BMC comments on legal tech market
 

As Gartner releases predictions that the global legal technology market is set to reach $50 billion by 2027, we ask Ali Siddiqui, Chief Product Officer at BMC Software (www.bmc.com) what is driving the expansion.

Generative AI is arguably becoming the largest market disruptor since the internet, and the legal sector is the latest in a long line of industries where generative AI is being integrated into organizations’ services, whether it is to reduce wait times in customer service or to aid content creation in marketing.  For the legal sector, streamlining operations, such as opening up established legal use cases is set to become the norm.

“AI is in the process of disrupting society.  It’s impacting every industry from architecture firms and educational institutions to the IT industry and software developers.  Because of that, the use of data, analytics and AI can no longer be something that is just talked about by CIO and CTOs, it’s now a board-level concern thanks to new innovations like ChatGPT and Google’s Bard.  In the coming months and years, generative AI will impact the spending decisions of enterprise tech buyers and how enterprise software companies continue to scale.”
 
“As part of this, IT teams must be thinking about how to apply ChatGPT and generative AI to their own products because those who are not will be behind the curve.  Currently, we are seeing generative AI work with natural language processing models but ultimately it could have a major effect on user interfaces as well.  We may also get to a point where Bard or ChatGPT could be used for coding, but at this point anything generated by those systems would need to be meticulously reviewed by developers, and could potentially open companies up to vulnerabilities, not to mention potential intellectual property issues regarding generated responses.”
 
“Overall, as businesses prioritise data-driven decision-making and automation, we will see the demand for generative AI grow.  Organizations that can successfully harness the power of generative AI will shape the future of enterprise software.”