At a CAGR of 8.7% - eDiscovery Market Size Projected to Grow $17.1 billion by 2027; Report by MarketsandMarkets™

Chicago, March 17, 2023 (GLOBE NEWSWIRE) -- The Global eDiscovery Market size is projected to grow from USD 11.2 Billion in 2022 to USD 17.1 Billion by 2027, at a compound annual growth rate (CAGR) of 8.7% during the forecast period according to report by MarketsandMarkets.

Browse in-depth TOC on “eDiscovery Market”

280 - Tables
60 - Figures
261 - Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=11881863

Scope of the Report

In the on-premises type of delivery model, software or solutions are installed and operated from customers’ in-house servers and computing infrastructure. The cost of installing on-premises solutions is included in the CAPEX of companies. This approach is mostly adopted for applications that involve processing sensitive and confidential data. Nowadays, every organization generates vast amounts of data due to the use of ML, IT devices, sensors, clickstreams, and many other devices. The on-premises deployment type enables organizations to ingest data into their own databases and discover using eDiscovery solutions, thereby maintaining data security. In the on-premises deployment type, companies must install the required hardware as well as solutions. Also, they must maintain hardware, implement cybersecurity applications, train staff, update new versions, and arrange backup for the data or damaged parts. Due to such huge initial upfront costs and the need for manual intervention, the on-premises deployment type can usually be afforded by large enterprises. SMEs, on the other hand, lack the budget and required skill sets. On-premises deployment capabilities are intended for organizations that want full control over their eDiscovery environment. Law firms, service providers and corporate counsel can leverage an on-premises solution when it is preferable or required to run on a self-managed infrastructure.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=11881863

The Electronic Discovery Reference Model (EDRM) is a standardized reference model used to discover and recover electronic data. EDRM’s data collection processes ensure that electronic data is handled cost-effectively and efficiently. Due to growth in the volume of ESI, the increasing number of data types related to eDiscovery, and the large volumes of data that need to process data during eDiscovery, standardization becomes of utmost importance to get the desired outcome. There are 8 phases in the EDRM that focus on the process of managing an entire eDiscovery, and the figure above illustrates them.

Identification: The phase aims to understand the information required to respond to appropriate eDiscovery requests and then determine the course of action for the information that will be relevant for further processing.

Preservation: The preservation process ensures that ESI is protected from alteration and modification of data

Collection: This process deals with the collection of ESI from various sources such as email archives, desktops, backup drives, file servers, employees’ smartphones, and other sources.

Processing – Processing reduces the volume of ESI and converts it to forms, making it convenient for review and analysis. The duplication of data is handled in this process and makes eDiscovery more efficient and less expensive.

Review: In the review process, the content is evaluated for relevance and privilege. It also reduces relevant documents and clients’ review workload.

Analysis: This process involves the identification of ESI for content and context, which include key patterns and forming summaries of the case.

Production: This process involves delivering the relevant ESI to the concerned entity in a form such as images, text, pdf, and others and using the appropriate delivery mechanism.

Presentation: The process deals with presenting ESI information in front of audiences at depositions, hearings, and trials in various forms and validates existing facts or positions.

The eDiscovery market, by verticals, has been 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. Other vertical includes, include education, travel and hospitality, transportation & logistics, and media & entertainment. BFSI is the major adopter of eDiscovery solutions. It has been a highly regulated and competitive industry that focuses on delivering an enhanced customer experience. The change in the operating methods, increase in digitalization, adoption of advanced technologies have led to increased exposure to different types of risk. In addition, the need to align with the changing regulatory environment and penalties associated with non-compliance has changed the way risk is viewed and managed. The increase in challenges, such as cyber threats, third-party risk, and regulatory compliance, has also led the BFSI industry to keep an eye on maintaining its reputation and providing value to its stakeholders. These stakeholders are expecting more transparency and maximum RoI. The advent of advanced technologies will play a crucial role in the growth of the BFSI vertical. Digital technologies have enabled banking customers to access real-time banking and financial information services on any device. During the pandemic, online teaching, courses and work from home have increased significantly. Due to that, the probability of theft has also increased. To decrease theft and increase privacy and security, eDiscovery is required. COVID-19 has impacted the supply chain and manufacturing industry drastically. India’s GDP contracted by 23.9% in the first quarter (Q1) of 2020-21, and the manufacturing sector’s share of total gross value added (GVA) fell from 17.5% in Q1 of 2019-20 to 13.8% in this quarter. In the first quarter of 2020-21, the manufacturing sector’s growth rate fell to -39.3%. Hence, this industry focuses on collecting data from various sources where eDiscovery is required to process data securely.

The eDiscovery market across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is projected to be the largest contributor to the global eDiscovery market. The trend is expected to continue during the forecast period due to the rapid adoption of eDiscovery solutions and services among verticals in this region. Companies established in North America must comply with regulations introduced by authorities, such as PCI, HIPAA/HITECH, FERC, NERC, and Sarbanes-Oxley. The region is an early adopter and host to innovative initiatives for advanced analytical solutions and practices, such as big data, ML, information science, and high-performance computing. Most eDiscovery vendors have a direct or an indirect presence in this region via System Integrators (SIs), distributors, and resellers. North American companies are constantly looking to enhance the deployed eDiscovery solutions. These organizations opt for adding predictive analytics and advanced storage to their eDiscovery solutions. Companies have adopted eDiscovery solutions to regulate cybersecurity and data breaches, handle cross-border jurisdiction differences and privacy issues, manage investigation matters and litigation, and maintain standards to meet all discovery obligations. North America is further segmented into the US and Canada. The US is estimated to be the major revenue contributor to the eDiscovery market in North America. After the US, Canada is expected to present major growth opportunities for eDiscovery solution and service providers. Due to the COVID-19 impact, manufacturing companies in the US are projected to witness high growth opportunities by adopting emerging technologies (IoT, AI, and ML) to reduce risk failures in the working ability of the equipment. Due to the pandemic, the US is moving toward a decentralized model of conducting clinical trials to enable a high patient retention rate because of COVID-19. With over 307 million internet users nationwide, the US ranks third. The US also has a huge IT industry. Many sectors are dependent on IT, which provides eDiscovery solutions for various purposes. The rise in digitalization initiatives and cloud adoption are the key factors projected to contribute to the growth of the market in the region.

Browse Adjacent Markets: Software and Services Market Research Reports & Consulting

Browse Other Reports:

Learning Management System Market - Global Forecast to 2027

Communication Platform as a Service Market - Global Forecast to 2027

Automation Testing Market - Global Forecast to 2027

ESG Reporting Software Market - Global Forecast to 2027

Customer Data Platform Market - Global Forecast to 2027