LegalTech Artificial Intelligence Market to Soar to $6.4 Billion by 2028: Global Long-term Forecast to 2033 - Strategic Acquisitions Shaping the Landscape, Advancement in Contract Manageme...
International Business Machines Corporation (IBM)
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Source: Yahoo! Finance
The global market for LegalTech artificial intelligence is witnessing a remarkable growth trajectory, poised to expand from $1.63 billion in 2023 to an estimated $6.4 billion by 2028. This surge represents a robust compound annual growth rate (CAGR) of 31.3%, fuelled by the digitization of legal processes and the increasing emphasis on data security and automation. Several technological advancements are driving the LegalTech AI industry forward, including enhancements in natural language processing, advancements in legal research automation, and the rapid adoption of cloud-based solutions. These innovations are streamlining legal operations, making them more cost-effective, and significantly improving the efficiency of legal services. Moreover, the integration of emerging technologies like blockchain signals a transformative phase in legal processes, catering to the evolving needs of legal professionals and their clients. Advancement in Contract Management Automation in contrac
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