USD 12 Billion
Report ID:
SQMIG45C2054 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
100
|Figures:
76
eDiscovery Market size was valued at USD 12 Billion in 2023 and is poised to grow from USD 13.03 Billion in 2024 to USD 25.3 Billion by 2032, growing at a CAGR of 8.6% during the forecast period (2025-2032).
Organizations are prioritizing cybersecurity measures that include effective eDiscovery practices due to the rise in data breaches and cyberattacks. As businesses recognize the importance of safeguarding sensitive information while complying with legal obligations, this trend is expected to continue to fuel demand for advanced eDiscovery solutions.
Additionally, litigation is increasing globally due to the increased legal scrutiny in areas such as healthcare, finance and technology, there is an increasing need for organizations to introduce electronic evidence during litigation. The need to address security incidents often requires a comprehensive data management strategy that incorporates e-discovery capabilities, which drives the growth of the market. The AI and machine learning components are increasingly integrated into eDiscovery offerings to optimize data processing and analysis. Cloud solutions are gaining traction due to their affordability and flexibility, as well as their ability to support the critical data sets and shared business processes.The costs and management of eDiscovery can be decreased and managed through the use of an Electronic Records Management (ERM) system and the adoption of a records management program. One of the biggest benefits of using eDiscovery software is that it can aid a company in streamlining and encompassing its processes. When an organization lacks natural organization or is overloaded with discoveries, it can significantly improve work. Businesses can save a ton of time and effort by switching to electronic discovery tools. When using expert eDiscovery solutions, redacting documents and scaling large document reviews are both incredibly simple. To protect the discovery files of their clients, businesses must use cloud-based eDiscovery software. Users must make sure they are taking all logical security and preservation precautions. One of the best benefits of using electronic discovery software is that it will enable a business to better protect important files. The most recent high-profile data breaches demonstrate how less and less secure data storage within law firms.
Market snapshot - 2025-2032
Global Market Size
USD 12 Billion
Largest Segment
Large Enterprises
Fastest Growth
Small and Medium Enterprises
Growth Rate
8.6% CAGR
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Global eDiscovery Market is segmented by Component, Organization size, Deployment Mode, Vertical, and region. Based on Component, the market is segmented into Solutions, and Services. Based on Organization size, the market is segmented into Large Enterprises, and SMEs. Based on Deployment Mode, the market is segmented into On-premises, Cloud. Based on Vertical the market is segmented into Government & Public Sector, Legal, Banking, Financial Services, and Insurance, Energy & Utilities, Healthcare & Life Sciences, Retail & Consumer Goods, Manufacturing, IT & Telecommunications, and Other. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
The large enterprises segment dominated and accounted for the largest market share in 2023. Large enterprises focus on hiring resources for their in-house legal department to support electronic discovery in an organization. Large enterprises are also increasing the investment in tools to manage electronic data records before litigation comes up, which will surge the demand for solutions in large enterprises during the forecast period. These organizations often face the complex legal and regulatory requirements that necessitate robust eDiscovery solutions to ensure the compliance and mitigate risks associated with the litigation and investigations.
The small and medium enterprises segment is expected to witness the highest CAGR, driven by a combination of the increasing awareness about the data security. The rise of the cloud-based eDiscovery platforms has made it easier for SMEs to adopt these technologies without incurring prohibitive costs associated with traditional systems. These factors are expected to contribute to segmental growth in the upcoming years. They generate significant amounts of data that require effective management during legal proceedings or audits as SMEs continue to digitize their operations. They are facing data challenges to support a dedicated internal staff, due to lack of resources in the legal department of small & medium-sized enterprises (SMEs).
As per eDiscovery market analysis, the legal segment dominated in 2023. The combination of the regulatory requirements and the need for the strategic legal advice is expected to contribute to the rapid growth of the segment. This growth can be attributed to the increasing legal regulations in various sectors, which necessitated greater demand for legal services, especially in the areas such as compliance, intellectual property and corporate governance. In addition, the rise of digital transformation has created new legal challenges related to data privacy, cybersecurity and e-commerce, thus creating the need for specialized legal expertise.
