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eDiscovery Market is Expected to Reach USD 21.76 Billion in 2028

Reports And Data

Reports And Data

eDiscovery Market Size – USD 12.15 Billion in 2020, Market Growth – at a CAGR of 7.5%, Market Trends – Rapid adoption of big data among enterprises.

NEW YORK, NY , UNITED STATES, February 8, 2022 /EINPresswire.com/ -- The need to reduce the operational budget of legal departments and penetration of IoT in various sectors is driving market revenue growth

The global eDiscovery market size is expected to reach USD 21.76 Billion in 2028 and register a revenue CAGR of 7.5% over the forecast period, according to the latest report by Reports and Data. Proliferation of IoT and big data, cloud analytics, edge computing, and related technologies among the enterprises is driving market revenue growth. Adoption of digital technologies by governments across the globe is also contributing to the growth of the market.

eDiscovery is the process in which electronic data is sought, located, and se cured for the purpose to use it as evidence in criminal or civil cases. The information sought is in an electronic format generally unearthed in case of government investigations, litigations, or Freedom of Information Act requests. Hacking permitted by the court or when government-sanctioned is also a type of eDiscovery. Application of eDiscovery and advanced technologies allows organizations to pull information and records from the huge volume of available data, which includes emails, and eliminates exact copies to reduce the cost and effort of reviewing the remaining content.

An increase in usage of data analytics and emergence of new content source is propelling the growth of the market. Application of advanced eDiscovery platforms and tools is an ideal way to protect against sanctions and gain positive outcomes. These kinds of eDiscovery solutions are cost-effective. A comprehensive eDiscovery software allows parties to expedite search process significantly while enhancing accuracy and increasing actionable findings. Emergence of new content source, focus on proactive governance with data analytics, need to reduce the operational budget of the legal team, increase in the number of complaints and penetration of internet and IoT among big enterprises are contributing to the growth of the market.

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Companies profiled in the global market report includes Microsoft Corporation, IBM Corporation, AccessData, Opentext Corporation, Broadcom, Micro Focus, Conduent Inc., Nuix Ltd., FTI Consulting Inc. and Relativity.

Some Key Highlights From the Report

• In May 2021, CloudNine launched Discovery Portal to provide a powerful connector for interoperability across the eDiscovery ecosystem. CloudNine offers a seamless connector between cloud and on-premises solutions, including current suite of eDiscovery software and third-party review. The portal will empower legal and eDiscovery professionals to speed up their projects safely and efficiently.
• Software segment accounted for significant revenue share in 2020. eDiscovery software allows legal professionals to review, process, tag and produce electronic documents as part of lawsuit investigation. This software helps attorneys to discover important information regarding a matter while mitigating risks, accelerating resolutions, and reducing cost.
• Cloud helps eDiscovery in becoming automated and support more robust and eDiscovery compliance that is less error prone. Cloud usage also aids organizations to benefit from reduced storage costs in general and of archived data. Additionally, information stored in clouds is easier to access and is available to other organizations in case of any inquiry.
• Large enterprises segment accounted for larger revenue share in 2020. Demand for eDiscovery is anticipated to increase owing to its benefits such as trained resources, 24x7 availability of customer service, and support for legal research. Large enterprises have huge corporate networks and revenue streams and are keen to invest in latest technologies to run their business effectively.
• Government and public sector segment is expected to witness fastest growth rate during the forecast period. Public sector is adopting these technologies to improve their external reach and internal communications. Moreover, requests to use Freedom of Information Act coupled with the growing number of data is boosting adoption of eDiscovery tools in the government and public sector.
• Market in North America accounted for largest revenue share in 2020. The region is well-established and has high rate of adoption of technology owing to advanced IT infrastructure, standardized regulations, and the presence of key market players. There is a large volume of electronically generated information from the region and increased pressure from the government authorities with regards to electronic media and government policies is driving the growth of eDiscovery market in North America.

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For the purpose of this report, Reports and Data has segmented the eDiscovery market based on component, deployment type, organization size, end-use, and region:

Component Outlook (Revenue, USD Billion; 2018–2028)

Software
Services

Deployment Type Outlook (Revenue, USD Billion; 2018–2028)

Cloud
On-Premises

Organization Size Outlook (Revenue, USD Billion; 2018–2028)

Large Enterprises
Small and Medium-Sized Enterprises

End-use Outlook (Revenue, USD Billion; 2018–2028)

BFSI
Healthcare
Telecommunications and IT
Retail and Consumer Goods
Government and Public Sector
Legal
Energy and Utilities
Manufacturing
Others

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Regional Outlook (Revenue, USD Billion; 2018–2028)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Thank you for reading our report. The report can be customized based on regional segmentation and competitive landscape. Kindly get in touch with us to know more and our team will ensure the report is well suited to meet your requirements.

Tushar Rajput
Reports and Data
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