The e-discovery market is expected to grow from US$ 9,528.6 million in 2022 to US$ 18,067.3 million in 2030, at an astounding 8.3% CAGR.
E-Discovery vendor solutions are projected to disrupt the judicial system by transforming how legal firms operate. The market is expected to expand as more electronically stored information (ESI) of multiple documents is required for the identification and filing of evidence in legal investigations. The report forecasts an increase in the adoption of e-discovery tools and software between the projected years 2022 and 2030 to save evidence stacks and prevent manipulation.
With the emergence of the e-Discovery procedure, end users can now handle metadata that was previously time-consuming and inaccurate, like stamps, authors, recipient information, file attributes, and time data. As a result, fewer papers required for protracted legal actions have been destroyed.
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Electronic discovery services and software now take care of advising, forensics, contract evaluation, archiving of business data, and federal regulations. Their ability to make documents indestructible is their greatest strength and has helped them earn a lot of clients over the years. Digitalization obviously drives markets in emerging economies, but it has also simplified legal system documentation because of its long-term potential to increase operational efficiency.
Key takeaways from the e-Discovery market report:
- The corporate sector is expected to witness a CAGR of 14% over the forecast period, approaching the largest share of the government and regulators sector at 60% in 2019.
- The software segment leads the way with a market share of 55% in 2019. However, the services segment will increase by 2.4 times its current market value during the forecast period.
- Asia Pacific is projected to surge at a CAGR of 12%, creating an incremental opportunity of approximately US$ 7.2 billion during the forecast period.
Analysis of the impact of COVID-19 on the eDiscovery market:
The COVID-19 outbreak has highlighted the need for businesses to ensure business continuity to adapt to the changing technology landscape and remain relevant during the pandemic. This sentiment is expected to drive more investment in technology-based infrastructure across law firms, the major end users of e-discovery solutions. The influx of raw ESI during social distancing will allow for seamless collection, review, identification, and sharing. The adoption of cloud computing will enable the continuity of operations and avoid the potential delays commonly seen in judicial systems.
Analysts predict that the e-Discovery market will grow at a rate of 9% during the forecast period as end users realize benefits they have not yet discovered. Between 2020 and 2033, the cloud-based market is expected to witness a 15% growth rate and a 1.4x increase in its current market value.
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.
Leading 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
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A more valuable insight into the eDiscovery market:
FMI’s report on the e-Discovery market is divided into components (software and services), deployment types (on-premises and cloud), end users (government and regulatory agencies, corporations [small and large enterprises], law firms) and geography (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) to enable readers to understand the opportunities in the e-Discovery market and make a profitable assessment.
E-Discovery Market Segmentation:
By Solution:
- E-Discovery Software
- Services
By Enterprise Size:
- Large Enterprises
- Small and Medium Enterprises (SMEs)
By End Users:
- Government & Regulatory Agencies
- Law Firms
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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