USD 11.4 billion
Report ID: SQSG45C2020 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 101 | Figures: 71
Global eDiscovery Market size was valued at USD 11.4 billion in 2021 and it is expected to reach USD 13.78 billion by 2028, at a CAGR of 6.40% over the forecast period (2022-2028).
EDiscovery helps to limit the complex legal cases, decrease the review documents time. The eDiscovery process depends on IT-centric, which require large amounts of structured and unstructured information to be identified, preserved, and collected in order to be transferred it in a compliant manner to the other party for processing, review, and analysis. Usage of when advanced data review and analytics technologies to automate the extraction of legal insights from the ESI corpus, eDiscovery necessitates significant compute resources. According to a survey by IBM, pandemic period has accelerated digital transformation in 59% of organization and 66% organizations are able to overcome previous challenges with digital transformation. AI and Machine Learning (ML), are beginning to drive innovation strategies of the business to successfully operate the pandemic technologies. According the PricewaterhouseCoopers, AI could contribute almost USD 15.7 trillion to the global economy in future.
Artificial intelligence will continuously evolve and improve eDiscovery solutions, as well as the services and processes used. Many industries in the market believe that social media is the most popular communication platform. Furthermore, the rise of online communities where people with similar ideas can communicate with one another has created a new paradigm for eDiscovery solutions. These factors will eventually drive the eDiscovery market.
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.
Global Market Size
USD 11.4 billion
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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.
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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
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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
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.
|Market size value in 2021||USD 11.4 billion|
|Market size value in 2028||USD 13.78 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global 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 Global 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.
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