Global LegalTech Artificial Intelligence AI Market Dynamics

techmanga June 27, 2021 0 Comments

Global LegalTech Artificial Intelligence (AI) Market: Introduction

Technology companies in the legal sector are known as LegalTech companies.They provide software and tech-enabled services to the legal sector,businesses, and consumers. Artificial Intelligence (AI) in LegalTech is widelyused for several applications. Companies are using machine learning andnatural language processing technologies and developing software to cater todiverse applications in the legal technology sector. Law firms investsignificant amounts of time in reviewing contracts, which can be done in lesstime without compromising on quality with the help of Artificial Intelligence.The effects of Corona virus has directly influenced the growth of the market.As a result of the corona virus lockout, the bulk of law firms businessesclosed, which significantly hampered the market for legal-tech artificialintelligence solutions.

Global LegalTech Artificial Intelligence (AI) Market: Dynamics

* Increasing demand for AI based Solution. * AI-powered software improves the efficiency of document review and analysis. Companies such as ROSS Intelligence provide Artificial Intelligence software to help review and analyze legal documents with the help of natural language processing technology. Artificial Intelligence has also proved to be impactful in legal analytics, legal research, due diligence, and eDiscovery. Legal analytics helps in sorting through large amounts of data to find trends of value to attorneys. Divorce procedures take more than a year’s time. However, the use of Artificial Intelligence technology self-guides clients to divorce solutions in lesser time. Artificial Intelligence has begun to transform the legal sector and is augmenting what humans do, allowing them to work on different tasks such as advising, negotiating deals, etc. * A few products in the LegalTech Artificial Intelligence market are niche, while others are more generic AI solutions. Companies such as IBM Corporation and Zero focus on legal analytics. Other companies such as Apttus Corporation and iManage focus on offering contract management solutions. The LegalTech Artificial Intelligence market is not mature enough. Research is still ongoing for identifying the use of legal tech Artificial Intelligence in different applications and its impact on the legal sector. The humanlike functions performed by Artificial Intelligence software such as learning, decision making, and planning drives demand for it. Chatbots are also drawing attention in the legal sector and are expected to become a trend in the market. Artificial Intelligence is helping lawyers perform tasks efficiently and in time. However, it is not expected to replace lawyers in the future. Nevertheless, lawyers need to focus on attaining different skills to work alongside AI technology.Are you a start-up willing to make it big in the business? Grab an exclusivePDF sample of this report

Global LegalTech Artificial Intelligence (AI) Market, by Component

Figure: Global LegalTech Artificial Intelligence (AI) Market, by Component

Global LegalTech Artificial Intelligence (AI) Market, by Application

* Legal analytics * Legal research * eDiscovery * Contract management * e-billing * Prediction technology * Others

