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市场调查报告书
商品编码
1137977

法律行业中的 AI 软件市场 - COVID-19 的增长、趋势、影响和预测(2022-2027 年)

AI Software Market in Legal Industry - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

出版日期: | 出版商: Mordor Intelligence Pvt Ltd | 英文 142 Pages | 商品交期: 2-3个工作天内

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简介目录

法律行业的人工智能软件市场预计在预测期内将增长 29.17%。

人工智能 (AI) 一直处于利用新技术突破来提高法律行业生产力和效率的最前沿。也有人观察到,NLP、神经网络、芯片的进步,以及处理能力的提高,都增加了它们在法律领域的应用价值。

主要亮点

  • 在法律行业,人工智能技术的引入正在取得进展,以有效地处理法律工作。例如,内部法律部门经常花费 50% 的时间来审查合同,减慢工作速度并製造不必要的瓶颈,即使是像保密协议这样简单的事情也是如此。通过利用人工智能,律师可以将注意力集中在合同的相关部分,从而节省大量时间。
  • 在电子发现、合同审查和管理、项目预测和合规性等领域,对自动化的需求正在增加,市场也在不断扩大。为了让企业创造有形价值,自动化合同管理可以提高团队完成合同的能力,加强客户联繫,并对组织的许多其他领域产生积极影响。不遵守 HIPAA、PCI DSS、GDPR 和其他金融法规等不断扩大的标准将使您付出更多代价。根据 Globalscape 的数据,金融行业的公司在遵守 IT 规则数据保护方面的成本约为 547 万美元,在计入罚款、生产力损失和利润后,违规成本约为 1500 万美元,将接近美元.
  • 与采用固定模型分析数据集的预测性法律软件不同,法律 AI 会不断适应新信息。根据 2021 年安永法律调查,88% 的总法律顾问希望在未来四年内将整个法律部门的成本降至最低。调查还表明,对合同风险的持续监控对 GC 来说有点痛苦。 71% 的受访者表示他们无法标记合同“偏离标准条款”,而 78% 的受访者表示他们“没有系统地跟踪他们的合同义务”。
  • 预计人工智能与法律的交叉点在预测期内将显着增加。人工智能 (AI) 用于尽职调查(合同审查、法律研究、进行尽职调查的电子发现能力)、预测技术(预测法院裁决案件的可能结果)、法律分析(也可用于文件自动化、知识产权、各种其他任务以及其他一些任务。
  • 法律调查的复杂性可能既耗时又乏味。大多数律师事务所交付高效、准确的法律研究工作的期限越来越短,进一步凸显了对人工智能的需求。人工智能软件可以显着提高生产力和准确性,帮助法官做出更快的决定。例如,ROSS Intelligence 使用自动化技术来快速审查合同。该程序将突出显示相应的文件。使用正确的软件可以大大增强和简化法律研究。
  • 除了几个国家法律框架外,经济合作与发展组织 (OECD) 还列出了 2021 年在 60 个国家/地区的 700 个人工智能政策项目。在欧盟(EU),一项新的人工智能法预计将于 2022 年完成,将对高风险人工智能係统进行明确和彻底的监管。儘管提出了许多与人工智能相关的法案,但美国并未接受欧盟委员会提出的人工智能监管整体方法。
  • 同时,由于 COVID-19 的爆发,许多公司法律部门和律师事务所都为法律图书馆购买了 AI/机器学习解决方案。技术在法律图书馆中发挥着关键作用,而 eDiscovery 软件等人工智能平台在与 COVID-19 的斗争中受益。该软件有可能加速医学研究人员对 COVID-19 治疗的研究,旨在帮助诉讼律师更快地找到问题的核心。

