Generative AI in Legal Market Size to Record US$ 781.55 Million by 2032

According to a recent research report titled “Generative AI in Legal Market (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) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032″ published by Precedence Research, the global generative AI in legal  market size is projected to touch around USD 781.55 million by 2032 and growing at a CAGR of 31.06% over the forecast period 2023 to 2032. This comprehensive study examines various factors and their impact on the growth of the generative AI in legal  market.

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.

Generative AI in Legal Market Drivers

Generative AI has found significant utility in the legal sector, particularly in the automation of contract analysis and generation. Through the implementation of AI systems, the time-consuming task of scrutinizing current contracts for compliance and potential risks can be dramatically reduced. Moreover, these systems can effortlessly generate new contracts based on specified input criteria. Consequently, legal research has experienced rapid mechanization, wherein relevant precedents are discovered, and conclusions are summarized through the use of natural language processing (NLP) technologies to parse legal documents and cases.

Notably, generative AI also proves invaluable in predicting the outcomes of legal proceedings by leveraging historical data. This capability empowers solicitors to construct more robust arguments and offer clients well-informed advice regarding the likelihood of different outcomes. By harnessing the power of AI, the legal sector benefits from enhanced efficiency and informed decision-making, ushering in a new era of technological advancement.

The report primarily focuses on the volume and value of the generative AI in legal  market at the global, regional, and company levels. At the global level, the report analyzes historical data and future prospects to present an overview of the overall market size. Regionally, the study emphasizes key regions such as North America, Europe, the Middle East & Africa, Latin America, and others.

Furthermore, the research report provides specific segmentations based on regions (countries), companies, and all market segments. This analysis offers insights into the growth and revenue trends during the historical period of 2017 to 2032, as well as the projected period. By understanding these segments, it becomes possible to identify the significance of different factors that contribute to market growth.

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The research also highlights significant progressions in both organic and inorganic growth strategies within the global generative AI in legal  market. Numerous companies are placing emphasis on new product launches, gaining product approvals, and implementing various business expansion tactics. Moreover, the report presents detailed profiles of firms operating in the generative AI in legal  market, along with their respective market strategies. Additionally, the study concentrates on prominent industry participants, furnishing details such as company profiles, product offerings, financial updates, and noteworthy advancements.

Generative AI in Legal Market  Report Scope 

Also read: Generative AI in E-Commerce Market Size to Record US$ 2,530.89 Million by 2032

Major Key Points Covered in Report:

Executive Summary: It includes key trends of the electric vehicle fuel cell market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the electric vehicle fuel cell market based on production and revenue.

Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.

Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Electric vehicle fuel cell market.

Market Segments: This part of the report discusses product, application and other segments of the electric vehicle fuel cell market based on market share, CAGR, market size, and various other factors.

Research Methodology: This section discusses the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.

Market Key Players

The report incorporates company profiles of key players in the market. These profiles encompass vital information such as product portfolio, key strategies, and a comprehensive SWOT analysis for each player. Additionally, the report presents a matrix illustrating the presence of each prominent player, enabling readers to gain actionable insights. This facilitates a thoughtful assessment of the market status and aids in predicting the level of competition in the generative AI in legal  market.

Some of the prominent players in the generative AI in legal  market include

• 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

Why should you invest in this report?

This report presents a compelling investment opportunity for those interested in the global generative AI in legal  market. It serves as an extensive and informative guide, offering clear insights into this niche market. By delving into the report, you will gain a comprehensive understanding of the various major application areas for generative AI in legal . Furthermore, it provides crucial information about the key regions worldwide that are expected to experience substantial growth within the forecast period of 2023-2030. Armed with this knowledge, you can strategically plan your market entry approaches.

Moreover, this report offers a deep analysis of the competitive landscape, equipping you with valuable insights into the level of competition prevalent in this highly competitive market. If you are already an established player, it will enable you to assess the strategies employed by your competitors, allowing you to stay ahead as market leaders. For newcomers entering this market, the extensive data provided in this report is invaluable, providing a solid foundation for informed decision-making.

Some of the key questions answered in this report:       

• What is the size of the overall Generative AI in legal market and its segments?
• What are the key segments and sub-segments in the market?
• What are the key drivers, restraints, opportunities and challenges of the Generative AI in legal market and how they are expected to impact the market?
• What are the attractive investment opportunities within the Generative AI in legal market?
• What is the Generative AI in legal market size at the regional and country-level?
• Who are the key market players and their key competitors?
• What are the strategies for growth adopted by the key players in Generative AI in legal market?
• What are the recent trends in Generative AI in legal market? (M&A, partnerships, new product developments, expansions)?
• What are the challenges to the Generative AI in legal market growth?
• What are the key market trends impacting the growth of Generative AI in legal market?

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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