Intelligent Business Process Solutions Drive Legal Software Market Growth
Legal Software from The Business Research Company (Machine Learning Focus) Global Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026
LONDON, GREATER LONDON, United Kingdom, March 3, 2022 /EINPresswire.com/ — TBRC’s legal software market research (focused on machine learning) shows that the growing demand for intelligent business processes in law firms avocados drives market growth. Smart business processes include the adoption of artificial intelligence (AI) or machine learning in business processes. Legal software market strategies (focused on machine learning) include AI, which is the development of a system capable of performing tasks that require human intelligence. Software solutions are widely adopted in developed countries like the United States to achieve benefits, such as contract management and effective analysis of legal data. Machine learning helps law firms and professionals manage their huge data and learn from it. According to ABA Surveying’s Legal Technology Survey Report, 35% of respondents from large firms with more than 500 lawyers said they had used AI and 16% of respondents from firms with 100 or more lawyers were most likely considering an AI purchase. . Rising demand for adoption of machine learning in law firms is driving the growth of the global legal software market (emphasis on machine learning).
In November 2020, Onit, Inc., an American provider of enterprise expense management software, acquired McCarthyFinch for an undisclosed amount. Through this acquisition, Onit, Inc intends to use McCarthyFinch’s artificial intelligence skills to strengthen its legal workflow software offerings. McCarthyFinch, an Auckland-based company specializing in Artificial Intelligence, Natural Language, Deep Learning, Machine Learning, Data Science, Law, LegalTech and LegalAI.
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The global legal software market size is expected to grow from USD 0.33 billion in 2021 to USD 0.39 billion in 2022 at a compound annual growth rate (CAGR) of 16.6%. The change in the growth trend of Legal Software market is mainly due to companies stabilizing their production after meeting the demand which increased exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $0.63 billion in 2026 with a CAGR of 13.2. %.
Key Players Covered in Global Legal Software Industry are Microsoft Corporation, IBM Corporation, Google Inc., BaiduInc., Hewlett Packard Enterprise Development LP (HPE), Intel Corporation, SAP SE, SAS Institute Inc, BigMLInc, Fair Isaac Corporation (FICO), Wipro, Nuance Communications, KNIME.com AG, RapidMiner Inc, Angoss Software Corporation, H2O.ai, Alpine Data, Domino Data Lab Inc., Dataiku, Luminoso Technologies Inc., TrademarkVision, Fractal Analytics Inc., TIBCO Software Inc., Teradata, Dell Inc., and Oracle Corporation.
TBRC (Machine Learning Driven) Global Legal Software Market segments are split by Application in E-Discovery, Legal Research, by End-User in Corporate Legal Services, Law Firms, by Technology in machine learning and deep learning, natural language processing, by cloud, on-premise deployment mode.
Legal Software (Machine Learning Emphasis) Global Market Report 2022 – By Application (eDiscovery, Legal Research), By End User (Enterprise Legal Services, Law Firms), By Technology (Machine Learning & Learning In-Depth, Natural Language Processing), By Deployment Mode (Cloud, On-Premise) – Global Market Size, Trends & Forecasts 2022-2026 is part of a series of new reports from The Business Research Company that provides an overview of the market Legal Software (Focus on Machine Learning), Legal Software (Focus on Machine Learning) Market Forecast, Legal Software (Focus on Machine Learning) Market Size & Legal Software (Focus on Machine Learning) machine learning) market growth for overall market, legal software market segments (focus on machine learning) atic), Legal Software (Focus on Machine Learning) Market Geographies, Legal Software (Focus on Machine Learning) Market Trends, Legal Software (Focus on Machine Learning) Market Drivers, Legal Software (Focus on Machine Learning) put on machine learning) market constraints, major revenue comps, publisher profiles and market shares.
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