What is the global market size of eDiscovery Market?

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). Read More

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 2024-2031

Report ID: SQMIG45C2054 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 100 | Figures: 76

Global eDiscovery Market Insights

eDiscovery Market size was valued at USD 10.9 billion in 2019 and is poised to grow from USD 11.87 billion in 2023 to USD 21.53 billion by 2031, growing at a CAGR of 8.9% in the forecast period (2024-2031).

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 eDiscovery Market Report Snapshots

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FAQs

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. 'Open Text Corporation', ' FTI Consulting, Inc.', 'Relativity', 'Nuix', 'kCura', 'IBM Corporation', 'AccessData Group', 'ZyLAB', 'Logikcull', 'Exterro', 'Veritas Technologies LLC', 'Commvault Systems, Inc.', 'Recommind, Inc.', 'iPro Tech, LLC', 'Epiq Systems, Inc.', 'Catalyst Repository Systems', 'Micro Focus International plc', 'Proofpoint, Inc.', 'Symantec Corporation', 'Hewlett Packard Enterprise (HPE)'

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.

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.

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.

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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 2024-2031

Global eDiscovery Market Insights

Global eDiscovery Market Report Snapshots

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