The manufacturing segment is the fastest growing in the market during the forecast period. Advances in automation and smart manufacturing technology are changing tool flexibility, increasing productivity and reducing operating costs. Furthermore, there is an increasing emphasis on sustainability and environmentally friendly practices about manufacturing is driving companies to innovate their processes and supply chains. Moreover, government initiatives aimed at reviving sectors through subsidies policies and incentives can lead to accelerated growth in the coming years.
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As per the eDiscovery market outlook, the North America region is dominating and holds the largest share. The demand for electronic discovery solutions in the region is accelerated by an increase in data threats and governmental and regulatory spending among businesses for security reasons. The rising adoption of electronic discovery solutions and services is increasing in government and public sector as government database has important strategic information. Moreover, a strong shift towards cloud-based solutions for scalability, integration of AI for predictive coding and automated review, heightened data privacy concerns and the impact of remote work increasing the need for decentralized data handling capabilities. For instance, Russian hackers breached U.S. defense outsourcers and stole crucial information from 2020 to 2022.
Asia Pacific is expected to grow at the largest CAGR during the forecast period. Many organizations are migrating to cloud platforms from on-premises to focus on data governance, which increases the adoption of electronic discovery solutions in the region, thereby having a positive impact on market growth. In addition, the region's government & public industry continues to make increasing use of electronic discovery solutions and services as data security threats continue to rise. Additionally, in addition to the growing need for robust e-discovery tools due to the rise of forensic and corporate investigations, the use of AI and automation to improve efficiency is on the rise. These trends are expected to fuel market growth in the upcoming years.
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eDiscovery Market Drivers
Increasing Adoption of Cloud-based Solutions
Businesses are increasingly adopting electronic discovery solutions for preventing frauds and breaches. Cloud-based electronic discovery solutions and services increased acceptance and are readily available in this rapidly developing market. The enhanced context for prioritizing and responding to data security threats is provided by AI-powered electronic discovery systems, allowing for quicker incident response and the identification of root causes to reduce vulnerabilities and prevent future concerns.
Increasing Rates of Electronic Storage of Information (ESI)
The tremendous growth in data generated by enterprises, coupled with the rising digitization of workflows, drives demand for e-discovery solutions. Organizations need efficient tools to view, analyze, and retrieve ESI for production rules, regulations, and research purposes. This trend is further exacerbated by the rise of unstructured data from email, social media and cloud-based platforms, creating a huge market for e-discovery.
eDiscovery Market Restraints
Navigating the Complexities of Modern Data Diversity and Volume in eDiscovery
There is a wide variety of potential sources of substantial information as businesses use more social media, chat tools, audio, video, and other data-generating means of communication, including email. As technologists and lawyers continue to learn how to process, search, and produce cloud-based data sources related to electronic discovery that are newer and more complicated, but this creates complex obstacles for them.
Increased Cost of Implementation and Operation
The adoption of e-discovery solutions often requires significant investments in software, infrastructure, and skilled personnel. Additionally, the operational prices of handling large amounts of data and maintaining compliance standards further complicate resource management. Small and medium-sized organizations (SMEs) discover those expenses are prohibitive and restricting the usage of e-discovery equipment.
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The eDiscovery industry is competitive, with a mix of global leaders and emerging players offering a variety of solutions to meet needs of the different industries. Leading agencies such as OpenText Corporation, Relativity, Nuix, Exterro, and Microsoft Corporation dominate the market with advanced technology and complete product services.
Top Players in the Global eDiscovery Market
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, with the increasing volume of electronically stored information (ESI) and the need to comply with regulatory requirements, the eDiscovery market has seen significant growth. Organizations are using eDiscovery solutions to effectively manage and process digital data inspection for regulatory, research and business purposes. The adoption of cloud-based e-discovery solutions is gaining traction, driven by their scalability, cost effectiveness and ease of use. However, challenges such as high processing costs, data privacy concerns, and difficulties in managing cross-border data transmission act as restraints on market growth.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 12 Billion |
Market size value in 2032 | USD 25.3 Billion |
Growth Rate | 8.6% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the eDiscovery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the eDiscovery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the eDiscovery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the eDiscovery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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