The rise in E-Discovery market revenue will be fueled by an increase in the number of lawsuits filed around the world, as well as an increase in compliance requirements and data protection rules. The Global E-Discovery Market research offers a comprehensive analysis of the industry. The research includes a detailed analysis of key segments, trends, drivers, constraints, the competitive landscape, and other important market variables.
Covid-19 Impact & Market Status
The COVID-19 outbreak, which began in early 2020, has altered business and economic situations. eDiscovery experts have been contemplating business changes and making decisions to support the collection, processing, and review of ESI since then. How to plan and execute the basic eDiscovery task of collection during the pandemic is the most talked-about topic among business, legal, and IT experts in the eDiscovery ecosystem. The key hurdles for remote collection are IT infrastructure and a qualified labour. Furthermore, in November 2020, the United Kingdom declared a new strain of COVID-19, which has necessitated a modification in the country's working regulations. This new strain has been found in eight European nations, according to the WHO. As a result, travel from and to European and Middle Eastern countries has been prohibited in many countries around the world.
The global eDiscovery market worth $24 Billion by 2030, growing at a CAGR of 8.5%
The key hurdles for remote collection are IT infrastructure and a qualified labour. Furthermore, in November 2020, the United Kingdom declared a new strain of COVID-19, which has necessitated a modification in the country's working regulations. This new strain has been found in eight European nations, according to the WHO. As a result, travel from and to European and Middle Eastern countries has been prohibited in many countries around the world. COVID-19 is expected to have a short-term impact on enterprises; nevertheless, it is expected to have a major impact on businesses for at least 8 to 12 months. Virtual private network connectivity has led to the demand and adoption of cloud-based eDiscovery solutions as a result of the advent of new activities such as work from home and social distancing.
The market is divided into Services and Software based on Component. Within the eDiscovery market, the software segment is the fastest-growing. The eDiscovery software facilitates the implementation of the Electronic Discovery Reference Model (EDRM), which includes the identification, preservation, collection, processing, review, production, and presentation of relevant data during legal proceedings, saving time, money, and manual intervention.
The market is divided into four categories based on vertical: healthcare and life sciences, legal, manufacturing, and others. Due to the proliferation of data in various formats such as emails, apps, websites, videos, audios, and others, the market for forensic data gathering is predicted to develop at the fastest CAGR over the forecast period. Electronically stored information (ESI) is collected from numerous data sources and transferred to various data hosts and storage media during the forensic data collection process. As a result, the forensic data collecting procedure will contribute to the eDiscovery market's overall growth.
The Global E-Discovery Market is divided into four regions based on regional analysis: North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific (APAC) region is predicted to grow at the fastest rate over the projection period. SMEs are rapidly adopting digital technology, resulting in massive data generation. As the use of digital data becomes more widespread, there will be a greater demand for effective management of digital data in order to provide faster access to essential data during legal proceedings.
Electronic discovery, also known as eDiscovery, is an electronic process that involves identifying, collecting, and producing data/information with the goal of using it as evidence in a legal case. Digital data is highly suited to the investigation since it can be searched quickly and efficiently electronically, whereas traditional papers must be examined manually.
Three types of suppliers serve the eDiscovery market: service providers, software companies, and law firms. Government agencies, businesses (IT and legal departments), and regulators are the ultimate buyers of eDiscovery solutions. Furthermore, law firms and service providers provide services while also being software customers. Both service providers and customers of eDiscovery solutions are served by software vendors.
Organizations in highly regulated areas such as BFSI, healthcare, oil, gas, and energy, which buy eDiscovery solutions, drive the eDiscovery industry. Cross-border eDiscovery cases have risen rapidly as a result of business digitization and globalisation. Due to the wide range of applications for investigative problems, eDiscovery solutions are widely adopted by businesses of all sizes in a variety of industries.
The emergence of electronic discovery tools has enabled businesses to respond to investigations quickly with information results. Regulatory compliance, however, isn't the only factor driving the eDiscovery market; internal governance and diligence electronic needs also play a significant role. Furthermore, collection-based electronic discovery improvements have a two-fold impact on information technology. For starters, it enables GRC to collect and examine massive amounts of electronically recorded data. Second, by automating retention schedules, it aids information technology in managing storage activities.
Aside from that, the rising cost of litigation among enterprises, expanding compliance obligations, unavoidable desire for more proactive services, and the emergence of content sources as a means of reducing the overflow of stored data are just a few of the numerous drivers of the eDiscovery market. On the other hand, existing concerns about high costs in electronic discovery and a lack of knowledge about the solutions' effects are the market's key restraints. Furthermore, litigants who produce electronic data in addition to paper records have expanded business potential. Amendments to the FRCP in 2006 made all electronically stored information on handheld devices or cellphones, such as voicemails, graphics, emails, and so on, discoverable in action.
The "Global E-Discovery Market" research report will offer useful information with a focus on the global market. Veritas, ZyLAB, AccessData, Catalyst, Advanced Discovery, FRONTE, Deloitte, Lighthouse, Microsoft, and KLDiscovery are the key participants in the market. The competitive landscape section also contains a global study of the above-mentioned players' major development strategies, market share, and market position. Further, renowned industry players are unraveling new product portfolios and technological advancements for market fortification amidst Covid-19 impact.
eDiscovery Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||$24 Billion|
|Growth Rate||CAGR of 8.5% during 2021-2030|
|Segment Covered||By Solution, By Service, By Vertical, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||IBM Corporation (U.S.),FTI Technology LLC (U.S.),Kcura LLC (U.S.),Zylab Technologies (U.S.),Xerox Corporation (U.S.),Hewlett Packard Enterprise (U.S.),Logik (U.S.),Lexbe (U.S.),Ernst & Young Global Limited (U.K.),Navigant Consulting (U.S.)|
Key Segments of the Global E- Discovery Market
Component Overview, 2018-2028 (USD Billion)
- Support and Maintenance
- Managed Services
- Production and Presentation
- Processing, Review, and Analysis
- Dentification, Presentation, and collection
Vertical Overview, 2018-2028 (USD Billion)
- Retail and Consumer Goods
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa