ID: MRFR/ICT/2388-HCR | February 2021 | Region: Global | 100 pages
According to the latest report, the global e-discovery market is predicted to reach approximately USD 24 Billion by the end of the year 2030 with a growth rate of 8.50% CAGR between 2021 and 2030. E-discovery is basically a legal process where legal matters such as identification, review, litigation, analysis, preservation, and where the information sought in electronic format. It can also be defined as a process of producing electronically stored information (ESI), collecting, and identifying. According to the study, the technology and the process related to e-discovery are complicated due to the storage of a large volume of electronic data and produced.
The factors that are contributing to the global e-discovery market growth are the rise in the ratio of age group and the rising volume of electronically stored information. Along with that the rise in litigation around the world, focus on proactive governance with analytics of data, and the publication of new content sources are some another major factor that is further boosting the overall growth of the global e-discovery market. The availability of bulk storage and the evolution of digitalization has led to faster growth for the global e-discovery market, the companies around the globe are relying on data constitute and electronic information due to its low maintenance cost of data production and documents around the world. In order to manage all these data, electronic discovery (e-discovery) solutions are being deployed.
This report contains all the information on the global e-discovery market research and market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global e-discovery market analysis and forecast to 2023 is also included in the report.
Covid 19 Analysis
The outbreak of covid 19 in early 2020 has changed the conditions of the economy and businesses around the globe. The professionals of e-discovery are focused on making decisions in order to support the processing, collection, and reviewing of ESI and they are also considering the business revisions. The most popular topic of discussion is among the legal, business, and IT professionals in e-discovery solutions are who execute and plan the task of collecting data during this pandemic.
The rise in the adoption of digital technologies around the world is the major driving factor for the growth of the global e-discovery market size. In the last decade, the enterprises of all domains have been swept due to the sudden exponential growth of data. The data is increasing rapidly from the last few years due to the increase in population. Near about 90% of the total world existing data has been created in the last few years, by the end of the year 2020 and it is predicted that it would increase up to 44 zettabytes approximately.
Artificial intelligence (AI) is likely to change the legal profession and it is predicted that the advancements in AI-based analytics will increase the overall speed of the discovery process and it will also enhance the quality of the e-discovery processes. Moreover, AI also helps in text classification, translation, classification, audio search signature detection, among other tasks. Therefore, embedding analytics and artificial intelligence with e-discovery are likely to provide various opportunities for key vendors who are operating in the e-discovery market sales.
In order to carry smooth business operations, it is very important to have cybersecurity. There has been a huge increase in the number of cyberattacks and data breaches from the last few years and it can be considered as the major restraint of the global e-discovery market. The majority of the enterprises are not aware of the problem and they have unprotected data which is ultimately making them vulnerable to data loss due to poor practices of cyberattacks.
The high cost of maintenance, installation, and related activities is predicted to act as a major challenge for the key vendors who are operating in the global e-discovery market.
Cumulative Growth Analysis
According to the latest data from the Administrative Office of the US Courts, in the year 2017, the appeals filling were rose 10% from the year 2016 in the US courts, the filing for the Federal Circuit rose by 11%, and the bankruptcy appellate panels filing rose by 1%. This is considered as the highly penetrated e-discovery laws in the country and it enabled the uses of e-discovery solutions to prudent the required data in the court.
Value Chain Analysis
According to the latest report, the global e-discovery market has been segmented on the basis of solution, deployment, service, vertical, and region. On the basis of solution, the global e-discovery market has been segmented into Legal Hold, Early Case Assessment, Data Processing, Technology-Assisted Review, and Data Production. On the basis of deployment, the global e-discovery market has been segmented into cloud and on-premises. On the basis of services, the market is divided into Consulting, Implementation, and Training and support. On the basis of vertical, the global e-discovery market has been segmented into Government, Legal sector, BFSI, Energy and Utilities, Healthcare, Travel, Hospitality, Transportation and Logistics, IT and Telecommunication, Media and entertainment, and others.
On the basis of the solution segment, technology-assisted review and data production accounts for the highest e-discovery market share due to the management of a large set of documents efficiently, and a reduction in cost. On the basis of the deployment segment, cloud service is expected to account for the maximum share in the global e-discovery market due to the increased number of civil litigation and criminal investigation which is highly disturbing the enterprise’s operations.
The market is segmented on the basis of the solution, deployment, service, vertical, and region. The global e-discovery market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into Legal Hold, Early Case Assessment, Data Processing, Technology-Assisted Review, and Data Production.
Based on the propulsion types, the market is segmented into Government, Legal sector, BFSI, Energy and Utilities, Healthcare, Travel, Hospitality, Transportation and Logistics, IT and Telecommunication, Media and entertainment, and others.
According to the e-discovery research reports, on the basis of region, the global e-discovery market has been segmented into Asia Pacific, North America, Europe, and the rest of the world. The North American region is predicted to account for the maximum e-discovery market share due to its high implementation of cloud solutions in Canada and the US. Asia Pacific region is expected to witness substantial growth are with the highest CAGR due to increasing crime rates in this region, development of industrialization, and massive IT infrastructure in developing countries like India and China.
The global e-discovery market industry is highly competitive due to the emergence of several major key players in the market. Few of the major key players are currently dominating the global e-discovery market in terms of share. These prominent key players are focused on expanding their base of customers around the globe or in foreign countries. These key companies are making strategies by initiating collaboration in order to increase their profit and shares in the global e-discovery market business.
Major Key Players
The following report comprises of –
E-discovery Market Segments:
E-Discovery Market for a segment on the basis of solution, deployment, service and vertical.
E-Discovery Market by Solution:
E-Discovery Market by Deployment:
E-Discovery Market by Service:
E-Discovery Market by Vertical:
Frequently Asked Questions (FAQ) :
A 8.50% CAGR is predicted to change the development of the market in the coming period.
The income levels reaching USD 18 Billion are predicted to be gained by 2030.
Logik (U.S.), Lexbe (U.S.), Hewlett Packard Enterprise (U.S.), and Ernst & Young Global Limited (U.K.) are the contenders in the market.
The increased adoption of cloud solutions is expected to improve the standing of the North American regional market.
The volume of data that is electronically stored is expected to motivate the market.