The market for e-discovery is anticipated to increase from US$ 9,528.6 million in 2022 to US$ 18,067.3 million by 2030. The market for e-discovery solutions is expected to expand between 2022 and 30 at a CAGR of 8.3%. The e-discovery sector accounted for nearly 10% of the global legal software market. 90% of enterprises globally choosing cloud storage will cause the amount of electronically stored information (ESI) to increase by 50% annually, increasing the demand for e-discovery solutions.
The usage of e-discovery solutions is anticipated to grow significantly over the forecast period due to rising organizational interest in digital forensics. The method for gathering electronic evidence for litigation support has also been streamlined and reduced due to the significance of digital evidence in forensics investigations.
E-discovery solution demand analysis from 2015 to 2021 compared to market projections for 2022 to 2030
In 2015, the estimated value of the worldwide e-discovery market was US$6,684.0 Mn. The extensive use of cloud computing and IoT systems has considerably increased the production of digital data, which has raised the need for e-discovery tools for finding and retrieving informational traces. Along with these, other significant factors that are fostering the global e-discovery market’s expansion include the rise in litigation around the world, the emphasis on proactive governance through data analytics, and the publication of new content sources.
E-discovery tools assist in creating regulations for the efficient use and upkeep of staff resources, which lowers hardware and maintenance costs and enhances operational efficiency.
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Competitive Landscape
Key Players
- IBM Corporation
- Opentext
- Microsoft Corporation
- Micro Focus
- Deloitte
- Nuix
- Exterro
- KLDiscovery
- Thomson Reuters
- Knovos
- Guidance Software Inc.
- Symantec Corporation
- FTI Consulting
- Veritas
- One Discovery
The e-discovery market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These companies are leveraging on strategic collaborative initiatives to increase their market shares and profitability. These major players with prominent shares in the market are focusing on expanding their customer base across foreign countries.
- In October 2020, Nuix and Noticia announced their alliance. Noticia is a Canadian e-discovery services provider and a Nuix migration partner, allowing Canadian government agencies, enterprises, and law firms to migrate to Nuix with minimal risk.
The e-Discovery industry study’s main points
Over the projected period, the corporate sector is anticipated to see a CAGR of 14%, nearing the government and regulators sector’s greatest share of 60% in 2019.
With a market share of 55% in 2019, the software segment holds the top position. However, throughout the course of the forecast period, the services segment’s market value will rise by 2.4 times.
During the forecast period, Asia Pacific is expected to grow at a CAGR of 12%, generating an additional potential worth roughly $7.2 billion. E-discovery market size is anticipated to increase from US $95286 million in 2022 to US $18673 3 million by 2030.
Promoting growth through innovation
Collaboration and partnerships are essential to the growth of the global e-discovery market. Players are expected to focus on building their skills to expand geographically. For example, in May 2020, Microsoft Corporation entered into a partnership with Epiq, a US-based legal services provider. With this, Epiq has launched an information governance feature called ‘Epiq Compliance Connector for Microsoft Teams’. It is the first application to identify, thread, collect, and link message counts in Teams to speed up the eDiscovery process.
Companies operating in the global e-Discovery market are expected to focus on developing tools that will truly help reduce costs and risk of non-compliance. Ensuring absolute confidentiality and keeping your documents intact and safe from tampering will go a long way in making a significant difference in the handling of lawsuits from these vendors in the near future.
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E-Discovery Market Survey By Category
By Solution:
- E-Discovery Software
- On-premises
- Cloud Based
- Services
- Professional Services
- Integration & Deployment
- Supply Chain & Logistics Consulting
- Support Services
- Managed Services
- Professional Services
By Enterprise Size:
- Large Enterprises
- Small and Medium Enterprises (SMEs)
By End Users:
- Government & Regulatory Agencies
- Law Firms
- Others
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Pricing Analysis
4.1. Pricing Analysis, By Subscription Model
4.2. Average Pricing Benchmark Analysis
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