Legal artificial intelligence market takes off, will soon reach nearly $2 billion
The world’s legal artificial intelligence software market is expected to reach $1.89 billion by 2026 growing at a rate, of 30.5% from 2017 to 2026, according to ResearchAndMarkets.com. Legal AI software refers to the usage of AI technology to perform various tasks carried out by law firms and corporate legal departments.
Why the growth, other than it being the flavor of the month? In two words, department budgets. Some of the factors such as increasing demand for AI-powered customer support service and growing demand for automation in applications such as e-discovery, contract management, compliance, and case prediction are propelling the market growth.
The report says the only things holding the AI market back from even more growth is the lack of awareness by law firms and cybersecurity concerns.