USD 10.73 billion
Report ID: SQSG45E2033 | Region: Global | Published Date: September, 2022 | Pages: 165 | Tables: 126 | Figures: 77
eDiscovery Software Market size was valued at USD 10.73 billion in 2021 and is poised to grow from USD 11.74 billion in 2022 to USD 23.45 billion by 2030, growing at a CAGR of 9.6% in the forecast period (2023-2030).
Document review software, commonly known as eDiscovery software, enables legal practitioners to handle electronic documents during investigations and discovery. ESI (electronically stored information) may be collected, handled, found, and preserved with the use of eDiscovery software. As a result of these factors, eDiscovery software is becoming more and more popular, which is boosting the market for it. One of the key elements fueling the expansion of the eDiscovery software industry is the increase in the amount of electronically stored data in companies.
The rising applications in a number of end-use industries, including energy, travel & hospitality, healthcare, government, legal, information technology, media & entertainment, and others, are projected to fuel the growth of the eDiscovery market. Utilizing these technologies enables businesses to process documents more quickly while lowering their risk of data theft. The creation of data and technology-assisted review are the two main areas of concentration for top companies in the eDiscovery industry. However, there are some limitations that are preventing the market's expansion. The application of eDiscovery services directly runs counter to the notion of data protection. eDiscovery services are very pricey, making them unaffordable for household use. The market's expansion throughout the anticipated period will be impacted by these variables.
US eDiscovery Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 10.73 billion
Government and Public Sector
Government and Public Sector
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The Global eDiscovery Software Market is segmented based on components, deployment type, enterprise size, end-user and region. Based on Components, it is categorized into Software and Services. The Services segment is further sub segmented into Managed Services and Professional Services. Based on Deployment Type, it is categorized into Cloud based and On-premise. Based on Enterprise Size, it is categorized into Small & Medium Enterprises and Large Enterprises. Based on End-user, it is categorized into Government and Public Sector, Legal, BFSI, Energy and Utilities, Healthcare and Life Sciences, Retail and Consumer Goods, Manufacturing, IT and Telecommunications, and Others. Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
eDiscovery Software Market Analysis by End-user
On the basis of end-user, the government segment is expected to lead the global eDiscovery software market over the forecast period. Government agencies from all over the world have realized the need for electronic records for various investigations. Electronic records, according to a number of organizations including the Civil Division of the US Department of Justice, are meaningless. Additionally, when it comes to the creation of new corporations, governments must adhere to a number of restrictions. The recent "Paradise papers" case emphasizes the need for eDiscovery in governmental institutions for catching a variety of crimes, including tax fraud and money laundering. Such instances highlight the significance of eDiscovery for the public sector, which fosters market expansion.
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Based on the region, the North American region currently dominates the global eDiscovery software market. In terms of value, North America dominated the eDiscovery software market in 2021. During the projection period, North America is projected to account for 44% of market growth. The two largest markets in North America for eDiscovery software are the US and Canada. The United States is expected to dominate the area as a result of the widespread use of cloud-based services by various businesses. The market expansion in North America is being driven by the increasing usage of eDiscovery solutions across a range of sectors, including BFSI, legal, government and public sector, healthcare & life sciences, and IT & telecommunications.
Due to the existence of established nations like Germany, France, and the U.K., who are early adopters of the new technology, Europe is also predicted to have considerable development.
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eDiscovery Software Market Drivers
eDiscovery Software Market Restraints
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The market for eDiscovery software is highly fragmented. To draw in more users, the major players are concentrating on creating affordable and portable eDiscovery. In order to expand their product portfolios and market reach, firms involved in the eDiscovery industry are also concentrating on inorganic growth tactics like strategic alliances and merger & acquisition activities with tech partners.
eDiscovery Software Market Top Players Company Profiles
eDiscovery Software Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, the global eDiscovery software market is currently led by countries in the North America region, due to the increasing usage of eDiscovery solutions across a range of sectors in this region. Along with this, the government segment is projected to lead the market as the government agencies from all over the world are realizing the need for electronic records for various investigations, over the forecast period.
|Market size value in 2021||USD 10.73 billion|
|Market size value in 2030||USD 11.74 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
Market Size by Region
KEY COMPANY PROFILES
For the Global eDiscovery Software 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 Software 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global eDiscovery Software Market:
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