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%. Nearly 10% of the global legal software market was accounted for by the e-discovery sector. 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 organisational interest in digital forensics.
The method for gathering electronic evidence for litigation support has also been streamlined and reduced as a result of the significance of digital evidence in forensics investigations.
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Competitive Landscape
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.
Key companies profiled
- IBM Corporation
- Opentext
- Microsoft Corporation
- Micro Focus
- Deloitte
- Nuix
- Exterro
- KLDiscovery
- Thomson Reuters
- Knovos
- Guidance Software Inc.
- Symantec Corporation
- FTI Consulting
- Veritas
- One Discovery
Key Takeaways of e-Discovery Market Study
- The enterprises segment is expected to exhibit a CAGR of 14% during the forecast period inching closer to the government & regulatory agencies segment’s lion’s share of around 60% in 2019
- The software segment is held a leading position with 55% market share in 2019. However, the services segment will increase 2.4x of the current market value over the forecast period
- Asia Pacific poised to surge at a CAGR of 12% to create an incremental opportunity of around US$ 7.2 Bn during the forecast period
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Driving Growth through Innovation
Collaborations and partnerships will remain essential to the growth of the global e-Discovery market. Players are expected to focus on building their prowess to expand geographically. For instance, in May 2020, Microsoft Corporation entered into a partnership with Epiq, a provider of legal services headquartered in the U.S. With this, Epiq launched its ‘Epiq Compliance Connector for Microsoft Teams’, an information governance capability. This is the first ever application to identify, thread, collect, and connect the number of messages in Teams to speed up the process for eDiscovery.
Companies operating in the global e-Discovery market are expected to focus on developing tools that will genuinely work towards reducing costs and the risk of regulatory non-compliance. Ensuring absolute secrecy and keep the documents intact and safe from tampering will go a long way in making a remarkable difference in handling legal cases in the near future for these vendors.
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
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