E-Discovery Market Size was valued at USD 12.9 billion in 2022. The E-Discovery market industry is projected to grow from USD 13.9965 Billion in 2023 to USD 26.88173862 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.50% during the forecast period (2023 - 2032). The advancement of digital technology worldwide is a key driver for the growth of the global e-discovery industry. Data has increased rapidly in recent years due to population growth, which is the key market driver enhancing market growth.
Figure 1: E-Discovery Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
These technologies improve the e-discovery procedure by carrying out regular tasks like arranging, categorizing, and analyzing data. Simultaneously, automation diminishes the chance of human mistakes and provides a record of the process. For example, automation helps streamline the insurance process while making it scalable, secure and legally protected. By using eDiscovery and artificial intelligence, businesses can focus on litigation issues while saving a lot of time and effort to optimize time. Companies are starting to adapt to this trend by creating proprietary business solutions. Experts have discovered that low-cost, non-digital applications are essential tools to perform important tasks such as data exploration, data analysis, and more. Various artificial intelligence and automation advances drive demand for e-discovery solutions and services. This factor drives the market CAGR.
Additionally, increasing data breaches and adoption of cloud solutions to support business growth. Businesses are increasingly using e-discovery solutions to prevent fraud and criminal law. The average data breach cost is $4.35 million and is expected to increase over the next few years. AI-powered e-discovery systems provide an enhanced environment to prioritize and respond to information security threats, enabling faster incident response and identifying root causes to reduce crime and prevent future problems. Cloud-based e-discovery solutions and services are gaining more acceptance and availability in this fast-growing industry. By using platforms that help them prevent crime, organizations can reduce response times, meet reporting deadlines, save on audits and save money. As companies and law firms create more electronic data storage (ESI), key players are adopting cloud solutions and services to capture and deliver the transition results to their clients. These factors help sellers make more money in this market. Thus, driving the E-Discovery market revenue.
The global E-Discovery market segmentation, based on type, includes technology assisted review and early case assessment. The technology-assisted review segment dominated the market because technology-assisted technology-assisted review solutions are essential for efficiently managing large volumes of electronic data. TAR solutions use artificial intelligence and machine learning to identify relevant documents, saving legal teams time and money.
Based on Deployment, the global E-Discovery market segmentation includes on-premise and on-cloud. The on-premise segment dominated the market because on-premise solutions offer more control and flexibility than cloud-based solutions. On-premise solutions can be customized to the specific needs of different organizations, and they are not subject to the same security and compliance risks as cloud-based solutions.
Figure2: E-Discovery Market, by Deployment, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The global E-Discovery market segmentation, based on Service, includes training and support, consultants. The consultant segment dominated the market because consultancy services are essential for organizations to effectively manage their e-discovery processes. Consultants can help organizations assess their current e-discovery capabilities, identify gaps, and develop plans to address them. They can also help organizations implement their e-discovery plans and train their staff on using e-discovery tools.
Based on Vertical, the global E-Discovery market segmentation includes transportation & logistics, legal sector, energy & utilities, and IT & telecommunication. The legal sector segment dominated the market; this is because the legal sector is one of the most heavily regulated industries, and it is also one of the most data-intensive industries. As a result, organizations in the legal sector need to have robust e-discovery processes in place to comply with regulations and protect their data.
The study offers market insights for North America, Europe, Asia Pacific, and other regions. Due to the increasing availability of e-discovery solutions and services from the government and public sector, the North American e-discovery market segment will be the leader in government records management. Area.
In addition, major countries examined in the market report include the United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea and Brazil.
Figure3: E-DISCOVERY MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The E-Discovery market in Europe holds the second-largest market share. This is because the demand for electronic discovery solutions in the region is driven by heightened data threats and increased spending by businesses and government and regulatory entities to enhance security measures. Further, the German E-Discovery market held the largest market share, and the UK E-Discovery market was the fastest-growing market in the European Region.
The e-discovery market in the Asia Pacific is expected to grow at the fastest YBBO from 2023 to 2032. This is due to increased knowledge of health and wellness and increased disposable income. Also, the Chinese E-Discovery market has the largest market, and the IndianE-Discovery market is the largest in the Asia-Pacific region.
