Growth of Legal AI Software Market

Artificial Intelligence (“AI”) software is a computer program that mimics human behavior by learning various data patterns and insights. AI helps the legal representative to manage all the related legal function smoothly and efficiently.

Types of AI Software:

There are four different types of Legal AI Software in the market:

1. Artificial Intelligence Platforms:

This will provide the platform for developing an application from scratch. Example of Artificial Intelligence platforms is commercial flights used AI Autopilot, Spam filter, etc.

2. Chatbots:

The software applications that mimic written or spoken human speech like in conversation with a person. Example of Chatbots is eBay, Lyft, etc.

3. Deep Learning Software:

It acts like a human brain and allows the machine to analyze the data in a structure very much as humans do it includes speech recognition, image recognition, etc. Examples of Deep Learning Software are MXNet, Deep learning kit, etc.

4. Machine Learning Software:

Machine learning is the technique that will make the computer to take a decision on what they learn through data. Examples of Machine Learning Software are Google Home, GPS Navigation, etc.

Two broad segmentation of AI software market are as under:

Market Segmentation:

The global legal AI Software market is segmented on the following basis:

Application	e-Discovery Legal Research Contract Management Compliance Case Prediction Others (divorce automation, e-billing, knowledge management, and IP management)
Component	Solutions o  Software solutions o  Platform  Services o    Professional Services o    Managed Services
Deployment	Cloud On-premises
Technology	Machine Learning and Deep Learning Natural Language Processing
End-User	Corporate Legal Departments Law Firms Others (national firms, solo practitioners, students, subject matter experts, and judges)

 Regional Segmentation:

It covers analysis and forecast of 18 countries globally into 5 major regions namely North America, Europe, Asia-Pacific, Middle East, and Africa and South & Central America after evaluating political, economic, social and technological factors.

U.S., Canada & Mexico from North America, France, Germany, UK, Italy & Spain cover the Europe region, from Asia-Pacific Saudi Arabia, South Africa & UAE covered that, in Middle East & Africa are Australia, India, China, Japan, South Korea, Brazil from South & Central America.

Conclusion:

There is a constant increase in the adoption of AI Software to enhance the customer and client by making a proper decision by the Legal AI Software market. AI increases accuracy, efficiency, cost-saving and speeds up the process of business thereby cutting out the possibility of human errors.

Need to know more about Legal Artificial Intelligence?
Write to info@cs-india.com

Also Read: FSSAI License – What all you need to know.

Share this post?