AI market share in the United States is expected to be $190.61 billion by 2025. 44% of companies want to invest in AI and integrate it into day-to-day operations. Gartner says companies adopting AI will see a 25% boost in customer satisfaction. The problem is many mediators and attorneys don’t know what this means for them.
Let’s look at 3 bold predictions for how AI could transform mediation.
1. ODR will grow 500%+ YOY
The legal industry — renowned for slowly adopting technology, is on the brink of exponential growth because of Online Dispute Resolution (ODR). Artificial intelligence will speed up ODR development and solidify its impact.
Even in a turbulent investment climate, venture capitalists are eager to support legal tech companies, including new startups with zero revenue. As a result, companies like ODR.com will continue to grow, and investors will pour billions into the space.
Technology companies serving mediators will see tremendous growth — ADR Notable is a unique product to watch. Yet, each new company’s success relies on its leaders’ abilities to find product-market fit and navigate an unpredictable economy.
2. Transparency increases TWO-FOLD
Advanced language processing technology like Gong.IO will make mediation resolutions predictable. In mediation, tools like Gong will help both sides better understand what issues are causing deadlocks.
Imagine leading your mediation with two disputants, with screens in front of them displaying the other’s sentiments and emotions in real time. This innovative technology is already accurate and will only improve over time.
With more technology in mediation, do you think transparency will improve?
3. Human bias is eliminated
Sometimes mediators say the wrong things. We make mistakes. It happens. You’re human. I am human. We have over 180 cognitive biases interfering with how we process reality. But what if AI could reduce or eliminate your bias? Would the disputant experience improve? Would your settlement rate increase?
AI-powered tools can reduce human bias by relying on objective data analysis instead of personal biases. Could you resolve disputes faster? Would your business see bigger profits? Would federal courts feel less pressure to solve cases?
Artificial Intelligence is revolutionizing your role. It equips you with data analytics far more efficient than anything before. As a result, you could have the power to make decisions leading to healthier outcomes much faster.
You’re seeing the dawn of AI-powered peacemaking tools—it’s exciting, intriguing, and maybe a little scary.
What are your bold predictions for AI in mediation?