主要市场趋势

合同审查和管理预计将录得显着增长

  • 人工智能软件有助于各种操作并实现自动化,主要是在法律领域。许多与合同相关的任务是使用人工智能係统执行的,例如提取和识别条款以及管理合同。通过在单个 AI 平台上集中合同管理并在合同管理生命週期中自动化重复流程,AI 将改善公司和内部法律部门处理合同的方式。例如,法律技术提供商 ContractPodAi 提供端到端的合同管理解决方案,可以查阅超过 400,000 份合同的数据库。 ContractPodAi 客户报告合同续订时间减少了 50% 以上。 ContractPodAi 旨在帮助律师快速且经济高效地管理所有合同生命週期。
  • 此外,自动化合同管理可以帮助销售团队实现更多销售额,培养更好的客户关係,影响公司的许多其他方面,并帮助公司实现真实、可观察的利润。
  • 此外,人工智能正在彻底改变亚太地区的合同评估和管理服务。例如,印度顶级公司之一的 Cyril Amarchand Mangaldas 与加拿大人工智能助手 Kira Systems 合作,使用人工智能分析和评估合同。
  • 最近,我们发布了几款产品,并正在获得市场份额。例如,2021 年 6 月,汤森路透推出了 HighQ Contract Analysis,这是一种合同审查和分析工具,它利用机器学习为法律专业人士提出的具体问题提供清晰简洁的报告,并提供答案。对于贸易尽职调查、合规审查和联繫人调查,HighQ 合同分析将机器学习与预训练模型相结合,帮助律师提高效率、降低风险并加快合同审查流程。因此,通过与公司在协作和工作流自动化市场的核心资产 HighQ 集成,新工具将扩展客户交易工作流,提高洞察力和自动化程度。
  • 此外,2022 年 5 月,德国领先的审计、税务和咨询公司 KPMG AG 将与 SirionLabs 合作,后者是人工智能驱动的合同生命週期管理 (CLM) 产品 SirionOne 的供应商。此次合作的目的是加速毕马威客户整个合同生命週期的数字化,包括供应商和客户的委託。它涵盖高级分析、关係管理、风险管理、绩效管理、发票审计等。

预计北美将占据主要份额

  • 由于人工智能的日益普及,预计北美将占据最大的市场份额。此外,该地区拥有大量为法律部门提供人工智能平台和工具的公司。示例包括 OpenText Corporation、IBM Corporation、Ross Intelligence Inc.、Veritone Inc. 和 Neota Logic Inc.。
  • 人工智能在帮助律师提高整体生产力方面发挥着非常重要的作用,对这一领域的市场扩张产生了积极影响。这一领域的合作和收购正在增加。例如,2022 年 3 月,面向法律专业人士的管理咨询公司 Fireman & Company 被 Epiq 收购,后者是为企业和法律部门提供技术支持服务的全球供应商。此次收购将使 Epiq 能够提供广泛的知识和数据管理能力,使客户能够获得更广泛的技术解决方案和战略法律咨询服务。
  • 2022 年 3 月,CobbleStone Software 宣布在 SAP Store 上广泛使用 CobbleStone Contract Insight,这是一套合同生命週期管理 (CLM) 软件,SAP Store 是一家面向 SAP 和合作伙伴产品的在线商店。 CobbleStone ContractInsight 是一个人工智能驱动的 CLM 平台,它与 SAP S/4HANA 连接,为客户提供合同生命週期管理、合同捕获、法律审查等。该公司是 SAP PartnerEdge 计划的合作伙伴。
  • 最近,北美出现了一些法律和技术领域最重要的初创投资。已对 Onit 进行了 2 亿美元的战略投资,Onit 是一家位于美国的法律和合同管理业务工作流程解决方案提供商。此外,总部位于加拿大的云法律管理初创公司 Clio 获得了 2.5 亿美元的 D 轮融资。这是对加拿大法律和技术公司最重要的投资之一。
  • 此外,该地区广泛存在的企业孵化器和创新实验室支持基于人工智能的法律软件的开发。成熟的律师事务所、ALSP(如汤森路透)、四大和金融机构(如巴克莱)已经合作或建立了自己的孵化器,以帮助开发法律技术。这些孵化器为支持法律技术初创企业和扩大规模发展提供了空间,确保创新公司能够获得在市场上取得成功所需的指导、专业知识和资金。

竞争格局

由于市场渗透率低,法律行业的人工智能软件市场为现有参与者和希望进入市场的外部人士创造了巨大的机会。然而,目前的市场参与者比新的竞争对手具有显着的优势。由于强劲的前景、不断增长的投资和宣传活动,预计当前市场参与者之间的竞争将会加剧。

  • 2022 年 3 月 - HaystackID 是一家帮助律师事务所和企业法务部门的专业电子发现服务公司,加深了与另一家人工智能驱动的电子发现软件提供商 Reveal 的合作关係。稻田。 HaystackID 是 Brainspace 的长期供应商,它利用 Reveal 的端到端基于云的 AI 平台提供可定制的、支持 API 的后端,具有处理、初始案例评估、文檔审查、研究、生产能力和可视化分析功能。 .
  • 2022 年 1 月 - 由 AI 提供支持的合同生命週期管理和分析工具提供商 LinkSquares 宣布为其预签名技术 LinkSquares Finalize 提供新的 AI 功能。 LinkSquares Finalize 的 AI 支持的合同审查允许法律团队和法律顾问自动检查、突出合同中的关键信息、促进交易、最大限度地降低风险并减少手动流程。我可以做到。通过将 LinkSquares 的 AI 功能从 LinkSquares 的签名后工具Analyze 扩展到 Finalize,该公司旨在提供第一个端到端 AI 驱动的合同生命週期管理平台。

