eDiscovery Market 2024-2032: Share, Size, Trends, Scope, Analysis and Forecast

IMARC Group's report titled "eDiscovery Market Report by Component (Services, Software), Deployment Type (On-premises, Cloud-based, Hybrid), End-User (Government/Federal Agencies, Legal and Regulatory Firms, Enterprises), Vertical (BFSI, Retail and Consumer Goods, Manufacturing, Legal, IT and Telecommunication, Government, Energy and Utilities, Healthcare and Life Science, and Others), and Region 2024-2032". The global eDiscovery market size reached US$ 13.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 25.8 Billion by 2032, exhibiting a growth rate (CAGR) of 7.3% during 2024-2032.

Factors Affecting the Growth of the eDiscovery Industry:

• Rising Volume of Electronically Stored Information (ESI):

The exponential growth in electronically stored information (ESI) due to the rising focus on digital transformation across various industries, is one of the major factors creating lucrative opportunities for the market. Along with this, the increasing volume of data generated from companies in the form of emails, documents, presentations, databases, voicemails, audio and video files, and social media content is fueling the market growth. In line with this, the rising complexity and volume of the data, necessitating the need for sophisticated eDiscovery solutions that can efficiently identify, collect, and produce relevant information in response to legal requests and investigations, is enhancing the market growth. Moreover, the development of tools that are equipped with capabilities, such as artificial intelligence (AI) and machine learning (ML), to automate and streamline the processing, review, and analysis of large datasets is strengthening the market growth.

• Introduction of Various Legal and Regulatory Landscape:

The introduction of stringent data protection and privacy laws, encouraging organizations to manage their data in compliance with legal standards, is a major factor propelling the market growth. In line with this, the imposition of regulations that mandate the need for robust mechanisms to process and protect sensitive information, driving the adoption of eDiscovery solutions as they offer advanced security features and compliance capabilities, is catalyzing the market growth. Furthermore, the rising prevalence of litigation and regulatory inquiries that require businesses to be prepared with efficient eDiscovery processes, is providing a thrust to the market growth. Moreover, the rising need for rapid response to legal holds, investigations, and audits, making eDiscovery an essential component of legal and compliance strategies, is enhancing the market growth.

• Rapid Technological Advancements and Artificial Intelligence (AI) Integration:

The integration of artificial intelligence (AI) and machine learning (ML) to automate the identification, collection, and analysis of relevant documents, is favoring the market growth. Besides this, the introduction of AI-driven eDiscovery tools that are capable of handling vast amounts of data, identifying patterns, and predicting outcomes, is providing a thrust to the market growth. Additionally, they facilitate advanced analytics, such as sentiment analysis and predictive coding, to improve the speed and efficiency of legal investigations and offer cost savings and competitive advantages to organizations.

Leading Companies Operating in the Global eDiscovery Industry:

• Accessdata Group Inc.
• Commvault Systems Inc.
• Conduent Incorporated
• Driven Inc. (Xplenty)
• Fronteo Inc. (Formerly UBIC)
• FTI Consulting
• International Business Machines Corporation
• Logikcull
• Micro Focus International Plc
• Nuix Pty Ltd. (Macquarie Group)
• Open Text Corporation
• Veritas Technologies LLC (The Carlyle Group)
• ZyLAB Technologies

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/ediscovery-market/requestsample

eDiscovery Market Report Segmentation:

By Component:

• Services
• Software

Services represented the largest segment due to the increasing demand for specialized eDiscovery services that offer expertise in managing complex data and legal requirements efficiently.

By Deployment Type:

• On-premises
• Cloud-based
• Hybrid

On-premises accounted for the largest market share as many organizations prioritize data control and security, preferring to keep sensitive information within their own information technology (IT) infrastructure.

By End User:

• Government/Federal Agencies, Legal and Regulatory Firms
• Enterprises

Government/federal agencies, legal and regulatory firms represented the largest segment due to the high volume of litigation and regulatory investigations that require robust eDiscovery tools and services.

By Vertical:

• BFSI
• Retail and Consumer Goods
• Manufacturing
• Legal
• IT and Telecommunication
• Government
• Energy and Utilities
• Healthcare and Life Science
• Others

The government sector represented the largest segment due to the extensive regulatory, legal, and compliance requirements, along with the need to manage vast amounts of public data.

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Global eDiscovery Market Trends:

The ongoing shift towards cloud-based eDiscovery solutions, driven by the need for scalable, flexible, and cost-effective data management options, is one of the major factors catalyzing the market growth. Besides this, the rising focus on privacy and data protection within the eDiscovery process, propelling the development of tools that can effectively anonymize or redact sensitive information without compromising the integrity of the data being analyzed, is fueling the market growth. Furthermore, the rising popularity of predictive analytics and big data in eDiscovery to forecast litigation outcomes, identify potential legal risks before they escalate, and offer insights that inform better decision-making is favoring the market growth.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Contact Us:

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA

Email: sales@imarcgroup.com

Tel No:(D) +91 120 433 0800

United States: +1-631-791-1145 |United Kingdom: +44-753-713-2163