Trends of Global Legal AI Market and Factors of Its Russian Segment’s Development

Abstract

From the perspective of applying a systems-evolutionary approach and studying the results of a number of modern research studies into the processes of formation and development of the Legal AI market (artificial intelligence system for the legal field) and LegalTech market (digital platforms, software products, and tools used to optimize the provision of legal services), the article reveals the growing potential of these market segments. The author takes into account the prospects for using their market objects for the technological (digital) modernization of the Russian companies that provide qualified legal support for the economic activities of business entities, and enhancing on this basis their competitiveness under evolving Industry 4.0, the economy’s digital transformation, and the unfavorable impact of the external environment. Given the limited open access to up-to-date statistics on the state of all studied market segments, this paper mainly focuses on the modern dynamics of the Legal AI market (more precisely, the Legal AI Software Market, the market for the AI software in the legal field), its subject and object, and geographical structure, along with the development trends and forecasts due to the profitability of the market participants’ activities, growing investment, and other factors that result in expanding this market value in the regions of the world and in Russia.