According to the recent report by IMARC Group, titled “eDiscovery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global eDiscovery market reached a value of US$ 11.4 Billion in 2021. eDiscovery, or electronic discovery, focuses on identifying and decoding electronically stored information (ESI) for government investigations. The process includes the collection, preservation, processing, analysis, review, and production of digital data keeping the standard law discovery process into consideration. The electronic data can include emails, voicemails, audio or video files, social media data, or presentations. The process of eDiscovery is often complex as it incorporates a large volume of electronic data that is more dynamic and unlike hardcopy evidence. As a result, it is vital to preserve the original metadata to eliminate any chances of tampering with the evidence in the litigation. The emergence of eDiscovery tools has enabled enterprises to review information results faster, which has led to a rise in their adoption in political, legal, privacy, and constitutional matters.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global eDiscovery Market Trends:
Several enterprises are now incorporating cloud computing into their day-to-day operations, which is leading to the generation of huge amounts of electronic data. This, along with the increasing penetration of the internet and rapid digitization, has led to the creation of ESI in high volumes, thereby propelling the demand for eDiscovery solutions. Moreover, the rising cases of felonies like tax frauds and money laundering are also emphasizing the requirement for eDiscovery in governmental institutes. Apart from this, favorable government regulations regarding the adoption of eDiscovery have positively impacted the market growth. For instance, out of the 50 states in North America, 49 states have enabled e-discovery rules. Among these, California is on the top with the most updated laws. Furthermore, collaborations among companies to increase their profitability and market shares are also providing the thrust to the market growth. For instance, IBM introduced Watson Discovery Service in March 2017, which lets developers to implement a machine learning model to understand the deeper level of certain language terms and create search and eDiscovery tools that comprehend data and language on an almost human level. On account of these factors, the market is expected to a CAGR of 8.49% during the forecast period (2022-2027).
- Based on the component, the market has been bifurcated into services and software.
- On the basis of the deployment type, the market has been categorized into on-premises, cloud-based, and hybrid.
- Based on the end user, the market has been divided into government/federal agencies, legal and regulatory firms, and enterprises.
- On the basis of the vertical, the market has been classified into retail and consumer goods, BFSI, IT and telecommunication, manufacturing, healthcare and life science, legal, energy and utilities, government, and others.
- Region-wise, the market has been segmented into Europe (France, Germany, Russia, Italy, Spain, the United Kingdom, and Others), North America (Canada and the United States), Latin America (Mexico, Brazil, and Others), Asia Pacific (Australia, Indonesia, India, Japan, China, South Korea, and Others), and Middle East and Africa.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being Accessdata Group Inc., Veritas Technologies LLC (The Carlyle Group), ZyLAB Technologies, Commvault Systems Inc., FTI Consulting, International Business Machines Corporation, Logikcull, Micro Focus International Plc, Conduent Incorporated, Driven Inc. (Xplenty), Fronteo Inc. (Formerly UBIC), Nuix Pty Ltd. (Macquarie Group), and Open Text Corporation.
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