The e-discovery market, which involves finding and managing electronic documents for legal purposes, is expected to grow substantially. It’s projected to reach a total value of around US$ 18,067.3 million by 2030, with an impressive annual growth rate of about 8.3%.
The offerings from e-discovery companies are predicted to bring significant changes to how law firms work, potentially transforming the legal system. This shift is likely driven by the growing amount of electronic information, like documents, needed as evidence in legal cases. According to the report, we can expect a rising use of e-discovery tools and software from 2022 to 2030. These tools are expected to help securely manage and safeguard evidence, making it harder to tamper with.
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According to Future Market Insights, they’ve looked at what’s happening in the e-discovery market. They found that almost 90% of companies worldwide are using cloud storage, and because of this, the amount of electronic information they store (ESI) is supposed to increase by 50% every year. This means there will be a big need for e-discovery solutions to help manage all that data.
The introduction of e-discovery technology has made it much easier for people to find and use important information in legal cases. This includes who created a document, who received it, when it was made, and other details. Before, it was a complex and error-prone process.
Now, with electronic discovery services and software, these tools are used for things like legal advice, investigating digital evidence, reviewing contracts, and storing company data to meet legal requirements. One of the best things about this technology is that it helps make documents very hard to lose or destroy, which has won many customers over the years.
It’s important to note that as more countries become more digital, these technologies are helping make the legal system work more efficiently in the long run.
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 led 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.
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 partnered 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 eDiscovery.
Companies operating in the global e-discovery market are expected to focus on developing tools that will genuinely 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 handling lawsuits from these vendors in the near future.
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.
Key Players in the e-Discovery Market:
- 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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E-Discovery Market Segmentation:
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 & Africa (MEA)
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
Have a Look at the Related Reports of the Technology Domain:
Legal, Risk and Compliance Solution Market Growth– The obligatory implementation of GRC solutions in enterprises and increasing adoption of big data and IOT to enhance these solutions are creating potential growth opportunities for legal, risk and compliance solution providers.
Legal Services Market Size– The global legal services industry is predicted to increase at a 4.6% CAGR during the forecast period from 2022 to 2032. The legal services market is estimated to garner a valuation of US$ 400 Billion by the end of 2022.
Digital Forensics Market Trend– The global digital forensics market is poised to increase at a CAGR of 11.2%, reaching US$ 23.62 Billion by 2030 from a market valuation of US$ 10.07 Billion in 2022.
Note: This post was originally published at https://www.chronicles24.com/index.php/2023/09/11/ediscovery-market-forecasted-to-expand-significantly-to-reach-us-18067-3-million-by-2030-at-8-3-cagr-future-market-insights-inc/
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