The e-discovery market to reach $ 12.9 billion by 2025
According to a new market research report “eDiscovery Market by Component (Software (Processing, Review and Analysis, Identification, Preservation and Collection, and Production and Presentation) and Services), type of deployment, size of organization, vertical and region – Global Forecast to 2025 “Published by MarketsandMarkets â¢, the size of the eDiscovery market is expected to grow from $ 9.3 billion in 2020 to $ 12.9 billion by 2025, at a compound annual growth rate (CAGR ) by 6.6% over the forecast period.
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The key factors expected to drive the growth of the market are the emphasis on proactive governance with data analysis and the emergence of new sources of content, increasing number of litigation across the world, increasing penetration of WISEs and social media, and a variable structure. regulatory policies. However, the growing risks of cyber attacks and data theft activities during the COVID-19 pandemic and the lack of skilled professional workforce are expected to limit market growth. Besides the drivers and constraints, there are a few lucrative opportunities for eDiscovery solution providers. The emergence of AI-based analytics for eDiscovery and the increased demand for predictive coding to simplify and shorten the document review process are some of the opportunities for vendors in the eDiscovery market. .
Service segment to occupy larger market size during the forecast period
The volume of data to be analyzed is increasing day by day due to the increasing number of sources that generate data. Services are an integral part of eDiscovery and include managed services, support and maintenance, as well as training, consulting, and integration services. The majority of businesses around the world want more control over their data and eDiscovery operations. But organizations fail to do so due to lack of resources to perform required internal operations internally. Managed eDiscovery services support data collection through data management and document review. Managed eDiscovery Services provide a business partnership that gives organizations the predictability and cost control they need, along with the required security and eDiscovery workflows. The majority of businesses around the world want more control over their data and eDiscovery operations. But organizations fail to do so due to lack of resources to perform required internal operations internally. Managed eDiscovery services support data collection through data management and document review. Managed eDiscovery Services provide a business partnership that enables organizations to have the cost predictability and control they need, along with the security and eDiscovery workflows they require.
The SME segment will grow at the highest CAGR during the forecast period
The increasing use of the latest technologies, such as mobile, cloud and social media, has changed the working style of every organization. Data is one of the key factors in determining a company’s market growth. Businesses need technologies that can help them improve their profit margins and operational efficiency. SMEs have a low marketing budget and often lack the resources and capacity for effective marketing orchestration. SMEs, with their limited budgets, try to grow their businesses using profitable techniques to generate maximum return on investment from their expenses. One of the countries hardest hit by COVID-19, Italy, has proposed a $ 28 billion contingency plan that could help them slowly move towards normalcy. As companies across all industries struggle to stay operational, it has been a particularly difficult time for SMEs, who gloomily gaze at an uncertain future.
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IT and Telecom vertical to grow at highest CAGR during forecast period
The IT and telecommunications industry is experiencing an increase in data generation due to advancements in technologies, such as 3G and 4G. The introduction of 5G technology in the near future is expected to generate a large volume of data. This vertical faces challenges in maintaining IP copyrights and collecting data due to a large customer base. It deals with cross-border data privacy and security issues by regulators and antitrust investigations. As a result, businesses in this vertical are exposed to more scrutiny as regulatory and consumer requirements change. The vertical is adopting eDiscovery services to meet challenges with unique data formats and analyze large volumes of documents. EDiscovery solutions allow telecommunications companies to review their data or the processing of their rate plans and validate the data content to meet the legal fees charged therein.
North America will represent the highest market share during the forecast period
North America is expected to hold the highest market share in the overall electronic discovery market during the forecast period. The North America region is increasingly adopting e-discovery solutions as it is one of the early adopters of advanced technologies and has very strict compliance regulations. Additionally, companies in this region have adopted eDiscovery solutions to regulate cybersecurity and data breaches, manage cross-border jurisdictional differences and privacy concerns, handle investigative issues and litigation, and maintain standards to meet all discovery obligations. North America is further segmented between the United States and Canada. The United States is expected to be the major contributor to the eDiscovery market revenue in North America. After the United States, Canada is expected to present significant growth opportunities for e-discovery solutions and service providers. The Government of Canada supports businesses and has launched many programs, such as CanExportSME, to provide funding. Fortune 500 companies are expanding their activities and research and development centers in Canada. From 2018 to 2019, Canada’s FDI increased 18.6%. To deal with the growing problems of electronic discovery, Canadian judges and lawyers together formed the Sedona Canada Principles in 2003.
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The main players in the eDiscovery market are Microsoft (United States), IBM (United States), OpenText (Canada), Deloitte (United States), Micro Focus (United Kingdom), ZyLAB (Netherlands) , Relativity (United States), Nuix (Australia), Logikcull (United States), KLDiscovery (United States), Exterro (United States), Thomson Reuters (Canada), Knovos (United States), Casepoint (United States United States), Nextpoint (United States), DISCO (United States), Veritas (United States), One Discovery (United States)), Congruity360 (United States), Onna (United States), Everlaw ( United States), Texifter (United States), Allegory (United States), Evichat (Canada) and Reductech (United Kingdom). The study includes an in-depth competitive analysis of the major players in the eDiscovery market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
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