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Global eDiscovery Market Share Is Expected to Grow At A CAGR Value Of Around 6.40% By 2028

14-Jun-2022 | Facts and Factors

According to Facts and Factors, the global eDiscovery market was valued at USD 9.50 billion in 2021 and is predicted to increase at a CAGR of 6.40% to USD 13.78 billion by 2028. The study examines the market in terms of revenue in each of the major regions, which are classified into countries.

As to the lower maintenance costs of document and data production around the world, enterprises are increasingly relying on electronic information and data as the digital universe evolves and faster bulk storage devices become available. As a result, businesses are facing hurdles in terms of collecting and storing digital data for use in litigation and regulatory processes. Electronic discovery (e-discovery) technologies are being used to manage this electronic data.

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Browse the full “eDiscovery Market By Component (Solutions, Processing, Review and Analysis, Identification, Preservation and Collection, Production and Presentation, Services, Managed Services, Maintenance and Support, Training, Consulting and Integration), By Deployment Type (On-premises, Cloud)), By Organization Size (Large Enterprises, SMEs), By Vertical (Government and Public Sector, Legal, BFSI, Energy and Utilities, Healthcare and Life Sciences, Retail and Consumer Goods, Manufacturing, IT and Telecommunications, Others), and By Region - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends, Statistical Research, Market Intelligence, and Forecast 2022 – 2028" report at https://www.fnfresearch.com/ediscovery-market

The usage of e-discovery solutions is predicted to grow significantly over the forecast period, owing to rising digital forensics trends among businesses. Furthermore, because of the importance of digital evidence in forensics investigations, the electronic evidence process for litigation assistance has been streamlined and reduced. The growing deployment of IoT and cloud computing systems has considerably increased the generation of digital data, resulting in an increase in the need for e-discovery solutions for retrieving and restoring information traces. In addition, the rise in litigation around the world, the focus on proactive governance with data analytics, and the publication of new content sources are all contributing to the global e-discovery market's overall expansion.

The global eDiscovery market is segregated based on component, deployment type, organization size, and verticals.

In terms of deployment type, the on-premises segment will have a bigger market share during the forecasted period. Although companies have been focusing more on the cloud deployment type in recent times because it provides them with several benefits, such as flexibility, scalability, speed, interoperability, and lower infrastructure costs, the on-premises segment is expected to hold a larger share of the eDiscovery market. The cost of implementing on-premises solutions is factored into a company's CAPEX. This strategy is mostly used in applications that process sensitive or confidential data. Because of the usage of machine learning, IT devices, sensors, clickstreams, and a variety of other devices, every business now creates massive volumes of data.

In terms of vertical, BFSI will hold a large part of the market share during the forecast period. The introduction of modern technology will be critical to the BFSI vertical's success. Banking consumers can now access real-time banking and financial information services on any device thanks to digital technologies. Capital markets, insurance, asset management, Automated Teller Machines (ATMs), and online transactions are just a few of the data sources in the BFSI vertical. Litigation in banks is a difficult practice since a large amount of data must be analyzed, as well as the complications of analyzing manual or documented entries. The use of eDiscovery has resulted in improved transparency and clarity in court records.

North America, Asia Pacific (APAC), Europe, Middle East & Africa (MEA), and Latin America are the five key geographic regions that make up the global eDiscovery market. During the projection period, North America is expected to account for the greatest market share. North America is divided into two parts: the United States and Canada. The United States is predicted to be a prominent revenue contributor to the eDiscovery market's growth in North America. The United States is one of the most developed countries in the world, with a proclivity for innovation. The country possesses the infrastructure, innovation, and initiatives required to propel the eDiscovery industry forward. Also, with the rapid growth in technological advancements and the increased use of the internet, the US eDiscovery market has been anticipated to hold the influx portion of the market in the overall North American region.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 9.50 Billion

Projected Market Size in 2028

USD 13.78 Billion

CAGR Growth Rate

6.40% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Microsoft, IBM, OpenText, Deloitte, Micro Focus, ZyLAB, Relativity, Nuix, Logikcull, KLDiscovery, Exterro, Thomson Reuters, Knovos, Casepoint, Nextpoint, DISCO, Veritas, One Discovery, Congruity360, Onna, Everlaw, Texifter, Allegory, Evichat, Reductech, and Others

Key Segment

By Component, Deployment Type, Organization Size, Vertical, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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The report contains qualitative and quantitative research on the global eDiscovery market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

Some of the major companies operating in the global eDiscovery market are Microsoft, IBM, OpenText, Deloitte, Micro Focus, ZyLAB, Relativity, Nuix, Logikcull, KLDiscovery, Exterro, Thomson Reuters, Knovos, Casepoint, and others.

The Global eDiscovery Market is segmented as follows:

By Component

  • Solutions
  • Processing, Review and Analysis
  • Identification, Preservation and Collection
  • Production and Presentation
  • Services
  • Managed Services
  • Maintenance and Support
  • Training, Consulting and Integration

By Deployment Type

  • On-premises
  • Cloud

By Organization Size

  • Large Enterprises
  • SMEs

By Vertical

  • Government and Public Sector
  • Legal
  • BFSI
  • Energy and Utilities
  • Healthcare and Life Sciences
  • Retail and Consumer Goods
  • Manufacturing
  • IT and Telecommunications
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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