其他特典

  • Excel 格式的市场预测 (ME) 表
  • 3 个月的分析师支持

内容

第 1 章介绍

  • 研究假设和市场定义
  • 调查范围

第 2 章研究方法

第 3 章执行摘要

第 4 章市场洞察

  • 市场概览
  • 工业吸引力 - 波特五力分析
    • 供应商的议价能力
    • 消费者的议价能力
    • 新进入者的威胁
    • 替代品的威胁
    • 竞争公司之间的敌对关係
  • 评估 COVID-19 的市场影响

第 5 章市场动态

  • 市场促进因素
    • 法律行业对自动化的需求不断增加,诉讼数量不断增加
    • 越来越多的律师事务所使用人工智能来完成法律案件
  • 市场抑制因素
    • 对敏感或合法数据隐私的担忧

第 6 章市场细分

  • 按组件
    • 解决方案
    • 按服务
  • 按部署
    • 本地
    • 云端
  • 按应用
    • 法律调查
    • 合同审查和管理
    • 电子帐单
    • 电子发现
    • 合规
    • 案例预测
    • 其他应用
  • 按最终用户
    • 律师事务所
    • 企业法务部门
    • 其他最终用户
  • 地区资讯
    • 北美
    • 欧洲
    • 亚太地区
    • 拉丁美洲
    • 中东和非洲

第 7 章竞争格局

  • 公司简介
    • Luminance Technologies Ltd
    • Ross Intelligence Inc.
    • Kira Inc.
    • IBM Corporation
    • Lexisnexis Group Inc.(RELX Group Plc)
    • Cs Disco Inc.
    • Thomson Reuters Corporation
    • Veritone Inc.
    • Casetext Inc.
    • Neota Logic Inc.
    • Brainspace Corporation
    • Smokeball Inc.
    • Text IQ Inc.
    • Opentext Corporation

第 8 章投资分析

第 9 章市场潜力

简介目录
Product Code: 66597

The AI Software Market in Legal Industry is projected to register a growth of 29.17% over the forecast period. Artificial intelligence (AI) has always been at the forefront of utilizing new technical breakthroughs for productivity and efficiency improvements in the legal industry. Also, due to the advancements and the increase in processing power in NLP, neural networks, and chips, the legal sector is observing improved value in its application.

Key Highlights

  • The legal industry has started implementing AI technologies more frequently to handle legal operations effectively. For instance, an internal legal department often spends 50% of its time examining contracts, even those as simple as non-disclosure agreements, slows down operations and causes unnecessary bottlenecks. By enabling lawyers to concentrate their review on the pertinent sections of each contract, AI can save countless hours.
  • The market is expanding due to the growing demand for automation in fields including eDiscovery, contract review and management, case prediction, and compliance. In order to help businesses generate tangible value, automation in contract management improves a team's capacity to close agreements, strengthens connections with clients, and positively impacts many other areas of the organization. It costs more money to not comply with growing standards like HIPAA, PCI DSS, GDPR, and other financial regulations. According to Globalscape, it costs firms in the financial sector roughly USD 5.47 million to comply with IT rules for data protection, and when a company takes into account fines, lost productivity, and profits, the cost of non-compliance is close to USD 15 million.
  • Legal AI continuously adapts in reaction to new information, unlike predictive legal software, which employs fixed models to analyze data sets. According to the 2021 EY Law Survey, 88% of General Counsels are eager to minimize the overall legal department costs within the next four years. The survey also suggested that continuously monitoring contract risks is a bit struggle for GCs. While 71% of respondents noted that they can't flag contracts "for deviations from standard terms," and 78% stated "they don't systematically track contractual obligations."
  • The intersection of AI and law is anticipated to increase significantly throughout the forecast time period. Artificial intelligence (AI) can also be used for a variety of tasks, including due diligence (to review a contract, conduct legal research, or perform electronic discovery functions to do due diligence), prediction technology (to predict the likely outcome of cases being decided before a court of law), legal analytics (to provide data points from previous case laws and judgments and precedent law that lawyers can use in their present cases), automation of documentation, Intellectual property, a variety of other tasks, and several others.
  • Due to the complexity involved in legal research, it can be time-consuming and tedious. The necessity for AI is further highlighted by the shorter deadlines that most law firms get to achieve efficient and precise legal research work. AI software can dramatically increase productivity and accuracy, helping judges make quick decisions. For instance, the ROSS Intelligence company uses automated technologies to examine contracts quickly. The program emphasizes pertinent documents. Legal research can be substantially enhanced and streamlined with the appropriate software.
  • In addition to several domestic legislative frameworks, the Organization for Economic Co-operation and Development (OECD) listed 700 AI policy projects across 60 nations in 2021. High-risk AI systems will be clearly and thoroughly regulated in the European Union with the new Artificial Intelligence Act, which is anticipated to be finalized in 2022. Although many AI-related legislation suggestions have been put out, the United States has not embraced the European Commission's suggested all-encompassing approach to AI regulation.
  • On the other hand, a wide range of corporate legal departments and law firms bought AI/machine learning solutions for their law libraries due to the outbreak of COVID-19. In law libraries, technology has a significant role. eDiscovery software and other artificially intelligent platforms have benefited in the fight against COVID-19. Such software, which has the potential to speed up medical researchers' investigations into how to cure COVID-19, is created to assist litigation attorneys in getting to the heart of a case more rapidly.

