Legal AI Software : Market Size of USD 1,236 million by 2024

AI is the pivot for any research adn predictions. Law services is one such domain where we witness AI as the sunrise industry with phenominal market growth. As per the market researcher the market of the AI based software is anticipate to be USD 1,236 million by 2024 as against USD 317 million in 2019. The market is anticipated to grow at a CAGR of 31.3% during this forecast renure.Software solutions to grow at a higher CAGR during the forecast period. As the database in the Legal segment is one of the largest the AI based solution can provide the best solution to manage and predict.

Some of the most common reason for this growth is an increase in the adoption of AI-based solutions that can the legal process as turnkey solutions. The need for automation in applications such as eDiscovery, contract management, compliance,etc is the tail wind for this growth. Further more demand for and case prediction are also expected to drive the market. In the consolidated market size and growth, the corporate segment provide the major chunk of this segment growth since their needs for the AI based legal software is growing at exponentially. This market will also leverage the job requirement mainly law researchers and software professions. Furthermore legal AI software helps in reducing the cost and streamlining work and processes, reducing repetitive tasks, and attorneys focusing more on building strategies, and increasing productivity.

The Legal AI Software enables a law firms to make legal case decisions efficiently thus driving the market.