He The global legal technology market has grown significantly Showing muscle in recent years. Thanks to the boost of artificial intelligence (AI) in development, it looks set to extend over time. This, according to analytics and research firm Gartner, indicates that It will reach a market value of $50 billion by 2027. „Emerging AI has enormous potential to bring greater automation to the legal industry,” says Chris Audet, head of research in the risk and compliance area at the consultancy Legal Leaders.
“Rapid developments in creative AI and widespread availability of consumer tools Such as OpenAI’s ChatGPT and Google’s Bart Increase the number of use cases rapidly Established legal technology.” This will create growing market conditions for an increasing number of tools focused on the legal sector, the spokesperson continues.
The reality is that as legal departments seek efficiencies through technology, there has been significant growth in expense management, e-invoicing, contract lifecycle management, legal affairs management and legal document management. Precisely for this reason Adding generative AI to these apps will accelerate purchases and adoption.