Global LegalTech Artificial Intelligence (AI) Market, by Region

* North America * U.S. * Canada * Rest of North America * Europe * Germany * France * U.K. * Italy * Spain * Russia * Rest of Europe * Asia Pacific * China * Japan * India * Australia * Rest of Asia Pacific * South America * Brazil * Rest of South America * Middle East & Africa * GCC * South Africa * Rest of Middle East & AfricaFigure: Global LegalTech Artificial Intelligence (AI) Market, by RegionThis study by TMR is all-encompassing framework of the dynamics of the market.It mainly comprises critical assessment of consumers’ or customers’ journeys,current and emerging avenues, and strategic framework to enable CXOs takeeffective decisions.Our key underpinning is the 4-Quadrant Framework EIRS that offers detailedvisualization of four elements: * Customer Experience Maps * Insights and Tools based on data-driven research * Actionable Results to meet all the business priorities * Strategic Frameworks to boost the growth journeyThe study strives to evaluate the current and future growth prospects,untapped avenues, factors shaping their revenue potential, and demand andconsumption patterns in the global market by breaking it into region-wiseassessment.The following regional segments are covered comprehensively: * North America * Asia Pacific * Europe * Latin America * The Middle East and AfricaThe EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions fortheir businesses and stay as leaders.Below is a snapshot of these quadrants.1. Customer Experience MapThe study offers an in-depth assessment of various customers’ journeyspertinent to the market and its segments. It offers various customerimpressions about the products and service use. The analysis takes a closerlook at their pain points and fears across various customer touchpoints. Theconsultation and business intelligence solutions will help interestedstakeholders, including CXOs, define customer experience maps tailored totheir needs. This will help them aim at boosting customer engagement withtheir brands.2. Insights and ToolsThe various insights in the study are based on elaborate cycles of primary andsecondary research the analysts engage with during the course of research. Theanalysts and expert advisors at TMR adopt industry-wide, quantitative customerinsights tools and market projection methodologies to arrive at results, whichmakes them reliable. The study not just offers estimations and projections,but also an uncluttered evaluation of these figures on the market dynamics.These insights merge data-driven research framework with qualitativeconsultations for business owners, CXOs, policy makers, and investors. Theinsights will also help their customers overcome their fears.3. Actionable ResultsThe findings presented in this study by TMR are an indispensable guide formeeting all business priorities, including mission-critical ones. The resultswhen implemented have shown tangible benefits to business stakeholders andindustry entities to boost their performance. The results are tailored to fitthe individual strategic framework. The study also illustrates some of therecent case studies on solving various problems by companies they faced intheir consolidation journey.4. Strategic FrameworksThe study equips businesses and anyone interested in the market to frame broadstrategic frameworks. This has become more important than ever, given thecurrent uncertainty due to COVID-19. The study deliberates on consultations toovercome various such past disruptions and foresees new ones to boost thepreparedness. The frameworks help businesses plan their strategic alignmentsfor recovery from such disruptive trends. Further, analysts at TMR helps youbreak down the complex scenario and bring resiliency in uncertain times.The report sheds light on various aspects and answers pertinent questions onthe market. Some of the important ones are:1. What can be the best investment choices for venturing into new product andservice lines?2. What value propositions should businesses aim at while making new researchand development funding?3. Which regulations will be most helpful for stakeholders to boost theirsupply chain network?4. Which regions might see the demand maturing in certain segments in nearfuture?5. What are the some of the best cost optimization strategies with vendorsthat some well-entrenched players have gained success with?6. Which are the key perspectives that the C-suite are leveraging to movebusinesses to new growth trajectory?7. Which government regulations might challenge the status of key regionalmarkets?8. How will the emerging political and economic scenario affect opportunitiesin key growth areas?9. What are some of the value-grab opportunities in various segments?10. What will be the barrier to entry for new players in the market?Note: Although care has been taken to maintain the highest levels of accuracyin TMR’s reports, recent market/vendor-specific changes may take time toreflect in the analysis.Artificial Intelligence Market Size & Share Report, 2020-2027

Technology Insights

Deep learning led the market and accounted for more than 39.0% share of theglobal revenue in 2019. This high share is attributed to its prominencebecause of its complicated data-driven applications, including text/content orspeech recognition. Deep learning offers lucrative investment opportunities asit helps in overcoming challenges of high data volumes. For instance, in March2018, NVIDIA Corporation announced a strategic partnership with Arm Limited tobring deep learning inferencing to the Internet of Things (IoT) and consumerelectronics devices in the global marketplace. Under the agreement, thecompanies integrated the NVIDIA Corporation’s deep learning acceleratorarchitecture into Arm Limited’s project trillium platform. This collaborationhelped IoT chip manufacturing companies to incorporate AI capabilities intotheir platforms.Machine learning and deep learning cover significant investments in AI. Itincludes both AI platforms and cognitive applications, including tagging,clustering, categorization, hypothesis generation, alerting, filtering,navigation, and visualization, which facilitate the development of advisory,intelligent, and cognitively-enabled solutions. Growing deployment of cloud-based computing platforms and on-premises hardware equipment for the safe andsecure restoration of large volumes of data has paved the way for theexpansion of the analytics platform. Rising investments in research anddevelopment by leading players will also play a crucial role in increasing theuptake of AI technologies.

Artificial Intelligence Market Report Scope

Report Attribute|Details —|— Market size value in 2020|USD 62.4 billion Revenue forecast in 2027|USD 733.7 billion Growth Rate|CAGR of 42.2% from 2020 to 2027 Base year for estimation|2019 Historical data|2016 – 2018 Forecast period|2020 – 2027 Quantitative units|Revenue in USD billion and CAGR from 2020 to 2027 Report coverage|Revenue forecast, company ranking, competitive landscape, growth factors, andtrends Segments covered|Solution, technology, end use, region Regional scope|North America; Europe; Asia Pacific; South America; MEA Country scope|U.S.; Canada; Mexico; Germany; U.K.; China; Japan; India; Brazil Key companies profiled|Advanced Micro Devices; AiCure; Arm Limited; Atomwise, Inc.; Ayasdi AI LLC;Baidu, Inc.; Clarifai, Inc; Cyrcadia Health; Enlitic, Inc.; Google LLC;; HyperVerge, Inc.; International Business Machines Corporation; IBMWatson Health; Intel Corporation; AS.; Lifegraph; Microsoft; NVIDIACorporation; Sensely, Inc.; Zebra Medical Vision, Inc. Customization scope|Free report customization (equivalent up to 8 analyst’s working days) withpurchase. Addition or alteration to country, regional & segment scope. Pricing and purchase options|Avail customized purchase options to meet your exact research needs. Explorepurchase options

