E-Discovery Market Analysis, Market Size, In-Depth Insights, Growth and Forecast 2029

Posted by aartimurkute on December 13th, 2022

Rigorous digitization initiatives have transformed the way organizations operate. Today, senior decision-makers and the C-suite rank digital transformation as one of their top business priorities. With the growing preference for digitally-enabled systems, the demand for e-discovery solutions has been on a steady rise. Factors such as rising litigation costs, cumbersome compliance obligations, and an increase in data volumes are strongly driving the demand for e-discovery solutions. During the forecast period, this demand is poised to be most evident in extensively regulated industries which include healthcare, oil and gas, and BFSI. Moreover, concerns around data safety, timely investigation of cases, and rising emphasis on good governance are projected to augment the demand for e-discovery solutions. This favorable business landscape is set to create novel opportunities for R&D, and M&A in the e-discovery market. 

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Rising Preference for Cloud-powered Tools to Open New Revenue Streams in E-discovery Market 

The ownership of smart devices has been consistently increasing. This trend runs parallel to the growth in social media users. The promising adoption of advanced technology, coupled with structural variations in regulatory frameworks, are expected to unleash fresh business opportunities in the e-discovery market. The use of intelligent e-discovery tools and digital forensics readily aids in finding patterns and saves time, thus improving the resolution of time-sensitive cases. Notably, the demand for cloud-enable e-discovery solutions is predicted to increase. This is owing to the benefits of using cloud-based services which include safer data transfers, shorter implementation times, lower infrastructure costs, and seamless integration with other functions. Additionally, the e-discovery market is poised to significantly expand due to the widespread popularity of ML and AI across a wide spectrum of end-use sectors. 

E-discovery Solutions to Witness Higher Demand from Public Sector, in Turn Driving E-discovery Market 

Electronic records are now a core element of government investigations. The overarching importance of e-records has dramatically increased the demand for e-discovery solutions in the public sector. Today, government leaders and officers in both emerging and developed countries are rapidly incorporating e-discovery services. This trend is set to bode well for the global e-discovery market. However, despite this promising business scenario, the e-discovery market is anticipated to register challenges due to the rise in the volume and sophistication of cyberattacks. Data theft, identity fraud, phishing, and malware attacks are expected to present difficulties to the e-discovery market. Industry leaders are projected to overcome these challenges with the help of cross-collaboration and robust R&D endeavors. 

North America Maintains Lead in E-discovery Market with Promising Government Support   

North America is poised to sustain its leadership position in the global e-discovery market. In this region, most states have formulated sound regulations and laws to utilize e-discovery services. The region is also the hub of innovative technologies which is expected to support the development of advanced e-discovery solutions. All these factors are predicted to expand North America’s e-discovery market over the forecast period. On the other hand, in the Asia Pacific, China, Japan, and India are projected to register higher adoption of e-discovery solutions due to reliable government support and the presence of a flourishing IT industry.

Major Market Players 

The key vendors of the global e-discovery market include KLDiscovery (US), IBM (US), ZyLAB (Netherlands), Microsoft (US), ONE Discovery (US), Nextpoint (US), Relativity (US), CloudNine (US), DISCO (US), and Texifter (US).