CHICAGO, June 15, 2022 /PRNewswire/ — According to a new market research report ‘eDiscovery Market by Component (Solutions and Services), Deployment Type (Cloud and On-premises), Organization Size, Vertical (BFSI, IT & Telecom, Government & Public Sector, and Legal) and Region – Global Forecast to 2027′, published by MarketsandMarkets™, the global eDiscovery Market is projected to grow from USD 11.2 billion in 2022 to USD 17.1 billion by 2027, at a compound annual growth rate (CAGR) of 8.7% during the forecast period.
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Electronic discovery, also known as e-discovery, ediscovery, eDiscovery, or e-Discovery, is the process of identifying, collecting, and producing Electronically Stored Information (ESI); ESI includes documents, emails, databases, voicemail, presentations, audio and video files, web sites, and social media. According to Logikcull, “eDiscovery software allows legal professionals to process, review, tag, and produce electronic documents as part of a lawsuit or investigation. The right software can help attorneys discover valuable information regarding a matter while reducing costs, speeding up resolutions, and mitigating risks.” According to Exterro, “Electronic discovery (also known as e-discovery, e discovery, or eDiscovery) is a procedure by which parties involved in a legal case preserve, collect, review, and exchange information in electronic formats for the purpose of using it as evidence.”
The services segment is estimated to have the largest market size during the forecast period
Services for Electronic Discovery from preservation to production, it strive for efficiency and accuracy at every stage. Review of responsiveness traditional eDiscovery is prohibitively expensive and inefficient. Exorbitant increases in the organizational burden posed by eDiscovery have resulted from ballooning data volumes and infinite complexity. These services are designed to support organizations through both civil and legal proceedings. With eDiscovery, organizations cannot afford to tolerate unreliable networks and inflexible data systems. eDiscovery services ensure reliable access to millions of files is required 24×7, with a continuous focus on performance and uptime. The services segment has been further divided into training and consulting system integration and testing and support and maintenance services. These services play a vital role in the functioning of eDiscovery solutions, as well as ensure faster and smoother implementation that maximizes the value of the enterprise investments. With the increase in the use of eDiscovery solutions, the demand for services would also increase the requirement for integration services. Other services, such as training & consulting and support, are projected to gain traction with the growing demand for eDiscovery solutions.
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The large enterprises segment is adopting eDiscovery Market at a higher rate
Enterprises are witnessing high adoption of eDiscovery solutions. They are mostly publicly traded companies with more than 1000 employees. Large enterprises usually have a large infrastructure and complex network, which drives the demand for a centralized system to automate governance, risk, and compliance-related processes to enhance productivity while reducing the overall cost. For large organizations, it becomes complex to keep an eye on every regulation as per the industry and region, wherein eDiscovery solutions can help them easily tackle these challenges. Products in the overall eDiscovery category are similar in many ways and help businesses of all sizes solve business problems. However, enterprise business features, pricing, setup, and installation differ from those of smaller businesses, which is why companies match buyers with the best Enterprise Business eDiscovery for their needs. To find the right solutions in the Enterprise Business eDiscovery category, compare product ratings based on enterprise user reviews or contact one of G2s buying advisors.
The banking, financial services and insurance vertical is expected to hold a higher market share
Financial service organizations are among the most heavily regulated industries, and they are subject to a plethora of compliance and administrative proceedings on a regular basis. Prominent financial regulators such as the UK Serious Fraud Office and the US Securities and Exchange Commission have already adopted the best eDiscovery solutions on the market to supplement their own investigations.
North America to dominate the eDiscovery Market in 2022
With over 307 million internet users nationwide, the US ranks third. The US also has a huge IT industry. Many sectors are dependent on IT, which provides eDiscovery solutions for various purposes.
The rise in digitalization initiatives and cloud adoption are the key factors projected to contribute to the growth of the market in the region. The Federal Trade Commission is an important enforcement agency in the US (FTC). Its authority to regulate consumer protection stems from the Federal Trade Commission Act (FTC Act), which grants the FTC broad authority over commercial entities in order to prevent unfair or deceptive trade practices. The US is one of the most advanced regions in terms of infrastructure development, innovation and development, and R&D activities. It offers a wide range of opportunities for the deployment of eDiscovery solutions, as a majority of the industries are adopting eDiscovery solutions to gain visibility in the risk and compliance activities. In the US, the Gramm-Leach-Bliley Act (GLBA) governs personal information protection in the hands of banks, insurance companies, and other financial service providers.
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Asia Pacific has the largest CAGR of eDiscovery Market in the forecast period
Asia Pacific is the fastest-growing region for the adoption of eDiscovery solutions. Key factors such as internal and external regulations and a rise in focus of various industries to get a holistic view of risks are projected to contribute to the growth of the market.
The eDiscovery Market is dominated by companies such as, are Microsoft (US), IBM (US), DISCO (US), KLDiscovery (US), Nuix (Australia), Relativity (US), Logikcull (US), ZyLAB (Netherlands), Deloitte (US), Casepoint (US), Exterro (US), Knovos (US), Nextpoint (US), OpenTex (Canada), Everlaw (US), Epiq (US), Consilio (US), IPRO (US), Servient (US), Zapproved (US),Reveal (US), CloudNine (US), Lighthouse (US), ONE Discovery (US), Onna, US), Texifter (US), and Evichat (Canada).
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