June 19, 2024

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

The global generative AI in legal market size accounted for US$ 52.27 mn in 2022 and is projected to touch around USD 781.55 mn by 2032, representing at a CAGR of 31.06% from 2023 to 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.

Report Summary

The global generative AI in legal market report provides a Point-by-Point and In-Depth analysis of global market size, regional and country-level market size, market share, segmentation market growth, competitive landscape, sales analysis, opportunities analysis, strategic market growth analysis, the impact of domestic and global market key players, value chain optimization, trade regulations, recent developments, product launches, area marketplace expanding, and technological innovations.

The study offers a comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales in the generative AI in legal market across the globe.

A comprehensive estimate on the generative AI in legal market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of generative AI in legal during the forecast period. Price point comparison by region with global average price is also considered in the study.

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Generative AI in Legal Market  Report Scope

Report CoverageDetails
Market Size in 2023USD 68.51 Million
Market Size by 2032USD 781.55 Million
Growth Rate from 2023 to 2032CAGR of 31.06%
Largest MarketNorth America
Base Year2022
Forecast Period2023 to 2032
Segments CoveredBy Deployment Model, By Application, and By End-User
Regions CoveredNorth America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Key Highlights:

Reports Coverage: It incorporates key market sections, key makers secured, the extent of items offered in the years considered, worldwide containerized generative AI in legal market and study goals. Moreover, it contacts the division study gave in the report based on the sort of item and applications.

Market Outline: This area stresses the key investigations, market development rate, serious scene, market drivers, patterns, and issues notwithstanding the naturally visible pointers.

Market Production by Region: The report conveys information identified with import and fare, income, creation, and key players of every single local market contemplated are canvassed right now.

Also Read:  Generative AI in E-Commerce Market Size Analysis 2023 To 2032

Market Segments

Deployment Model Insights:

The on-premises sector holds a significant majority, capturing 57% of the generative artificial intelligence deployment model segment within the legal industry. When applying generative AI in legal contexts, strict adherence to all pertinent laws and regulations governing data privacy, intellectual property rights, and moral principles is imperative. This requirement becomes especially crucial in scenarios where AI systems are involved in the production of legal documents, as these documents must meet established legal standards and receive certification for usage by legal practitioners. Such compliance measures may give rise to further challenges concerning data security, storage, and regulatory compliance. Therefore, it remains paramount to address these considerations while implementing generative AI solutions in the legal domain.

Application Insights:

The document review category holds the top position in the legal market for generative artificial intelligence market share. This technology enables the automatic generation of various legal documents, such as contracts, agreements, and legal briefs. Leveraging generative AI, these documents can be produced efficiently without manual intervention. The AI model is trained on up-to-date papers and legal terminology, allowing it to produce drafts and templates that can be reviewed and customized by legal experts as needed. This streamlined process enhances productivity and accuracy in the legal field.

Generative AI in Legal Market Players

The report includes the profiles of key generative AI in legal market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information, key development in past five years.

Major companies operating in this area

  • 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.

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

Regional Segmentation

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
  • Latin America (Brazil and Rest of Latin America)
  • Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Research Methodology

Secondary Research

It involves company databases such as Hoover’s: This assists us to recognize financial information, the structure of the market participants and industry’s competitive landscape.

The secondary research sources referred in the process are as follows:

  • Governmental bodies, and organizations creating economic policies
  • National and international social welfare institutions
  • Company websites, financial reports and SEC filings, broker and investor reports
  • Related patent and regulatory databases
  • Statistical databases and market reports
  • Corporate Presentations, news, press release, and specification sheet of Manufacturers

Primary Research

Primary research includes face-to-face interviews, online surveys, and telephonic interviews.

  • Means of primary research: Email interactions, telephonic discussions and Questionnaire-based research etc.
  • In order to validate our research findings and analysis, we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.

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

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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