Key Market Trends

Contract Review and Management is Expected to Witness a Significant Growth Rate

  • AI software primarily contributes to and automates a variety of duties in the legal sector. Numerous contract-related tasks, such as clause extraction and identification, as well as contract management, are carried out using AI systems. By centralizing contract administration through a single AI platform and automating repetitive processes across the contract management lifecycle, AI enhances how businesses and internal legal departments handle contracts. For instance, a legal technology business called ContractPodAi provides an end-to-end contract management solution that can examine a database of more than 400,000 contracts. Clients of ContractPodAi report over 50% reductions in contract renewal time. ContractPodAi is designed to assist counsel in promptly and affordably managing any contract throughout its lifecycle.
  • Additionally, contract management automation helps sales teams close more sales, fosters better customer connections, and affects many other aspects of a company, allowing businesses to gain real, observable benefits.
  • Additionally, AI is revolutionizing contract assessment and management services in Asia-Pacific. For instance, Cyril Amarchand Mangaldas, one of India's top companies, has partnered with Canadian AI helper Kira Systems to use AI for contract analysis and evaluation.
  • Recently, the market has seen several product releases, increasing its market share. For instance, in June 2021, Thomson Reuters introduced HighQ Contract Analysis, a contract review and analysis tool that uses machine learning to provide clear, concise answers to specific questions sought after by legal experts. For transaction due diligence, compliance reviews, and contact investigations, HighQ Contract Analysis combines machine learning and pre-trained models to assist lawyers in enhancing efficiency, reducing risk, and speeding up the contract review process. Therefore, by integrating with HighQ, the company's core asset in the collaboration and workflow automation market, new tools extend customer transaction workflows with improved insight and better automation.
  • Furthermore, in May 2022, KPMG AG, one of the top auditing, tax, and advisory firms in Germany, joined forces with SirionLabs, a supplier of the AI-powered contract lifecycle management (CLM) product SirionOne. The goal of the cooperation is to speed up the digitalization of the full contract lifecycle for KPMG's clients, including supplier and client mandates. Advanced analytics, relationship management, risk management, performance management, and invoice auditing are all covered by it.

North America is Expected to Hold a Major Share

  • Due to the increasing adoption of AI, North America is projected to hold the largest market share. Additionally, the area has a significant presence among companies that offer platforms and tools for artificial intelligence to the legal sector. OpenText Corporation, IBM Corporation, Ross Intelligence Inc., Veritone Inc., and Neota Logic Inc. are a few examples.
  • AI plays a highly crucial role in assisting lawyers in improving their overall productivity, positively influencing the market's expansion in the area. A rising number of partnerships and acquisitions were seen in the area. For instance, in March 2022, Fireman & Company, a management consulting firm for the legal profession, was acquired by Epiq, a global provider of technology-enabled services to enterprises and the legal sector. With this acquisition, Epiq will be able to offer a broad spectrum of knowledge management and data management capabilities, giving its clients access to a broader choice of technology solutions and strategic legal advising services.
  • In March 2022, CobbleStone Software declared the wide availability of CobbleStone Contract Insight, a suite of contract lifecycle management (CLM) software, in the SAP Store, an online store for SAP and partner products. CobbleStone ContractInsight is an AI-powered CLM platform that connects with SAP S/4HANA to offer customers contract lifecycle management, contract capture, and legal reviews. The company is a partner in the SAP PartnerEdge program.
  • North America recently saw some of the most significant startup investments in the legal and technology fields. A strategic investment of USD 200 million was made in Onit, a US-based provider of business workflow solutions for legal and contract administration. Clio, a cloud legal management startup based in Canada, also obtained a USD 250 million Series D fundraising round. This was one of the most critical investments in a legal and Canadian technology company.
  • Moreover, the wide availability of business incubators and innovation laboratories in the region supports the development of AI-based legal software. To aid the development of legal technology, established law firms, ALSPs (like Thomson Reuters), the Big Four, and financial institutions (like Barclays) teamed up or founded their own incubators. These incubators offer space to support legal tech startups and scale-up development and access the guidance, expertise, and funding that innovative enterprises need to flourish in the market.

