Press release
Global eDiscovery Market Projected to Surpass $22.5 Billion by 2029 with 10.4% Annual Growth
Which drivers are expected to have the greatest impact on the over the ediscovery market's growth?The surge in the quantity of data stored electronically is anticipated to fuel the eDiscovery market's growth. Electronically stored information (ESI) refers to digital content that is generated, updated, transmitted, and preserved. The recent spike in digitization has led to a boom in such electronically stored information. The volume, formats, and origins of the electronically stored information needing documentation are fast becoming diverse. eDiscovery tools are employed for digital examination of electronically stored data, facilitating the exchange of evidence in legal cases or investigations directly through the database. For example, a report from the UK-based Department for Science, Innovation & Technology, in September 2024, indicated that the digital sector's provisional estimates contributed £158.3 billion to the UK economy in 2022, accounting for 7.2% of the total UK GVA, a slight increase from 7.1% in 2021. Thus, the rising volume of electronically stored information is propelling the eDiscovery market's expansion.
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What is the future CAGR of the ediscovery market, and how will it impact industry expansion?
The size of the ediscovery market has seen substantial expansion in the past few years. It's set to surge from $14.27 billion in 2024 to $15.14 billion in 2025, boasting a compound annual growth rate (CAGR) of 6.1%. The impressive growth witnessed in the historical span can be credited to factors such as the escalating amount of electronic data, persistent increase in cybersecurity hazards and occurrences, surges in legal and regulatory probes, growing litigation cases, and the rising demand for cost-efficient and effective eDiscovery solutions.
We anticipate a swift expansion of the ediscovery market in the following years, with its valuation projected to reach $22.5 billion by 2029, increasing at a Compound Annual Growth Rate (CAGR) of 10.4%. The projected growth during this period can be credited to the escalated focus on data privacy and security, the rising application of blockchain technology, the burgeoning demand for eDiscovery services in burgeoning economies, globalization, and the challenges associated with cross-border data discovery. Additionally, the increasing intricacy of data sources and kinds. Noteworthy trends during the forecast period encompass the adoption of technology-assisted review (tar) in eDiscovery, the fusion of analytics and predictive coding in eDiscovery, the heightened emphasis on data privacy and protection, the emergence of remote and mobile eDiscovery solutions, and the development of technology-driven eDiscovery workflows.
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What are the most significant trends transforming the ediscovery market today?
The eDiscovery market is witnessing a growing trend in technological progress. The primary focus of key players in the market is the adoption of sophisticated technologies, specifically those based on cloud technology, in an effort to consolidate their market standing. For example, Epic Systems Inc., a software solutions company based in the US, unveiled the Epiq Service Cloud in March 2022. This was designed to boost legal service delivery excellence for corporate legal departments and law firms. The Epiq Service Cloud incorporates a range of intelligence and productivity tools. This is achieved through cloud technology services which facilitate a centralized digital experience for Epiq's proprietary technology and other external industry tools.
Which key market segments comprise the ediscovery market and drive its revenue growth?
The ediscovery market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Organization Size: Large Enterprises, Small And Medium Enterprises (SEMs)
3) By Deployment Type: On-Premises, Cloud-Based, Hybrid
4) By End-User Vertical: BFSI, Retail Sector, Healthcare, Manufacturing, IT And Telecommunication, Government, Energy and Utility, Other End Users
Subsegments:
1) By Solutions: Software, Hardware
2) By Services: Consulting Services, Managed Services, Support And Maintenance Services
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What regions are at the forefront of ediscovery market expansion?
North America was the largest region in the eDiscovery market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the eDiscovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the ediscovery market?
Major companies operating in the ediscovery market include Casepoint LLC, CloudNine Discovery Services Inc., Commvault Systems Inc., Conduent Incorporated, Conduent Inc., International Business Machines Corporation, Microsoft Corporation, KLDiscovery Inc., Deloitte Touche Tohmatsu Limited, Epiq Systems LLC, Exterro Inc., FTI Consulting Inc., Open Text Corporation., Zapproved Inc., Logikcull Inc., Everlaw Inc., Veritas Technologies LLC, ZyLAB Technologies LLC, Consilio LLC, ONE Discovery, Absolute Software Corporation, Amazon Web Services Inc., Iron Mountain Incorporated, Micro Focus International plc
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What Is Covered In The eDiscovery Global Market Report?
•Market Size Forecast: Examine the ediscovery market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the ediscovery market for a structured understanding.
•Key Players Overview: Analyze major players in the ediscovery market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the ediscovery market.
•Segment Contributions: Evaluate how different segments drive overall growth in the ediscovery market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the ediscovery market.
•Industry Challenges: Identify potential risks and obstacles affecting the ediscovery market.
•Competitive Landscape: Review strategic developments in the ediscovery market, including expansions, agreements, and new product launches.
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