Global eDiscovery Market

Global eDiscovery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F

Global eDiscovery Market is predicted to proliferate during the forecast period due to rapid growth in electronically stored information (ESI) and increase in social media penetration are pervading enterprises to meet the need for litigation along with the development of more electronic data. The eDiscovery is an electronic component of locating, gathering, and producing electronically stored information (ESI) in response to a demand for presenting in a lawsuit or inquiry. Companies are progressively using e-discovery solutions to reduce document management cost and generate information due to the digital transition of the world and the accessibility of a huge number of storage devices and electronic details. Numerous innovations carried out in artificial intelligence and machine learning technologies are expected to enhance the features of eDiscovery. This, in turn, is expected to drive market growth during the forecast period.

The eDiscovery market has witnessed significant growth in the last few years. The increase in the need for adoption of key documents and issues, increasing accuracy and quality of the review, improving efficiency, and reducing the operational cost by integrating into the eDiscovery system and the growth in consumer demand for self-service operations have led to increase in product demand. This can be attributed to the growing preference of individuals for mitigating risk activities such as fraud, theft, etc. and record management in the organization as the number of litigations has grown higher in recent years. Moreover, growing collaboration with social media platforms simplifies litigation processes and are also expected to witness significant demand in the future. Furthermore, eDiscovery is gaining popularity as businesses are facilitating the use of evidence in court and ensuring the confidentiality of sensitive or private information, it also provides dependability and durability in challenging situations. The use of eDiscovery enables organizations to deliver timely services at reduced costs.

Rapid Growth in ESI and Social Media Penetration Increases eDiscovery Demand

The need for litigation is growing along with the development of more electronic data. It has increased technological integration within the legal sector, which has increased the need for and acceptance of e-discovery solutions by several global enterprises. Many of these activities are carried out by companies that need electronically stored information (ESI) for better capital and resource management as well as the preservation of a significant amount of data for use in civil litigation. The market is expanding globally because numerous firms are employing software to retrieve information from the sizable data sets that cover an organisation email, business communications and other data that could be used in litigation or criminal proceedings. Further it aids in deleting the precise duplicates to lower the expense and labour associated with examining the omitted material. Therefore, the rapid growth in ESI and social media penetration are attributing the growth of eDiscovery in the global market.

Increasing eDiscovery Demands on Law Firms and Corporate Legal Teams

The advancement in the technologies has impacted the legal industry as well. Legal sector with an aim to manage the ballooning workloads with strapped budgets are investing in technology that simplifies and scales their work. With modern technologies such as Cloud-based ediscovery software, teams can collect information more quickly and efficiently in-house. With the use of cloud-based ediscovery software, the internal legal team can manage the whole lawsuit, from legal holding, through processing, and reviewing, while adhering to stringent compliance standards. This will provide the better control over data security with less involvement of outside parties. For instance, according to a survey, more than half of in-house decision makers expect the need of technology integrated with corporate legal teams and can propel the market at a drastic rate for the upcoming years. Apart from the key features of ediscovery for simplifying document search, review, and production, the enterprise is using solution to manage regulatory requests, internal investigation, data breaches, third-party subpoenas, etc. Therefore, increasing eDiscovery demands in law firms and corporate legal teams are expected to increase the adoption of eDiscovery in the global market.

Rising Demand for Data Security is Stimulating the Market Growth

The rising demand for emotionally intelligent bots is slowly becoming an eDiscovery trend with newer, groundbreaking technology. For instance, facial feature detection AI software can detect a person’s feelings. Additionally, eDiscovery with emotional intelligence can figure out the moods of the user by analyzing the patterns of their texting behavior. The technology analyses capitalization, punctuation, and the voice commands to predict several emotions. Conversational AI with soft skills is expected to further humanize the business through interactions.

Digitalization and Increasing Adoption of Advanced Technologies Drive the Market Growth

The rising adoption of advanced technologies and growing digitalization are propelling the growth of eDiscovery market globally. The governments in numerous nations are increasingly digitizing their processes and enticing people to follow suit to reduce the cost expenditure. In turn, this lowers the operational overhead costs. Additionally, there has been an increase in lawsuits worldwide because of illegal immigration in developed nations like the United States and the United Kingdom.

Increase Usage of Smartphones to Propel Growth of Market

In the era of digitalization, the world is rapidly shifting from manual to digital. This has proliferated the adoption of several smart devices and smartphones across the world. For instance, according to data on smartphone usage, two-thirds of the globe is now linked via smartphones, and more than 7.33 billion people own mobile devices by 2023. Children begin receiving mobile devices at the age of 10. Nearly all children own phones by age 15 years. As a result, the number of individuals utilizing the internet has increased. Therefore, the demand for cloud-based services and smart device users is growing exponentially. The e-discovery sector has greater options because of the usage of cloud-based services, which also leads to quicker installation times, easy and secure data transfers, rapid scaling demand increases, and cheaper infrastructure, energy, and facility costs.

Market Segmentation

Based on component, the market is segmented into solutions and service. Based on organization size, the market is segmented into small & medium enterprises (SMEs) and large enterprises. Based on deployment mode, the market is segmented into on-premises and cloud. Based on use cases, the market is segmented into investigation, litigation and legal operations, early case assessment, and others. Based on vertical, the market is further split into healthcare & life science, retail & consumer goods, Banking Financial Services & Insurance (BFSI), legal, energy & utilities, manufacturing, and others. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

Company Profiles

Microsoft Corporation, IBM Corporation, DISCO, Inc., OpenText Corporation, NextPoint, Inc., KLDiscovery, Epiq Systems, Inc., CloudNine, Relativity, Logik Systems, Inc. are among the major players that are driving the growth of the global eDiscovery market.

Report Scope:

In this report, the global eDiscovery market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Global eDiscovery Market, By Component:
• Solutions
• Service
• Global eDiscovery Market, By Organization Size:
• Small & Medium Enterprises (SMEs)
• Large Enterprises
• Global eDiscovery Market, By Deployment Mode:
• On-premises
• Cloud
• Global eDiscovery Market, By Use Cases:
• Investigation
• Litigation and Legal Operations
• Early Case Assessment
• Others
• Global eDiscovery Market, By Vertical:
• Healthcare & Life Science
• Retail & Consumer Goods
• Banking Financial Services & Insurance (BFSI)
• Legal
• Energy & Utilities
• Manufacturing
• Others
• Global eDiscovery Market, By Region:
• Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• North America
• United States
• Canada
• Mexico
• Europe
• United Kingdom
• Germany
• France
• Spain
• Italy
• Middle East & Africa
• Israel
• Turkey
• Saudi Arabia
• UAE
• South America
• Brazil
• Argentina
• Colombia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global eDiscovery market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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