LegalTech uses blend technology and innovation to free up time for legal services. LegalTech is a segment that provides software and to the legal industry and technical assistance for businesses and consumers. In the legal sector, especially in legal departments, the ability to use AI is ready to drive with partners that lawyers will work with to provide companies with better, faster, and efficient legal services. This technology is more focused on leveraging customer satisfaction and offer quality tech-driven legal services. AI has opened great avenues for almost every industry. It has scaled the procedural efficiency of legal operations such as legal research, contract due diligence, intellectual property, and eDiscovery. However, there are still many sub-segments of legal services due to undergoing technological evolutions. The global legalTech artificial intelligence market is driven by influencing technological advancement, wide availability of SaaS products, and increased adoption of new tech by end-users.
In January 2019, DISCO, an e-discovery company, started a year of significant investments in legalTech by raising $83 million in funding. DISCO has announced another major round of financing: $60 million, taking valuation at $ 785 million, and bringing the overall funding to $195 million. The release also stated that the current LiveOak Venture Partners, The Stephens Group participated, investors Bessemer Venture Partners, and a new investor Breyer Capital also participated in the investment round.
The global legalTech artificial intelligence market is broadly segmented based on application and end-users. The application segment is bifurcated into E-Discovery, document management system, practice and case management, IP-Management, E-Billing, contract management, cyber security, legal research, predictive technology, legal analytics, and compliance. Further, by end-user, the global market is divided into law firms, legal advisors, lawyers, and corporations.
In the global legalTech artificial intelligence market, the U.S. is anticipated to lead among top markets. North America holds an influencing share in the global market due to the increasing number of legal firms adopting new-age technologies such as AI and ML. Emerging countries such as China and India are anticipated to show swift growth in the coming period, owing to a growing focus on innovation that smoothens operations and increase productivity.
The industry players are the key contributors to the global legalTech artificial intelligence market. Some of the leading giants include Catalyst Repository Systems, Blue J Legal, Everlaw, Casetext Inc., eBREVIA, Justia, FiscalNote, Judicata, Lawgeex, Knomos Knowledge Management Inc., LexMachina, Legal Robot, Inc., LEVERTON, Luminance Technologies Ltd, ROSS, Loom Analytics, vLex.com, Ravel Law, among others.