1. Artificial Intelligence (AI) / Machine Learning Engineer

* Average Base Salary: $146,085 * Job Growth, 2015-18: 344% (much faster than average)AI and machine learning engineers are in high demand as the tech industryshifts its focus toward the emerging field of automation. Thus, AI and machinelearning gigs are among the best tech jobs for the future by most measures. Acase in point is the high projected growth rate for the field.AI engineers spend their time using big data to train models involved innatural language processing, economic forecasting, and image recognition. Theymay have a hand in the development of the Internet of Things (IoT) technology.Artificial Intelligence of Things (AIoT) is gaining traction around the world.

6. Data Analyst

* Median Annual Salary, 2019: $118,370 * Job Growth, 2018-28: 16% (much faster than average)In today’s business world, data is king. That’s why more and more employersand recruiters are looking for workers with strong data analytics skills. Onesuch role is that of data analysts.Data analysts have to be skilled at interpreting data. They ensure dataaccuracy and find the best ways to use that data. While some analysts fearthat they may be replaced by AI systems, the truth is that the market outlookfor this profession is excellent.

What is AI?

Source: LinkedinArtificial Intelligence is a branch of computer science that makes machinesand computer programs intelligent. The term AI was coined by Stanfordresearcher John McCarthy in 1956 during The Dartmouth Conference. ArtificialIntelligence is a way of making a computer, a computer-controlled robot, or asoftware think intelligently, in the similar manner the intelligent humansthink.Artificial Intelligence or AI is accomplished by studying how human brainthinks, and how humans learn, decide, and work while trying to solve aproblem, and then using the outcomes of this study as a basis of developingintelligent software and systems.Any program can be considered as AI if it does something that we wouldnormally think of as intelligent in humans. How the program does it is not theissue, just that it should be able to do it at all. That is, it is AI if it issmart, but it doesn’t have to be smart like us.

Applications of AI:

Source: SlidePlayerArtificial Intelligence serves in different fields such as – 1. Gaming – AI plays a crucial role in strategic games such as chess, poker, tic-tac-toe, etc., where machine can think of large number of possible positions based on heuristic knowledge. 2. Natural Language Processing – It is possible to interact with the computer that understands natural language spoken by humans. 3. Expert Systems – There are some applications which integrate machine, software, and special information to impart reasoning and advising. They provide explanation and advice to the users. 4. Virtual assistants – The virtual assistants or intelligent personal assistants which uses a natural language user interface to answer questions, make recommendations, and perform actions by delegating requests to a set of Web services. The assistants learn from the users habits and provide more informed results. The virtual assistants are bound to be embedded into every electronic products in the future. 5. Handwriting Recognition – The handwriting recognition software reads the text written on paper by a pen or on-screen by a stylus. It can recognize the shapes of the letters and convert it into editable text. 6. Vision Systems – These systems understand, interpret, and comprehend visual input on the computer. For example, * Doctors use clinical expert system to diagnose the patient. * Police use computer software that can recognize the face of criminal with the stored portrait made by forensic artist. 7. Speech Recognition – Some intelligent systems are capable of hearing and comprehending the language in terms of sentences and their meanings while a human talks to it. It can handle different accents, slang words, noise in the background, change in human’s noise due to cold, etc. 8. Intelligent Robots – Robots are able to perform the tasks given by a human. They have sensors to detect physical data from the real world such as light, heat, temperature, movement, sound, bump, and pressure. They have efficient processors, multiple sensors and huge memory, to exhibit intelligence. In addition, they are capable of learning from their mistakes and they can adapt to the new environment.

Future of AI:

From Siri to self-driving cars, Artificial Intelligence (AI) is alreadypresent in our lives but its impact is very small now, in future, when thetechnology will evolve more, it will have terrific impact on our lives and AIis progressing rapidly towards that day.AI is often portrayed as robots with human-like characteristics, but AI canencompass anything from Google’s search algorithms to IBM’s Watson toautonomous weapons.Artificial Intelligence today is classified in two types – Narrow AI (Weak AI)and General AI (Strong AI). The Narrow AI is designed to perform a narrow taske.g. only facial recognition or only internet searches or only driving a car.However, the long-term goal of many researchers is to create General AI orStrong AI. While narrow AI may outperform humans at specific tasks, likeplaying chess or solving equations, Strong AI would outperform humans atnearly every cognitive task.

Leave a Reply

Your email address will not be published. Required fields are marked *