eDiscovery Market Size, Share, Trends, Analysis, Report

The eDiscovery by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s eDiscovery , 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.

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.

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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

Technological advancement is a key trend gaining popularity in the eDiscovery market. Major market players are focusing on the implementation of advanced technologies that work on cloud-based technology to strengthen their position in the market. For Instance, in March 2022, Epic systems Inc., a US-based software solutions company, launched the Epiq Service Cloud to Empower Legal Service Delivery Excellence for Corporate Legal Departments and Law Firms. A collection of intelligence and productivity tools may be found in the Epiq Service Cloud. With the help of cloud technology services that help to provide a centralized digital experience for Epiq’s proprietary technology and other third-party industry tools.

The ediscovery market report table of contents includes: