Global eDiscovery Market Size, Share, Growth Analysis, By Component(Solutions, Services), By Deployment(On-premises, Cloud), By End use(Government & Public Sector, Legal) - Industry Forecast 2023-2030

Global eDiscovery Market size was valued at USD 10.9 billion in 2021 and is poised to grow from USD 11.87 billion in 2022 to USD 21.53 billion by 2030, growing at a CAGR of 8.9% in the forecast period (2023-2030).

The global eDiscovery market is experiencing substantial growth due to increasing digitalization and the need for efficient data management and legal compliance. EDiscovery refers to the process of identifying, collecting, and producing electronically stored information (ESI) for legal proceedings. Factors driving market growth include rising litigation cases, regulatory requirements, and the need to analyze vast volumes of data. The market is expected to continue expanding as organizations seek advanced eDiscovery solutions to streamline their legal processes and ensure data integrity.

Top-down and bottom-up approaches were used to estimate and validate the size of eDiscovery and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

Global eDiscovery market is segmented based on component, deployment, end use, and region. Based on component, global market is segmented into solutions and services. On the basis of deployment, market is segmented into on-premises and cloud. According to end use, market is segmented into Government & public sector, legal, banking, financial services and insurance, energy & utilities, healthcare & life sciences, retail & consumer goods, manufacturing, it & telecommunications, and other verticals (education, travel and hospitality, transportation & logistics, and media & entertainment). Based on region, it is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.

Driver

The market is beginning to experience data growth as usage of digital technology across all industries has grown. Over the past ten years, businesses in every industry have suffered from an unexpected excess of incremental data growth. Data is expanding more swiftly than ever. Nearly 85% of the current world data was produced in recent years, and by the end of 2020, it is predicted that this number would rise to 44 zettabytes. Nearly two-fifths of all e-commerce transactions worldwide are made on smartphones, which creates a lot of material.

Restrain

Cybersecurity is a crucial factor for smooth operations, and as a result, cyber-attacks are becoming increasingly visible. The frequency of data breaches and cyber-attacks has witnessed a significant rise in recent times. Unfortunately, numerous companies remain unaware of this issue and continue to adopt poor cybersecurity practices, leaving their data unprotected and vulnerable to loss.

Trend

The emergence of AI-based analytics and predictive coding in e-discovery has become increasingly important in managing the growing volume of data, including diverse forms such as social media, multimedia, and BYOD data. This technology facilitates the monitoring of e-discovery costs, compliance with new laws, and enables efficient data analysis. Predictive coding, an essential aspect of machine learning (ML), utilizes computer algorithms and software to autonomously identify relevant documents for legal proceedings. The Lexbe eDiscovery Platform offers comprehensive case analysis and timeline features, along with online document processing capabilities that accelerate telecommunications capacity and streamline the review of extensive document collections. Within the forecast period, the large enterprises segment is expected to exhibit the highest growth rate. Multiple vendors in the market provide integrated GRC solutions that empower decision-makers and leaders with vital information necessary to balance risk management, cost optimization, and innovation capabilities. Large enterprises possess expansive corporate networks and multiple revenue streams, resulting in substantial data generation. Conversely, small and medium-sized enterprises (SMEs) are rapidly adopting eDiscovery solutions to strengthen their governance, risk, and compliance programs. Market vendors have been introducing eDiscovery solutions tailored to meet the regulatory requirements of SMEs. Furthermore, SMEs face growing pressure to enhance transparency, visibility, and accountability in their business operations, thus elevating the importance of effective corporate governance.