The E-discovery Market Size was valued at USD 12.08 Billion in 2023 and is expected to reach USD 23.89 Billion by 2031, growing at a CAGR of 8.9% over the forecast period 2024-2031.
Electronic discovery, also known as eDiscovery, is an electronic process in which data/information is located, gathered, and created to use it as evidence in a court dispute. Digital material is highly suited to the inquiry since it can be searched effectively electronically, whereas traditional papers must be examined manually. Three types of suppliers serve the eDiscovery market: service providers, software vendors, and legal firms. Government agencies, companies (IT and legal teams), and regulators are the ultimate purchasers of eDiscovery solutions. Furthermore, legal firms and service providers provide services while also being software customers. Software suppliers cater to both service providers and purchasers of eDiscovery solutions.
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The eDiscovery market aids in the reduction of complicated legal issues and the reduction of document review time. The eDiscovery process is primarily IT-centric, necessitating the identification, preservation, and collection of enormous volumes of structured and unstructured material in order for it to be sent in a compliant way to the other party for processing, review, and analysis. Clearly, eDiscovery demands a considerable quantity of storage capacity. eDiscovery needs extensive computational resources when advanced data review and analytics tools are employed to automatically extract legal insights from the ESI corpus.
In June 2022, TCDI, a major provider of legal services, software, and cybersecurity, said today that it has signed a formal deal to purchase Aon's eDiscovery practice. TCDI's existing eDiscovery products will be strengthened by the purchase, which will add expanded advising services such as information governance to its complete legal solutions. The acquisition will expand the TCDI technology package by including Aon's NOMAD mobile processing platform, PHI/PII detection, and post-data-breach support capabilities.
KEY DRIVERS:
Preservation of metadata from electronic documents.
Focus on Proactive Governance with Data Analytics and the Emergence of new content sources.
A higher number of litigations across the globe.
Varying structure of regulatory policies.
RESTRAINTS:
The probability of cyberattacks and data theft increases.
a scarcity of competent professional workers.
OPPORTUNITY:
The usage of smart devices and cloud-based services is increasing.
AI-powered analytics and predictive coding for eDiscovery.
CHALLENGES:
Departmental and cross-departmental collaboration
High initial investment, installation, and maintenance expenses
Increased data quantities, as well as privacy and security concerns
The breakout of covid 19 in early 2020 has altered global economic and corporate situations. E-discovery specialists are focused on making judgments to assist the processing, gathering, and evaluation of ESI while also considering business modifications. The most common subject of conversation is among legal, business, and IT experts in e-discovery solutions who execute and organize the work of data collection during this epidemic. The adoption of the WFH/Remote Work paradigm is also likely to be driven by an increase in demand for cloud-based business continuity products and services, including productivity suites, collaboration tools, MDM, cloud-based contact centers, and BI and analytics. By enforcing lockdown and social distance norms, digitization has stepped in to bridge the gaps.
MARKET ESTIMATION:
The market is divided into two components: services and software. The software portion of the eDiscovery industry is the fastest growing. The eDiscovery software allows for the simple and efficient implementation of the Electronic Discovery Reference Model (EDRM) model, which includes the identification, preservation, collection, processing, review, production, and presentation of relevant data during legal proceedings, resulting in reduced time, costs, and manual intervention.
Several companies in the market provide comprehensive GRC solutions that allow firms to swiftly react to changing regulatory, economic, and technological situations. These solutions assist key decision-makers and executives by providing important information needed to strike a balance between risk management, cost optimization, and innovation capability. Wide corporations have a large corporate network and several income streams. Small and medium-sized businesses (SMEs) are rapidly embracing eDiscovery solutions to improve their governance, risk, and compliance processes. Vendors in the industry have been rolling out eDiscovery solutions with the purpose of catering to SMEs in order to assist SMEs to achieve various regulatory requirements. Small and medium-sized enterprises (SMEs) are also under pressure to improve openness, visibility, and accountability in their business processes, which is enhancing their effectiveness of corporate governance.
