Pune, India, May 29, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global eDiscovery market size was valued at USD 14.10 billion in 2022 and is projected to grow from USD 15.45 billion in 2023 to USD 32.53 billion by 2030, exhibiting a CAGR of 11.2% during the forecast period. Rising Data Breaches and Frauds and Growing Adoption of Cloud-based Solutions to Aid Market Expansion. This information is provided by Fortune Business Insights, in its report titled, eDiscovery Market Forecast, 2023-2030.
eDiscovery is primarily used for filing a lawsuit or investigation by collecting evidence in the form of voicemail, email, audio, video, digital data, social media posts, and so on. Rising data usage and adoption of AI has prompted companies to take appropriate measures to ensure data security. The adoption of cloud SaaS platforms with improved security is attributing to market proliferation.
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Key Industry Development:
March 2022: Epiq released the Epiq Service Cloud, which consists of Epiq Discovery, exclusive Epiq Access, Epiq Processing platforms, and extended backup for third-party applications. Owing to this development, the supervision of legal services and a wider range of third-party solutions has upgraded.
Key Takeaways
- Epiq Released the Epiq Service Cloud to Enhance the Supervision of Legal Services
- The organizations relying on cloud services resulted in the discovery of sensitive data, which is prone to data theft.
- Integration of AI and Automation in eDiscovery to Aid Market Proliferation
- By Component Analysis: Increasing Legal Proceedings and Maintenance of Infrastructure in eDiscovery Services to Boost Market
- eDiscovery Market Size in North America was USD 5.49 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the eDiscovery Market are Microsoft Corporation (U.S.), Open Text Corporation (Canada), CloudNine (U.S.), IBM Corporation (U.S.), Deloitte (U.K.), CS DISCO, Inc (U.S.), KLDiscovery Ontrack, LLC (U.S.), EPIQ (U.S.), Nuix (Australia), Conduent, Inc (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 11.2% |
| 2030 Value Projection | USD 32.53 Billion |
| Base Year | 2022 |
| eDiscovery Market Size in 2022 | USD 14.10 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 120 |
| Segments covered | Component, Deployment Model, Enterprise Type, End-user and Geography |
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Drivers and Restraints:
Rising Data Breaches and Frauds and Growing Adoption of Cloud-based Solutions to Aid Market Expansion
Businesses are increasingly adopting eDiscovery solutions for preventing data breaches and frauds. As per IBM's 2022 report, the average cost of a data breach is USD 4.35 million, and this number is expected to grow in the upcoming years. AI-powered eDiscovery systems enable quicker incident response and the identification of root causes to decrease vulnerabilities and reduce future concerns, thus contributing to the eDiscovery Market growth. They are being rapidly adopted by organizations to decrease response times, meet reporting deadlines, and save money by using platforms that are helping them to prevent breaches.
On the other hand, the rising amounts of data available in wide variety, including video, audio, email, and others will pose as a challenge for businesses operating in this domain.
Segments:
By Component
- Solutions
- Services
By Deployment Model
- Cloud
- On-premises
By Enterprise Type
- Large Enterprises
- SMEs
By End-user
- BFSI
- Retail & Consumer Goods
- IT & Telecommunications
- Healthcare & Life Sciences
- Government & Public Sector
- Legal
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
Regional Insights:
North America to Capture Dominant Share Due to Rising Number of Data Security Threats Received
North America dominated the global market in 2022 backed by rising adoption of electronic discovery solutions in the government and public sector. The government database has a lot of confidential and strategic information, which is targeted by hackers for personal gain, thus boosting the need for e-discovery solutions and aiding regional market growth. For example, Russian hackers breached the U.S. defense outsourcers and stole crucial information from 2020 to 2022.
The Asia Pacific market is expected to record the highest CAGR across all regions backed by rising migration to cloud platforms to improve data governance, thus boosting adoption of e-discovery solutions. Additionally, the government & public industry is using electronic discovery solutions and services as the data security threats continue to grow.
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Competitive Landscape:
Lucrative Deals between Industry Leaders to Attribute to Market Proliferation
Industry leaders often partake in tactical decisions to enhance geographical reach, improve product portfolio, and reach a wider customer base. For instance, in February 2022, Deloitte announced that it is the original supplier of an online Relativity platform based in the Kingdom of Saudi Arabia without having data across borders to expand its Electronic Discovery capabilities.
FAQ’s
How big is the eDiscovery Market?
EDiscovery Market size was USD 14.10 billion in 2022.
How fast is the eDiscovery Market growing?
The eDiscovery Market will exhibit a CAGR of 11.2% during the forecast period, 2023-2030
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Cyber Security Market Share, Forecast, Trends, Growth 2023
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