The chapter substantiates that as Industry 4.0 transforms the economic and social landscape, scholars and practitioners are increasingly interested in the broad deployment of digital legal technologies in business practices. Using the systemic-evolutionary paradigm, the author critically reviewed existing approaches to the terminology, components, and structure of the Legal AI Market and LegalTech Market to justify the study focus on the Legal AI Software Market. The analysis revealed a significant overlap between the research areas when analyzing Legal AI and LegalTech market, as evidenced by multiple and multiple-meaning terms, and a lack of unified approaches used by scientists and experts to identify Legal AI and LegalTech segments in the explored market. In the subsequent research stages, the author studied the structure of the Legal AI Software Market in terms of commercial advances offered on the market, key players and mega-regions of its segments allocation, then ranked the market concentration, and compared expert assessments of the market’s current dynamics and forecasting revenue growth based on varied CAGR values. Regarding the identified key drivers and stoppers, the study confirmed that the target market has significant growth potential (with estimates ranging from moderate to explosive growth). The author concluded that for researching the global Legal AI Software Market and its national segments, methodology and theory should further be developed to create unified approaches to the analysis of both market opportunities for providing digital legal support, which enhances modern business competitiveness, and addressing problems that impede its growth.

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The Legal AI Software Market: Structure, Development Drivers and Stoppers

  • Elena I. Inshakova,
  • Larisa V. Ponomareva

摘要

The chapter substantiates that as Industry 4.0 transforms the economic and social landscape, scholars and practitioners are increasingly interested in the broad deployment of digital legal technologies in business practices. Using the systemic-evolutionary paradigm, the author critically reviewed existing approaches to the terminology, components, and structure of the Legal AI Market and LegalTech Market to justify the study focus on the Legal AI Software Market. The analysis revealed a significant overlap between the research areas when analyzing Legal AI and LegalTech market, as evidenced by multiple and multiple-meaning terms, and a lack of unified approaches used by scientists and experts to identify Legal AI and LegalTech segments in the explored market. In the subsequent research stages, the author studied the structure of the Legal AI Software Market in terms of commercial advances offered on the market, key players and mega-regions of its segments allocation, then ranked the market concentration, and compared expert assessments of the market’s current dynamics and forecasting revenue growth based on varied CAGR values. Regarding the identified key drivers and stoppers, the study confirmed that the target market has significant growth potential (with estimates ranging from moderate to explosive growth). The author concluded that for researching the global Legal AI Software Market and its national segments, methodology and theory should further be developed to create unified approaches to the analysis of both market opportunities for providing digital legal support, which enhances modern business competitiveness, and addressing problems that impede its growth.