Entrepreneurs are investing heavily in research and development to expand their products, which will help the e-discovery industry continue to grow. Entrepreneurs are also undertaking various activities to expand their global footprint. Key business development activities include new product development, contract deals, joint venture mergers and acquisitions, increased investment, and collaboration with other organizations. Business e-discovery products must provide valuable products to grow and survive in a more competitive and increasingly business environment.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global E-Discovery industry to benefit clients and increase the market sector. The E-Discovery industry has offered some of the most significant advantages in recent years. Major players in the E-Discovery market, including IBM Corporation (U.S.) FTI Technology LLC (U.S.) Kcura LLC (U.S.) Zylab Technologies (U.S.) Xerox Corporation (U.S.) Hewlett Packard Enterprise (U.S.) Logik (U.S.) Lexbe (U.S.) Ernst & Young Global Limited (U.K.) Navigant Consulting (U.S.)., and Others seek to meet their business needs by investing in research and development.
Congruity 360 is a holistic data management provider that increases the value of technology investments by improving data quality, providing cost-effective IT operating costs, and providing differentiated information management. Legal products Hold360 and Request360 from Congruity 360, LLC, and compliance and reporting solutions from CS DISCO. With CS DISCO's cloud-based e-discovery platform, the main sources of legal studies provide innovative solutions for law and compliance companies.
CloudNine is a global e-discovery and information management company that provides software, services and support to help organizations manage their electronic information.CloudNine recently announced that it has acquired ESI Analyst. ESI Analyst is the new standard for data types such as chat, voice, social media, text, computer work and financial data. This acquisition confirms Cloud Nine's recent announcement to reduce costs and risks by investing in creating value-added products for customers and businesses. Increasing its workforce by 50%, Cloud Nine is committed to investing in competitive customers throughout the EDRM lifecycle.
IBM Corporation (U.S.)
Zylab Technologies (U.S.)
FTI Technology LLC (U.S.)
Kcura LLC (U.S.)
Xerox Corporation (U.S.)
Hewlett Packard Enterprise (U.S.)
Logik (U.S.)
Lexbe (U.S.)
Ernst & Young Global Limited (U.K.)
Navigant Consulting (U.S.)
February 2022: Congruity 360, LLC's legal products, Hold360 and Request360, also integrate with CS DISCO and receive management and notification solutions. The main sources of legal work and CS DISCO's cloud-based e-discovery platform provide innovative solutions for law and compliance companies.
August 2021: CloudNine recently announced that it has acquired ESI Analyst. ESI Analyst is the new standard for data types such as chat, voice, social media, text, computer work and financial data. This acquisition confirms Cloud Nine's recent announcement to reduce costs and risks by investing in creating products that add value to customers and the business. Increasing its workforce by 50%, Cloud Nine is committed to investing in competitive customers throughout the EDRM lifecycle.
Technology Assisted Review
Early Case Assessment
On-Premise
On-Cloud
Training and Support
Consultant
Transportation & Logistics
Legal Sector
Energy & Utilities
IT & Telecommunication
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 12.9 billion |
| Market Size 2023 | USD 13.9965 billion |
| Market Size 2032 | USD 26.88173862 billion |
| Compound Annual Growth Rate (CAGR) | 8.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | The solution, Deployment, Service, Verticaland Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | USA, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea and Brazil |
| Key Companies Profiled | IBM Corporation (U.S.) FTI Technology LLC (U.S.) Kcura LLC (U.S.) Zylab Technologies (U.S.) Xerox Corporation (U.S.) Hewlett Packard Enterprise (U.S.) Logik (U.S.) Lexbe (U.S.) Ernst & Young Global Limited (U.K.) |
| Key Market Opportunities | Therefore, integrating analytics and intelligence with e-discovery will likely open up many opportunities for key vendors to sell in the e-discovery market. |
| Key Market Dynamics | The increase in worldwide adoption of digital technologies is a key driver for the growth of the global e-discovery market. |
Frequently Asked Questions (FAQ) :
The global E-Discovery market size was valued at USD 12.9 Billion in 2022.
The forecast period for 2023-2032 is expected to see the global market grow at a compound annual growth rate (CAGR) of 8.50%.
North America witnessed the largest share of the global economy
The dominant players in the market are IBM Corporation (U.S.) FTI Technology LLC (U.S.) Kcura LLC (U.S.) Zylab Technologies (U.S.) Xerox Corporation (U.S.) Hewlett Packard Enterprise (U.S.) Logik (U.S.) Lexbe (U.S.) Ernst & Young Global Limited (U.K.).
The domestic category will dominate the market in 2022.
The Consultant had the largest share of the global market.
Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
