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eDiscovery Market is Projected to Reach USD 14,660 million by 2027, Increasing at 6.3% CAGR during 2020-2027 | Size, Share, Analysis & Industry Forecast
eDiscovery Market
The eDiscovery Market is expected to reach USD 14,660 million by 2027, growing at a CAGR of 6.3% over the forecast period (2020-2027).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/ediscovery-market-analysis-industry-research/
The factors driving the growth of eDiscovery Market includes growing penetration of smartphones around the world, rise in the amounts of data generated around the world, and increasing application of eDiscovery solutions by banks to meet compliance and regulatory obligations. According to the report published by Statista, the number of smartphone subscriptions worldwide was calculated around 6,259 million in 2021 and is expected to reach 7,690 million by the end of 2027, which will accelerate the eDiscovery Market Share in the approaching years. Moreover, growing adoption of advanced Technologie such as Machine Learning (ML), Artificial Intelligence (AI) and Internet of Things (IoT), rapid urbanization and Government initiatives to promote digitalization, are some of the additional factors supplementing the eDiscovery Market Growth. In addition, increasing use of eDiscovery solutions in situations such as lawsuits and mergers and acquisition, rising investments by major corporations on research and development and growing disposable incomes, are further contributing towards the market growth.
However, the growth of eDiscovery Market is hindered due to rise in the amounts of data generated around the world,
The major players operating in the market are NUIX, Logikcull, Epiq, Microsoft, IBM, Open Text Corporation, Xerox Corporation, Deloitte, Micro Focus and ZyLAB, among others.
Based on Services, the Managed Services segment is predicted to capture the largest market share during the forecast period
Managed eDiscovery services are increasingly used by law firms to reduce the operational cost and eliminates the need to manage or build their own infrastructure, are some of the factors responsible for the segment's growth.
Based on End User, the Government segment is projected to lead the market over the forecast period
As per the eDiscovery Market Trends, eDiscovery solutions are increasingly used by governments to track criminal activities and helps in investigations and examinations, are propelling the segment's growth.
Based on Region, the North American region is anticipated to hold the highest market share during the forecast period
Increasing adoption of eDiscovery solutions by Governments, rise in smartphone penetration rates, growing population growth rates and high per capita incomes, are some of the important factors augmenting the eDiscovery Market size in North America.
Key Development
In 2020, Epiq officially introduced Next-gen e-discovery managed services for defensible results. This product launch helped the company to extend its product portfolio. With this technology more consumers will be attracted which will help in generating more revenue from the focused product line.
Market Segmentation
Segmentation by Service
Professional Services
Managed Services
Segmentation by End User
Government
IT and Telecommunication
Healthcare
Media and Entertainment
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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