The global eDiscovery market is projected to grow at a CAGR of 11.34% to reach US$26.399 billion by 2026, from US$12.446 billion in 2019. eDiscovery refers to the electronic aspect in which information or data is collected, identified, and produced to use during a legal case. The discovery in litigations, government investigations, and other legal proceedings in which the data or information is stored in electronic form is known as eDiscovery. The purpose of using digital data is the effortless search of data electronically and owing to its volume, intangible form persistence, and transience in comparison to paper documents which need to be scrutinized manually. Also, electronic data is mainly accompanied by metadata which is not found in paper documents and plays a vital role as a part of the evidence.
The increasing adoption of digital technologies around the globe has led to the surplus of exponential growth in data across all industry verticals. A majority of data has been created in the past few years and it is anticipated by the year 2021, data could grow up to 44 zettabytes approx. The extensive use of smartphones has accounted for 40% of global eCommerce transactions and therefore generating a large volume of data. The increasing use of social media platforms has accounted for the use of the internet at a larger scale due to which a large amount of content is created and distributed. All these factors have led to increasing firms for managing commercial and private data to enhance customer experience and business competitiveness. The need for efficient database applications and the implementation of scalable content management solutions has become a prime need for enterprises. The eDiscovery services and solution deliver, manage, store and capture unstructured data into structured data errorless and without any data loss.
One of the major reasons for the growth of this industry is the growing adoption of AI-based predictive and analytics coding for eDiscovery. The growing technological advancements in AI-based analytics are expected to advance the speed and quality of eDiscovery processes. Analytics helps in handling new types of data which include multi-media, social, BYOD, managing exploding data volumes, complying with new regulations, and managing eDiscovery costs. Predictive coding is a machine learning process that uses software and computer algorithm to anticipate the documents essential for litigations by self-leaning.
Increasing cyber-attacks and data theft activities. The increasing cyber-attacks and data theft activities have proved to be a major restraint to the global eDiscovery market. Cybersecurity has been one of the prime factors for the smooth functioning of a business and its operations. Cybercrime and data theft activities have risen at a significant rate and a surge in sophisticated phishing email schemes has been observed, in the past few years. The improper knowledge and lack of cybersecurity systems in various organizations have led to data loss. The growing cyber-attacks have restrained the growth of the market as these solutions process crucial business data which might impact the brand image, business strategy of the enterprise.
The COVID-19 pandemic has had a considerable impact on the world as a whole and has led to economic breakdown and loss of life. The impact of COVID-19 on the global eDiscovery market has been negative as due to the lockdown litigation processes were on hold as courts were forced to shut down due to the extensive spread of the virus around the globe which accounted for the adoption of eDiscovery solutions for the continuation of operation worldwide. The extensive spread of the virus has led to organizations adopting virtual private network connectivity, work from home services, and social distancing leading to the adoption and requirement of cloud-based eDiscovery solutions. The spread of the virus globally has led to eDiscovery professionals to revise their business strategies and make prompt decisions to support the processing, review, and collection of ESI. The emergence of new variants of the virus has led to discussions among legal, business, and IT professionals in the eDiscovery ecosystem to execute and plan the core eDiscovery task of collecting during the ongoing outbreak.
By offering, the global eDiscovery market is segmented into software and services. The software segment is anticipated to grow at a faster pace as it enables efficient and easy implementation of the Electronic Discovery Reference Model (EDRM) which has a collection, preservation, identification, production, processing, and review of important data during legal cases. By end-use industry, the global eDiscovery market is segmented into law enforcement agencies and law firms
By deployment type, the global eDiscovery market is segmented into cloud and on-premises. The cloud segment is anticipated to have a large share of the market owing to its several benefits which include scalability, interoperability, reduced infrastructure costs, and flexibility. Also due to the current COVID-19 scenario, various enterprises have adopted cloud servers for the storage of data.
Geographically, the North American region is anticipated to have maximum growth owing to the increasing adoption of eDiscovery solutions in the region and stringent compliance regulations. The adoption of eDiscovery by enterprises and companies in the region for the regulation of cyber security and data breaches, differences, and privacy issues, handle cross-border jurisdiction, maintain standards to meet all discovery obligations, and manage investigation matters and litigations.
The market leaders in the eDiscovery market are Opentext, Nuix, IBM, Micro Focus, Catalyst Repository Systems, FTI Consulting, Inc., AccessData, ZyLAB, EPIQ, Fronteo and Conduent
The global eDiscovery market is segmented by offering, deployment model, end-user, and geography.
