Global eDiscovery Market Size, Share, Growth Analysis, By Component(Solutions, Services), By Deployment(On-premises, Cloud), By End use(Government & Public Sector, Legal) - Industry Forecast 2022-2028

Global eDiscovery market is segmented based on component, deployment, end use, and region. Based on component, global market is segmented into solutions and services. On the basis of deployment, market is segmented into on-premises and cloud. According to end use, 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 verticals (education, travel and hospitality, transportation & logistics, and media & entertainment). Based on region, it is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.

Analysis by Component

The services segment dominated the global eDiscovery market during the forecast period. Consulting services delivered by various vendors enable organizations to analyze their current GRC program and develop the roadmap to execute an effective GRC software solution. Training and consulting services focus on user pain points, goals, and timelines while considering the technology and Human Resource (HR) bandwidths.

Consulting services help in defining deployable use cases for achieving better business performance. Hence, consulting services is predicted to be an important contributor to the overall revenue of the services segment. The integration of these solutions with the existing infrastructure becomes critical for the smooth functioning of the applications. Therefore, by integrating eDiscovery solution with various hardware offerings and testing, the system’s functioning is paramount. For successfully implementing GRC solutions the solution provides a team of consultants with domain knowledge and technical expertise to assist organizations.

Analysis by Deployment

Based on deployment cloud segment is dominating in the global eDiscovery market during the forecast period. According to smartphone usage statistics, around 3.2 billion people uses smartphone around the world, more than 5 billion people own mobile devices, kids get mobile devices at the age of 12, 194 billion people download mobile apps, and two-thirds of the world is now connected via smartphone. Due to this, the number of internet users has increased. It leads to high demand for smart device users and cloud-based services. Due to the cloud-based services, implementation time is reduced, secure data is easy to transfer, a large volume of data is shared within a short span of time, rapid scalability demand increases, lower the infrastructure, energy, and facility costs, which increases the opportunities for eDiscovery market.

Sales of on-premises e-discovery software in the e-discovery market can be attributed to the platform's ease of use and improved safety features. The on-premises segment has grown in popularity and contributed significantly to revenue. Furthermore, increased emphasis in several countries on ensuring data security and integrity will drive demand for on-premise solutions in the coming years.

Analysis by End Use

Based on end use, banking, financial services and insurance segment dominated the eDiscovery market. In the healthcare sector, many clinical documents need to be shared securely, for which eDiscovery is required. Hence, the banking, financial services, and insurance sector mostly work with data used for various purposes, such as tracking customer behaviour and regulatory compliance. Banking, financial services, and insurance are also a litigation sector; it works with many secure documents and paperless data.

IT And Telecommunication is expected to have the highest market share. Due to advances in technologies, such as 3G and 4G, the IT and vertical communications have expanded data generation. A great amount of data is anticipated to come from the introduction of 5G technology in the near future. Due to its extensive customer base, this is a vertical task to keep IP copyrights and data collection. It deals with regulator and anti-trust investigations’ cross-border privacy and security challenges.

North America is anticipated to dominate the global eDiscovery market. Service providers in this region are using eDiscovery solutions for cyber-security and data violations, handling differences of jurisdiction and privacy issues across borders, managing investigation and litigation matters, and maintaining standards to fulfil all discovery commitments. In North America, the US is analysed to play the leading role in eDiscovery. The rise in adoption of digital forensics solutions and growing cloud computing landscape in the U.S. are some of the key factors propelling the growth of e-discovery market in the country.

The Asia-Pacific region is analysed to witness a significant growth rate during the forecast period. In the presence of the developing economic countries like India and China, there is a heavy and considerable impact of advanced technologies on improving productivity and to optimize the cost of discovery in Asia-Pacific which will fuel in growth of the market.

The Middle East and Africa eDiscovery market size is projected to expand during the forecast period. Awareness retrieve the adoption of eDiscovery software in the Middle East and Africa. The respective governments in the region advanced solutions for regulating effective rules and regulations based on the analysis of ethical data statistics

Drivers

• Emergence of data growth in the market, as the use of digital technologies in all verticals has increased. Companies throughout every domain in the past decade have suffered from a sudden excess of incremental data growth. Data grows more quickly than ever before. In recent years almost 85% of the existing global data were generated and by the end of 2020, it is approximated that the figure will increase to approximately 44 zettabytes. Smartphones account for almost two-fifths of global ecommerce transactions and therefore generate large-scale content.
• Development in AI-based analytics as, Artificial Intelligence (AI) is changing the law profession slowly and advances in analytics-based AI are anticipated to speed up and enhance eDiscovery quality performance. Analytics are used to detect significant data patterns and to analyse them. In managing explosive volumes of data, analytics helps to manage and adhere to new types of data, such as Multimedia, Social and BYOD, eDiscovery costs, and new rules. Predictable coding is mainly an ML process using software and computer algorithms to evaluate the documents which are self-learning related to litigation.

