eDiscovery Market to Grow at 8.49% During 2022-2027 | IMARC Group

According to the recent report by IMARC Group, titled "eDiscovery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global eDiscovery market reached a value of US$ 11.4 Billion in 2021.

eDiscovery, or electronic discovery, focuses on identifying and decoding electronically stored information (ESI) for government investigations. The process includes the collection, preservation, processing, analysis, review, and production of digital data keeping the standard law discovery process into consideration. The electronic data can include emails, voicemails, audio or video files, social media data, or presentations. The process of eDiscovery is often complex as it incorporates a large volume of electronic data that is more dynamic and unlike hardcopy evidence. As a result, it is vital to preserve the original metadata to eliminate any chances of tampering with the evidence in the litigation. The emergence of eDiscovery tools has enabled enterprises to review information results faster, which has led to a rise in their adoption in political, legal, privacy, and constitutional matters.

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Market Trends

Several enterprises are now incorporating cloud computing into their day-to-day operations, which is leading to the generation of huge amounts of electronic data. This, along with the increasing penetration of the internet and rapid digitization, has led to the creation of ESI in high volumes, thereby propelling the demand for eDiscovery solutions. Moreover, the rising cases of felonies like tax frauds and money laundering are also emphasizing the requirement for eDiscovery in governmental institutes. Apart from this, favorable government regulations regarding the adoption of eDiscovery have positively impacted the market growth. For instance, out of the 50 states in North America, 49 states have enabled e-discovery rules. Among these, California is on the top with the most updated laws. Furthermore, collaborations among companies to increase their profitability and market shares are also providing the thrust to the market growth. For instance, IBM introduced Watson Discovery Service in March 2017, which lets developers to implement a machine learning model to understand the deeper level of certain language terms and create search and eDiscovery tools that comprehend data and language on an almost human level. On account of these factors, the market is expected to a CAGR of 8.49% during the forecast period (2022-2027).

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List of Key Companies Covered in this Market Report:

Accessdata Group Inc.
Commvault Systems Inc.
Conduent Incorporated
Driven Inc. (Xplenty)
Fronteo Inc. (Formerly UBIC)
FTI Consulting
International Business Machines Corporation
Logikcull
Micro Focus International Plc
Nuix Pty Ltd. (Macquarie Group)
Open Text Corporation
Veritas Technologies LLC (The Carlyle Group)
ZyLAB Technologies

The report has segmented the market on the basis of component, deployment type, end-user, vertical and geography

Breakup by Component:

Services
Software

Breakup by Deployment Type:

On-premises
Cloud-based
Hybrid

Breakup by End-User:

Government Agencies
Enterprises
Law Firms

Breakup by Vertical:

BFSI
Retail and Consumer Goods
Manufacturing
Legal
IT and Telecommunication
Government
Energy and Utilities
Healthcare and Life Science
Others

Breakup by Geography:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

Key highlights of the report:

Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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This release was published on openPR.