PUBLISHER: Grand View Research | PRODUCT CODE: 1554090
PUBLISHER: Grand View Research | PRODUCT CODE: 1554090
The global eDiscovery market size was estimated at USD 14.99 billion in 2023 and is expected to grow at a CAGR of 10.7% from 2024 to 2030. The increasing need for organizations to preserve metadata from electronic documents is significantly driving market growth. Moreover, stringent regulatory requirements are rising constantly, and the preservation of metadata ensures that digital information remains authentic and accessible over time. This trend of data transitions from analog to digital formats, which necessitates robust eDiscovery solutions, is expected to fuel market growth in the coming years.
The shift towards cloud-based services has transformed how organizations manage their data. Cloud-based E-discovery solutions offer scalability, cost-effectiveness, and ease of access compared to traditional on-premises systems. This trend is further accelerated by the growing remote work culture post-COVID-19, as companies are seeking flexible solutions that can support distributed teams while ensuring compliance with legal standards.
Organizations are prioritizing cybersecurity measures that include effective eDiscovery practices, owing to the rise in cyberattacks and data breaches. The need to respond to security incidents often requires comprehensive data management strategies that encompass eDiscovery capabilities, which is responsible for the market growth. As businesses recognize the importance of safeguarding sensitive information while complying with legal obligations, this trend is expected to continue to fuel demand for advanced eDiscovery solutions.
Furthermore, the number of litigations worldwide has been on the rise, driven by heightened regulatory scrutiny across sectors, including finance, healthcare, and technology. Organizations are increasingly required to produce electronic evidence during legal proceedings, which boosts the demand for efficient eDiscovery tools that can streamline the process of identifying, collecting, and reviewing electronically stored information (ESI). This trend is expected to fuel market growth in the coming years.
Moreover, the integration of artificial intelligence (AI) and machine learning (ML) into eDiscovery processes is revolutionizing how organizations handle large volumes of data. These technologies enhance data analysis capabilities by automating document review processes and improving accuracy in identifying relevant information. As AI-driven analytics become more prevalent, these trends are expected to drive significant growth in the E-discovery market.
Global eDiscovery Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global eDiscovery market report based on component, organization size, deployment model, end-use, and region: