Latest News- Generative AI In Legal Market: LLM is expected to lead the Technology segment during 2025-2029

The Generative AI In Legal Market is being driven by Intensifying pressure for operational efficiency and cost reduction

The Generative AI In Legal Market is expected to grow at a CAGR of 34.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 2099 million. In the legal market, there is a growing trend towards specialized generative AI solutions over generalist models. Leading companies recognize that generic Large Language Models lack the necessary legal nuance, precision, and understanding of precedent. To create value, these firms are focusing on proprietary data and specialized fine-tuning. This shift is driven by the understanding that a defensible market position is built on high-quality, exclusive data used to train the AI. Successful platforms leverage vast, curated corpora of legal documents, case law, statutes, and transactional data to generate content with a high degree of legal accuracy. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • LLM
  • Natural language processing
  • Text-to-text generation
  • Prompt engineering platforms
• Application
  • Contract drafting and review
  • Legal research automation
  • Litigation support
  • Legal chatbots
  • Others
• End-user
  • Law firms
  • In-house legal departments
  • Courts
  • Academia
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Intensifying pressure for operational efficiency and cost reduction
• Advancements in AI technology and increased accessibility
• Explosion in volume and complexity of legal data

However, the market also witnesses some limitations, which are as follows:

• Accuracy, reliability, and risk of hallucinations
• Data privacy, confidentiality, and security concerns
• Ethical considerations, regulatory uncertainty, and professional responsibility

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Market Scope in Generative AI In Legal Market Research Report

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Research Analysis Overview

In the legal market, various Generative AI applications are revolutionizing the industry. These include legal tech platforms with AI legal assistants, document automation software, legal research platforms, case management systems, and more. Additionally, there are legal hold software, ediscovery software, contract management systems, compliance management systems, data privacy software, and cybersecurity software. Legal analytics software, AI ethics legal, responsible AI legal, and AI governance legal are essential for ensuring ethical and fair use of AI. Model interpretability legal, data annotation legal, model validation legal, and legal process mining provide transparency and accuracy. Legal data visualization, legal knowledge bases, expert systems legal, rule-based systems legal, case law retrieval, and regulatory technology complete the landscape of AI in law.

Market Research Overview

In the expansive IT software industry, the application software segment represents companies specializing in the development and production of software solutions for specific business or consumer applications. This encompasses enterprise and technical software, as well as cloud-based solutions. Notably, this sector excludes companies producing interactive home entertainment software and those engaged in systems or database management software, as per the IT software market classification. According to Technavio's market analysis, the global application software market size is determined by the consolidated revenue generated by these companies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/