Restraints

• Cyber-attacks are more often visible as cyber security is one of the most significant aspects in order to operate smoothly. The number of data breaches and cyber-attacks has risen significantly in recent times. Many companies do not know of this problem and have poor cyber security practices and unsecured data in place, which leave them susceptible to loss of data. Accordingly, every 39 seconds, three-fifth of enterprises suffered phishing and social engineering attacks, according to data obtained by Cabinet Solutions. According to the Norton report, by 2023, 50% of the data violations will be taken into account.

The eDiscovery market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. Major players like IBM Corporation, Microsoft, Deloitte, Logikcull, Xerox Corporation with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market shares and profitability. IBM revealed that it planned on updating the discovery service of its artificial intelligence-powered platform, Watson, with an expansion of its eDiscovery and business research technology. Watson Discovery Service enabled developers to implement a machine learning model in their search tools, which allowed the tools to understand how certain language terms are related on a deeper level. The service enabled developers to create search and e-discovery tools using Watson's technology, which comprehended language and data on an almost human level.

Top Players in the Global eDiscovery Market

• Open Text Corporation
• Nuix,
• Microsoft
• IBM
• Micro Focus, Catalyst Repository Systems
• FTI Consulting, Inc.
• AccessConduent Inc.
• Relativity, Logikcull
• Consilio LLC, CloudNine
• Commvault, Driven Inc.
• Wipro Tech
• LLC
• KLDiscovery
• VRicoh India Ltd
• and Lighthouse

Recent Developments

• In March 2022, KLDiscovery launched Nebula Enterprise. Nebula Enterprise extended the power, flexibility, and enhanced feature set of Nebula to customers’ data centers in the form of a plug-and-play expandable appliance designed to address a wide range of security and compliance concerns.
• On May 10, 2021, Relativity and Proofpoint announced a partnership to combine Proofpoint's business preserving and compliance solutions with Relativity's AI-enabled communication monitoring product, Relativity Trace.
• In November 2020, Nuix partnered with KordaMentha, which is a leading advisory and investment firm. Through this partnership, KordaMentha was providing clients with secure eDiscovery software in KordaMentha’s services and forensic expertise.
• On September 23, 2020, ZyLAB Insight will be available on its E-discovery platform. ZyLAB Insights is an AI-powered capability that can mechanically extract entity data from formless data sources. ZyLAB Insights will be accessible to all ZyLAB ONE SaaS users in North America and Europe.

• Rise of AI-based analytics and predictive coding for e-discovery as the analytics of data supports the management of growing data quantities, new forms of data such as social, multi-media, and BYOD data, the monitoring of e-discovery expenditure, and compliance with new legislation. Predictive coding is necessarily a machine learning (ML) approach that employs computer algorithms and software to self-learn which documents are important to lawsuits. The Lexbe eDiscovery Platform includes robust case analysis and timeline functionality, as well as online document processing capabilities that can help to speed up the telecommunications capacity process and expedite the review of millions of documents. The large enterprises segment to grow at the highest growth rate during the forecast period. There are various vendors in the market that offer integrated GRC solutions. These solutions help key decision-makers and leaders by offering the critical information required to form the balance between risk management, cost optimization, and capacity for innovation. Large enterprises have a large corporate network and many revenue streams. Hence, there is a huge amount of data generated by them. Small & medium-sized enterprises (SMEs) are adopting eDiscovery solutions at a high pace to enhance their governance, risk, and compliance programs. To help SMEs meet various regulatory requirements, vendors in the market have been rolling eDiscovery solutions with the intent to cater to SMEs. SMEs are also facing pressure related to transparency, visibility, and accountability in their business operations, thus increasing the effectiveness of corporate governance.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our eDiscovery market analysis, along with that, the rise in litigation around the world, a focus on proactive governance with data analytics, and the publication of new content sources are some of the major factors driving the global e-discovery market growth.

E-discovery solutions assist in the development of laws for the effective use and maintenance of resources available to employees, thereby lowering hardware and maintenance costs and improving overall organizational operational efficiency.