diverse range of entities, including established companies, startups, and non-profit organizations across various sectors. Our expertise extends to industries such as packaging, automotive, healthcare, chemicals and materials, industrial automation, consumer products, electronics and semiconductors, IT and telecommunications, and energy. With a wealth of experience within our ranks, our skilled analysts are equipped with extensive knowledge of the research landscape.

 

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