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Emerging eDiscovery Market Trends: Emergence of Cloud-Based Technologies in the Legal Technology Sector Shaping the Future of the Industry
eDiscovery Market Size
eDiscovery Market Size Growth Forecast: What to Expect by 2025?
The size of the ediscovery market has experienced notable growth in the past few years. Predictions show it will expand from $14.27 billion in 2024 to reach $15.14 billion in 2025, with a compound annual growth rate (CAGR) of 6.1%. The historic growth rate can be credited to several factors such as the surge in the amount of electronic data, the ongoing escalation in cybersecurity threats and incidents, an increase in legal and regulatory probes, a rising count of litigations, and the demand for cost-effective and efficient eDiscovery solutions.
How Will the eDiscovery Market Size Evolve and Grow by 2029?
In the upcoming years, the ediscovery market is predicted to witness a significant expansion. The projected growth indicates a rise to $22.5 billion by 2029, boasting a compound annual growth rate (CAGR) of 10.4%. This predicted surge during the forecast period can be linked to factors such as the increasing requirement for data privacy and safety, the expanding use of blockchain technology, the escalating demand for eDiscovery services in developing economies, globalization, and the challenges associated with cross-border data discovery. The complexity of data sources and types also contribute to this growth. Noteworthy trends projected for the forecast period consist of the rise in technology-assisted review (tar) in eDiscovery, the integration of analytic and predictive coding in eDiscovery, prioritization of data privacy and protection, growth in remote and mobile eDiscovery solutions, and the development of technology-driven eDiscovery workflows.
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What Drivers Are Propelling the Growth of eDiscovery Market Forward?
The growth of the eDiscovery market is predicted to be fueled by the escalating quantity of electronically stored information (ESI). ESI refers to data that is created, updated, transmitted, and kept digitally. The surge in digitization in the recent past has caused a burst in electronically stored information. The diversity in the volume, types, and origins of electronically stored information requiring management is expanding. eDiscovery tools aid in executing digital examination processes for stored electronic data. Additionally, they enable the direct exchange of proof in a legal case or investigation via the database. For example, the Department for Science, Innovation & Technology, a UK-based organization, reported in September 2024 that preliminary estimates for 2022 revealed the digital sector provided £158.3 billion to the UK's economy. This constituted 7.2% of the total UK GVA, a slight increase from 7.1% in 2021. Hence, the bolstering quantity of electronically stored information fuels the expansion of the eDiscovery market.
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Which Emerging Trends Are Transforming the eDiscovery Market in 2025?
The eDiscovery market is increasingly being influenced by the pivotal trend of technological evolution. A significant focus of premier market players is the adoption of sophisticated technologies, particularly those that leverage cloud-based systems, to consolidate their market stance. As an illustration, Epic Systems Inc., a software solutions enterprise based in the US, unveiled the Epiq Service Cloud in March 2022 to fortify Legal Service Delivery Excellence for Corporate Legal Departments and Law Firms. The Epiq Service Cloud encompasses a suite of intelligence and productivity tools. These leverage cloud technology services to afford a unified digital experience for Epiq's bespoke technology and a range of third-party industry tools.
What Are the Key Segments in the eDiscovery Market?
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, Healare, 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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Who Are the Key Players Shaping the eDiscovery Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the eDiscovery Market?
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
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