Competitive Landscape

The AI software market in the legal industry has a low market penetration rate, which creates a massive opportunity for both existing players and outsiders seeking to enter the market. However, the market's present participants have a significant advantage over any new competitors. The competition between the current market participants is anticipated to intensify due to the strong prospects, expanding investments, and supporting activities.

  • Mar 2022 - HaystackID, a professional E-Discovery service company that assists law firms and corporate legal departments, deepened its partnership with Reveal, another E-Discovery software provider using AI. HaystackID, a long-time Brainspace provider, leverages Reveal's end-to-end cloud-based AI platform for processing, early case assessment, document review, research, production capabilities, and a customizable API-enabled back-end with visual analytics.
  • Jan 2022 - LinkSquares, an AI-powered provider of contract lifecycle management and analytics tools, declared the new AI ​​capabilities of its pre-signing technology, LinkSquares Finalize. LinkSquares Finalize's AI-powered contract reviews enable legal teams and general counsel to automate checks, reveal important information from contracts, boost transactions, minimize risk, and reduce manual processes. By expanding LinkSquares' AI capabilities from Analyze, LinkSquares' post-signature tool, to Finalize, the company targets to offer the first end-to-end AI-powered contract lifecycle management platform.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

  • 1.1 Study Assumption And Market Defination
  • 1.2 Scope of the study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Industry Attractiveness - Porter's Five Forces Analysis
    • 4.2.1 Bargaining Power Of Suppliers
    • 4.2.2 Bargaining Power Of Consumers
    • 4.2.3 Threat Of New Entrants
    • 4.2.4 Threat Of Substitute Products
    • 4.2.5 Intensity Of Competitive Rivalry
  • 4.3 Assessment of COVID-19 Impact on the Market

5 MARKET DYNAMICS

  • 5.1 Market Drivers
    • 5.1.1 Growing Demand For Automation And Increasing Number Of Litigations In The Legal Industry
    • 5.1.2 Growth In The Utilization Of AI By Legal Companies To Complete Legal Cases
  • 5.2 Market Restraints
    • 5.2.1 Data Privacy Concerns Of The Confidential And Legal Data

6 MARKET SEGMENTATION

  • 6.1 By Component
    • 6.1.1 Solution
    • 6.1.2 Services
  • 6.2 By Deployment
    • 6.2.1 On-premise
    • 6.2.2 Cloud
  • 6.3 By Application
    • 6.3.1 Legal Research
    • 6.3.2 Contract Review and Management
    • 6.3.3 E-billing
    • 6.3.4 E-discovery
    • 6.3.5 Compliance
    • 6.3.6 Case Prediction
    • 6.3.7 Other Applications
  • 6.4 By End-User
    • 6.4.1 Law Firms
    • 6.4.2 Corporate Legal Departments
    • 6.4.3 Other End-users
  • 6.5 By Geography
    • 6.5.1 North America
    • 6.5.2 Europe
    • 6.5.3 Asia-Pacific
    • 6.5.4 Latin America
    • 6.5.5 Middle-East and Africa

7 COMPETITIVE LANDSCAPE

  • 7.1 Company Profiles
    • 7.1.1 Luminance Technologies Ltd
    • 7.1.2 Ross Intelligence Inc.
    • 7.1.3 Kira Inc.
    • 7.1.4 IBM Corporation
    • 7.1.5 Lexisnexis Group Inc. (RELX Group Plc)
    • 7.1.6 Cs Disco Inc.
    • 7.1.7 Thomson Reuters Corporation
    • 7.1.8 Veritone Inc.
    • 7.1.9 Casetext Inc.
    • 7.1.10 Neota Logic Inc.
    • 7.1.11 Brainspace Corporation
    • 7.1.12 Smokeball Inc.
    • 7.1.13 Text IQ Inc.
    • 7.1.14 Opentext Corporation

8 INVESTMENT ANALYSIS

9 FUTURE OF THE MARKET