Overview and Scope
eDiscovery refers to services used for obtaining and exchanging electronic data that is sought, located, secured, and searched by organizations in the initial phases of litigation. They are used when involved parties are required to provide relevant records and evidence related to a case. Electronic discovery, also referred to as electronic discovery process of obtaining and exchanging evidence in a legal case or investigation.
Sizing and Forecast
The ediscovery market size has grown strongly in recent years. It will grow from $13.53 billion in 2023 to $14.35 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to increased volume of electronic data, continued growth in cybersecurity threats and incidents, rise in legal and regulatory investigations, growing number of litigations, need for efficient and cost-effective ediscovery solutions.
The ediscovery market size is expected to see strong growth in the next few years. It will grow to $20.04 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to growing need for data privacy and security, increasing use of blockchain technology, growing demand for ediscovery services in emerging economies, globalization and cross-border data discovery challenges, increasing complexity of data sources and types. Major trends in the forecast period include adoption of technology-assisted review (tar) in ediscovery, integration of analytics and predictive coding in ediscovery, emphasis on data privacy and protection, rise of remote and mobile ediscovery solutions, evolution of technology-driven ediscovery workflows.
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Segmentation & Regional Insights
The ediscovery market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Organization Size: Large Enterprises, Small And Medium Enterprises (SEMs)
3) By Deployment Type: On-Premises, Cloud-Based, Hybrid
4) By End-User Vertical: BFSI, Retail Sector, Healthcare, Manufacturing, IT And Telecommunication, Government, Energy and Utility, Other End Users
North America was the largest region in the ediscovery market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ediscovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in amount of electronically stored information is expected to drive the demand for the eDiscovery market going forward. Data that is generated, updated, sent, and stored digitally is referred to as electronically stored information (ESI). In the recent past, growing digitization has seen an explosion in electronically stored information. The amount, formats, and sources of electronically stored information that needs to be recorded are becoming more diverse. eDiscovery tools are used to perform digital investigation tasks for electronically stored data. Also, it helps in exchanging evidence in a legal case or investigation directly through the database. For instance, according to Forbes, a US-based business magazine, in 2020 the amount of data created, captured, copied, and consumed in the world has reached 59 trillion gigabytes. Furthermore, according to data by Logikcull, a US-based company offering legal the ediscovery software solution, 2.5 exabytes of data are created every day. Therefore, the increasing amount of electronically stored information is driving the growth of the eDiscovery market.
Key Industry Players
Major companies operating in the ediscovery market report are Casepoint LLC, CloudNine Discovery Services Inc., Commvault Systems Inc., Conduent Incorporated, Conduent Inc., International Business Machines Corporation, Microsoft Corporation, KLDiscovery Inc., Deloitte Touche Tohmatsu Limited, Epiq Systems LLC, Exterro Inc., FTI Consulting Inc., Open Text Corporation., Zapproved Inc., Logikcull Inc., Everlaw Inc., Veritas Technologies LLC, ZyLAB Technologies LLC, Mimecast Ltd., Proofpoint Inc., Gen Digital Inc., Consilio LLC, ONE Discovery, Absolute Software Corporation, Dun & Bradstreet Inc., Informatica Inc., SAS Institute Inc., Broadcom Inc., Amazon Web Services Inc., OneTrust LLC, TrustArc Inc., Iron Mountain Incorporated, Hindustan Computers Limited Technologies, Micro Focus International plc
The ediscovery market report table of contents includes:
1. Executive Summary
2. eDiscovery Market Characteristics
3. eDiscovery Market Trends And Strategies
4. eDiscovery Market – Macro Economic Scenario
5. Global eDiscovery Market Size and Growth
…..
31. Global eDiscovery Market Competitive Benchmarking
32. Global eDiscovery Market Competitive Dashboard
33. Key Mergers And Acquisitions In The eDiscovery Market
34. eDiscovery Market Future Outlook and Potential Analysis
35. Appendix
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