With rising digital forensic trends among enterprises, the adoption of e-discovery solutions is expected to showcase impressive growth over the forecast period.
PORTLAND, PORTLAND, OR, UNITED STATE, October 14, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Global eDiscovery Market,” The global ediscovery market size was valued at $10.9 billion in 2021, and is estimated to reach $25.2 billion by 2031, growing at a CAGR of 8.9% from 2022 to 2031.
Increasingly stringent monitoring, cross-border privacy legislation, and sophisticated benchmark datasets have contributed to the expansion of the scope and size of eDiscovery techniques. Software-as-a-service (SaaS) and artificial intelligence (AI) have transformed eDiscovery practices, to become cost-effective as it helps companies reduce their overall operating expenses. The modern eDiscovery software market has evolved into a critical tool for the company’s operations.
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The key players profiled in the report include CloudNine, CS DISCO Inc., Deloitte Touché Tohmatsu Limited, International Business Machines Corporation, KLDiscovery Limited, Lighthouse eDiscovery Inc., Microsoft Corporation, Nuix Limited, Onna Technologies Inc. and ZyLAB Technologies. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the eDiscovery market.
The eDiscovery market is segmented in terms of components, end users and geography. Some of the major components of the market consist of on-premises software, off-premise software and services. The prominent end users of the market include regulatory and government agencies, law firms, and small and medium enterprises (or SMEs) among others.
Region-wise, North America holds a significant share in the global eDiscovery industry, owing to the presence of prime players in this region. The adoption of forensics & collections and data analysis is expected to propel the growth of the eDiscovery industry in this region.
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Moreover, surge in awareness of investigation, litigation & legal operations and freedom of the information act (FOIA) eDiscovery use case request in North America are anticipated to drive the eDiscovery market trends in this region.
According to eDiscovery market research, the solutions segment was the highest revenue contributor to the market and is expected to remain to dominant during the forecast period. The rise in the adoption of cellphone-based data analytics technology has led to increased growth of the services segment.
The outbreak of COVID-19 has significantly impacted the eDiscovery solution market growth. Rise in demand for digital evidence across various sectors has significantly propelled the growth of the eDiscovery service market during the pandemic.
However, the emergence of third wave of COVID-19 across the U.S. and UK is anticipated to affect the growth of the eDiscovery market in 2022. Moreover, the BFSI sector globally started to deploy eDiscovery solutions and thus is expected to drive the eDiscovery market growth post-pandemic.
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