Dublin, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The "eDiscovery Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The eDiscovery market size has grown strongly in recent years. It will grow from $13.53 billion in 2023 to $14.35 billion in 2024 at a compound annual growth rate (CAGR) of 6%. The growth in the historic period can be attributed to increased volume of electronic data, continued growth in cybersecurity threats and incidents, rise in legal and regulatory investigations, growing number of litigations, need for efficient and cost-effective eDiscovery solutions.
The eDiscovery market size is expected to see strong growth in the next few years. It will grow to $20.04 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to growing need for data privacy and security, increasing use of blockchain technology, growing demand for eDiscovery services in emerging economies, globalization and cross-border data discovery challenges, increasing complexity of data sources and types. Major trends in the forecast period include adoption of technology-assisted review (tar) in eDiscovery, integration of analytics and predictive coding in eDiscovery, emphasis on data privacy and protection, rise of remote and mobile eDiscovery solutions, evolution of technology-driven eDiscovery workflows.
The increase in amount of electronically stored information is expected to drive the demand for the eDiscovery market going forward. For instance, according to Forbes, a US-based business magazine, in 2020 the amount of data created, captured, copied, and consumed in the world has reached 59 trillion gigabytes. Furthermore, according to data by Logikcull, a US-based company offering legal the eDiscovery software solution, 2.5 exabytes of data are created every day. Therefore, the increasing amount of electronically stored information is driving the growth of the eDiscovery market.
The increasing risks of cyberattacks are expected to propel the growth of the e-discovery market going forward. For instance, in June 2022, according to the Anti-Phishing Working Group, a US-based independent counter eCrime association, in the first quarter of 2022, the APWG recorded a total of 1,025,968 phishing attacks, a 15% rise from the fourth quarter of 2021, when 888,585 attacks were reported. Therefore, the increasing risks of cyberattacks are driving the growth of the e-discovery market.
Technological advancement is a key trend gaining popularity in the eDiscovery market. Major market players are focusing on the implementation of advanced technologies that work on cloud-based technology to strengthen their position in the market. For Instance, in March 2022, Epic systems Inc., a US-based software solutions company, launched the Epiq Service Cloud to Empower Legal Service Delivery Excellence for Corporate Legal Departments and Law Firms. A collection of intelligence and productivity tools may be found in the Epiq Service Cloud. With the help of cloud technology services that help to provide a centralized digital experience for Epiq's proprietary technology and other third-party industry tools.
Major companies operating in the eDiscovery market are focused on enhancing the customer experience to gain a competitive edge in the market. Cloud-based services offer eDiscovery companies scalable, cost-effective solutions for securely storing, managing, and analyzing vast amounts of legal data, streamlining the discovery process, and ensuring compliance. For instance, in February 2023, Casepoint LLC, a US-based technology company, announced the launch of its legal hold and eDiscovery software solutions in Canada. The decision to enter the Canadian market stems from the growing need for reliable cloud-based legal discovery technology to support litigation, investigations, and compliance. This strategic move also fulfills data residency obligations for entities operating in Canada. Canadian businesses, government bodies, and legal firms will now have the opportunity to utilize Casepoint's Legal Hold and eDiscovery software solutions within the country.
In August 2021, Cloudnin, a US-based software company, acquired the ESI analyst for an undisclosed amount. With this acquisition, CloudNine plans to combine its e-discovery platform with ESI Analyst's capabilities to allow customers to upload and analyze data from a single, integrated platform for law firms, corporate legal departments, legal service providers, and governmental organizations. ESI analyst, a US-based software developing company that offers eDiscovery investigation tools.
North America was the largest region in the eDiscovery market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the eDiscovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the eDiscovery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
Report Scope
- Markets Covered: 1) By Component: Solutions; Services 2) By Organization Size: Large Enterprises; Small And Medium Enterprises (SEMs) 3) By Deployment Type: On-Premises; Cloud-based; Hybrid 4) By End-User Vertical: BFSI; Retail Sector; Healthcare; Manufacturing; IT and Telecommunication; Government; Energy and Utility; Other End Users
- Key Companies Mentioned: Casepoint LLC; CloudNine Discovery Services Inc.; Commvault Systems Inc.; Conduent Incorporated; Conduent Inc.
- Time Series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
- Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Casepoint LLC
- CloudNine Discovery Services Inc.
- Commvault Systems Inc.
- Conduent Incorporated
- Conduent Inc.
- International Business Machines Corporation
- Microsoft Corporation
- KLDiscovery Inc.
- Deloitte Touche Tohmatsu Limited
- Epiq Systems LLC
- Exterro Inc.
- FTI Consulting Inc.
- Open Text Corporation.
- Zapproved Inc.
- Logikcull Inc.
- Everlaw Inc.
- Veritas Technologies LLC
- ZyLAB Technologies LLC
- Mimecast Ltd.
- Proofpoint Inc.
- Gen Digital Inc.
- Consilio LLC
- ONE Discovery
- Absolute Software Corporation
- Dun & Bradstreet Inc.
- Informatica Inc.
- SAS Institute Inc.
- Broadcom Inc.
- Amazon Web Services Inc.
- OneTrust LLC
- TrustArc Inc.
- Iron Mountain Incorporated
- Hindustan Computers Limited Technologies
- Micro Focus International plc
For more information about this report visit https://www.researchandmarkets.com/r/5z51le
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