The market is segmented into Healthcare and Life Sciences, Legal, Manufacturing, and Others. Due to the proliferation of data in different formats such as emails, applications, websites, videos, audios, and others, the market for forensic data gathering is predicted to develop at the fastest CAGR over the forecast period. The forensic data collection procedure entails gathering electronically stored information (ESI) from multiple data sources and transferring it to different data hosts and storage media. As a result, the forensic data collecting procedure will help to drive the total growth of the eDiscovery industry.
On The Basis of Component
Software
Services
On The Basis of Organization Size
Large Enterprises
SMEs
On The Basis of Deployment mode
On-premises
Cloud
On The Basis of Vertical
Government & Public Sector
Legal
Banking, Financial Services, and Insurance
Energy & Utilities
Healthcare & Life Sciences
Retail & Consumer Goods
Manufacturing
IT & Telecommunications
Other
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According to e-discovery research studies, the worldwide e-discovery market is divided into four regions: Asia Pacific, North America, Europe, and the rest of the world. Because of the widespread use of cloud solutions in Canada and the United States, the North American region is expected to account for the largest e-discovery market share. Because of rising crime rates, industrialization, and vast IT infrastructure in developing nations like as India and China, the Asia Pacific area is anticipated to have significant growth with the greatest CAGR.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major key player are IBM Corporation, Opentext, Microsoft Corporation, Micro Focus, Deloitte, Nuix, Exterro, KLDiscovery, Thomson Reuters, Knovos, and Guidance Software Inc. & Other Players
| Report Attributes | Details |
| Market Size in 2023 | US$ 12.08 Bn |
| Market Size by 2031 | US$ 23.89 Bn |
| CAGR | CAGR of 8.9% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Component (Software and Services) • By Organization Size (Large Enterprise and SMEs) • By Deployment Mode (On-premises and Cloud) • By Vertical (Government & Public Sector, Legal, BFSI, Energy & Utilities, Healthcare & Life Sciences, Retail & Consumer Goods, Manufacturing, IT & Telecommunication, Other) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | IBM Corporation, Opentext, Microsoft Corporation, Micro Focus, Deloitte, Nuix, Exterro, KLDiscovery, Thomson Reuters, Knovos, and Guidance Software Inc. |
| Key Drivers | • Preservation of metadata from electronic documents • A higher number of litigations across the globe |
| Market Challenges | • Departmental and cross-departmental collaboration • High initial investment, installation, and maintenance expenses |
Ans: - The E-discovery Market size is to reach USD 22.57 Bn by 2030.
Ans: - Departmental and cross-departmental collaboration and the high initial investment, installation, and maintenance expenses.
Ans: - The North American region is expected to account for the largest e-discovery market share.
Ans: - The major key players are IBM Corporation, Opentext, Microsoft Corporation, Micro Focus, Deloitte, Nuix, Exterro, KLDiscovery, Thomson Reuters, Knovos, and Guidance Software Inc.
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. E-discovery Market Segmentation, by Component
8.1 Software
8.2 Services
9. E-discovery Market Segmentation, by Organization Size
9.1 Large Enterprises
9.2 SMEs
10. E-discovery Market Segmentation, by Deployment mode
10.1 On-premises
10.2 Cloud
11. E-discovery Market Segmentation, by of Vertical
11.1 Government & Public Sector
11.2 Legal
11.3 Banking, Financial Services, and Insurance
11.4 Energy & Utilities
11.5 Healthcare & Life Sciences
11.6 Retail & Consumer Goods
11.7 Manufacturing
11.8 IT & Telecommunications
11.9 Other
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 IBM Corporation
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Opentext
13.3 Microsoft Corporation
13.4 Micro Focus
13.5 Deloitte
13.6 Nuix
13.7 Exterro
13.8 KLDiscovery
13.9 Thomson Reuters
13.10 Guidance Software Inc.
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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