E Discovery Market Trends, Growth, Industry & Revenue [2030]

Report Description

The global E-discovery market size was valued at USD 10.2 billion in 2021, is anticipated to reach USD 25.9 billion by 2030 and expanding at a CAGR of 8.9% during the forecast period, 2021–2030. The growth of the market is attributed to the widespread adoption of cloud computing systems.  

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The process of gathering, recognizing, and presenting electronically stored information (ESI) for legal investigations is known as eDiscovery. It includes looking at voicemails, databases, presentations, social media data, voicemails, audio files, and video files. In order to find concealed evidence, forensic investigators also examine raw data and metadata. This evidence is further examined, retrieved, and transformed into digital formats before being presented in court utilizing a variety of cyber-forensic techniques. They assist in spotting trends and carrying out analytical study for cases involving law, the constitution, politics, and privacy.

The global remote working experiment caused by the COVID-19 pandemic has favourably impacted the e-discovery market's expansion. The market is anticipated to grow 1.5 times between 2020 and 2022 owing to the growing volume of data and expanding usage of cloud-based solutions. The use of non-standard and non-enterprise communication tools is also growing quickly in response to the growing demand for work-from-home opportunities, which increases the burden of preservation and collection when responding to discovery requests for information that have been created during this time period.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing utilization of the Internet of Things (IoT)-enabled devices is expected to drive the market.
• Increasing amount of electronically stored information and rising instances of felonies such as money laundering and tax fraud is projected to propel the market during the forecast period.
• High prices in electronic discovery are anticipated to hinder the market.
• Lack of understanding about the effects of the solutions is expected to hamper the market in the coming years.
• Increasing adoption of advanced technology and digitalization is projected to create lucrative opportunities for market players. 

Scope of the Report

The report on the global e-discovery market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Services segment to hold a significant share of the market

Based on components, the e-discovery market is divided into services and solutions. The services segment is expected to hold a significant share of the market in the coming years. Organizations may examine their present GRC program and create a plan for implementing an efficient GRC software solution with the help of consulting services offered by a variety of suppliers. Service providers provide consulting services, to assist their clients in implementing fresh methods for identifying new revenue streams. The solutions segment accounts for a significant market share. The solution offers a group of experts with technical know-how and domain expertise to help businesses effectively adopt GRC solutions.

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Large enterprises segment to expand at a substantial CAGR

On the basis of enterprise sizes, the e-discovery market is segregated into small & medium enterprises and large enterprises. The large enterprises segment is anticipated to expand at a substantial CAGR during the forecast period. Large businesses have a broad corporate network and several sources of income. Therefore, huge amount of data generated by them.  The small & medium enterprises segment is expected to hold a significant share of the market. Vendors in the industry have been launching e-discovery solutions with the intention of serving SMEs in order to assist them in meeting various regulatory requirements.

Government & public sector segment to register considerable market share

Based on end-users, the market is segmented into retail & consumer goods, healthcare & life sciences, government & public sector, BFSI, energy and utilities, IT & telecommunications, legal, and others. The government & public sector segment is projected to register considerable share of the market in the coming years. In order to cut costs, governments in numerous nations are increasingly digitizing their processes and enticing people to follow suit. The IT & telecommunications segment is expected to hold substantial CAGR, due to increasing adoption of smart phones and use of digital wallets.

Asia Pacific is anticipated to constitute a key market share

In terms of regions, the e-discovery market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the forecast period, owing to the presence of populated economies including China and India. The market in North America is anticipated to expand at a rapid pace during the forecast period. It has been noted that North American suppliers of e-discovery solutions are looking to buy legal technology.

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