Driving Factors
The increasing adoption of digital technologies around the globe has led to the surplus of exponential growth in data across all industry verticals. A majority of data has been created in the past few years and it is anticipated by the year 2021, data could grow up to 44 zettabytes approx. The extensive use of smartphones has accounted for 40% of global eCommerce transactions and therefore generating a large volume of data. The increasing use of social media platforms has accounted for the use of the internet at a larger scale due to which a large amount of content is created and distributed. All these factors have led to increasing firms for managing commercial and private data to enhance customer experience and business competitiveness. The need for efficient database applications and the implementation of scalable content management solutions has become a prime need for enterprises. The eDiscovery services and solution deliver, manage, store and capture unstructured data into structured data errorless and without any data loss.
Emergence and adoption of AI-based predictive and analytics coding for eDiscovery
One of the major reasons for the growth of this industry is the growing adoption of AI-based predictive and analytics coding for eDiscovery. The growing technological advancements in AI-based analytics are expected to advance the speed and quality of eDiscovery processes. Analytics helps in handling new types of data which include multi-media, social, BYOD, managing exploding data volumes, complying with new regulations, and managing eDiscovery costs. Predictive coding is a machine learning process that uses software and computer algorithm to anticipate the documents essential for litigations by self-leaning.
Restraints
Increasing cyber-attacks and data theft activities. The increasing cyber-attacks and data theft activities have proved to be a major restraint to the global eDiscovery market. Cybersecurity has been one of the prime factors for the smooth functioning of a business and its operations. Cybercrime and data theft activities have risen at a significant rate and a surge in sophisticated phishing email schemes has been observed, in the past few years. The improper knowledge and lack of cybersecurity systems in various organizations have led to data loss. The growing cyber-attacks have restrained the growth of the market as these solutions process crucial business data which might impact the brand image, business strategy of the enterprise.
Impact of COVID–19
The COVID-19 pandemic has had a considerable impact on the world as a whole and has led to economic breakdown and loss of life. The impact of COVID-19 on the global eDiscovery market has been negative as due to the lockdown litigation processes were on hold as courts were forced to shut down due to the extensive spread of the virus around the globe which accounted for the adoption of eDiscovery solutions for the continuation of operation worldwide. The extensive spread of the virus has led to organizations adopting virtual private network connectivity, work from home services, and social distancing leading to the adoption and requirement of cloud-based eDiscovery solutions. The spread of the virus globally has led to eDiscovery professionals to revise their business strategies and make prompt decisions to support the processing, review, and collection of ESI. The emergence of new variants of the virus has led to discussions among legal, business, and IT professionals in the eDiscovery ecosystem to execute and plan the core eDiscovery task of collecting during the ongoing outbreak.
Market Segmentation
By offering, the global eDiscovery market is segmented into software and services. The software segment is anticipated to grow at a faster pace as it enables efficient and easy implementation of the Electronic Discovery Reference Model (EDRM) which has a collection, preservation, identification, production, processing, and review of important data during legal cases. By end-use industry, the global eDiscovery market is segmented into law enforcement agencies and law firms
By deployment type, the global eDiscovery market is segmented into cloud and on-premises. The cloud segment is anticipated to have a large share of the market owing to its several benefits which include scalability, interoperability, reduced infrastructure costs, and flexibility. Also due to the current COVID-19 scenario, various enterprises have adopted cloud servers for the storage of data.
Geographically, the North American region is anticipated to have maximum growth owing to the increasing adoption of eDiscovery solutions in the region and stringent compliance regulations. The adoption of eDiscovery by enterprises and companies in the region for the regulation of cyber security and data breaches, differences, and privacy issues, handle cross-border jurisdiction, maintain standards to meet all discovery obligations, and manage investigation matters and litigations.
Competitive Insights
The market leaders in the eDiscovery market are Opentext, Nuix, IBM, Micro Focus, Catalyst Repository Systems, FTI Consulting, Inc., AccessData, ZyLAB, EPIQ, Fronteo and Conduent
Segmentation:
The global eDiscovery market is segmented by offering, deployment model, end-user, and geography.
By Offering
- Software
- Services
By Deployment Model
- On-premise
- Cloud
By End-User
- Law Enforcement Agencies
- Law Firms
By Geography
- North America
- United States
- Canada
- Mexico
- Others
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- France
- Italy
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
Table of Contents
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Global eDiscovery Market by Offering
6. Global eDiscovery Market by Deployment Model
7. Global eDiscovery Market by End User
8. Global eDiscovery Market Analysis, By Geography
9. Competitive Environment and Analysis
10. Company Profiles
Companies Mentioned
- Opentext
- Nuix
- IBM
- Micro Focus
- Catalyst Repository Systems
- FTI Consulting, Inc.
- AccessData
- ZyLAB
- EPIQ
- Fronteo
- Conduent
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 118 |
| Published | December 2021 |
| Forecast Period | 2019 - 2026 |
| Estimated Market Value ( USD | $ 12.45 Billion |
| Forecasted Market Value ( USD | $ 26.4 Billion |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
