Future Market Insights release the 2020 version of global e-Discovery market report, according to which the market is projected to surge at a CAGR of 9% during the forecast period of 2020 to 2030, reaching a valuation of about US$ 21 Bn by the end of the forecast period.
The solutions offered by the e-Discovery vendors are expected to revolutionize the judicial system by changing the way law firms operate. With the rising electronically stored information (ESI) of a score of documents that are required for identification and proof submission in a legal enquiry, the market is projected to thrive.
The clean method of storing stacks and stack of evidence with a promise of keeping them tamper-safe is expected to up the adoption of e-Discovery solutions and software between the forecast years of 2020-2030, says the report.
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Introduction of e-Discovery processes has allowed end users to process metadata such as stamps, author, recipient information, file properties, and time-data, which was previously a cumbersome and erroneous task. This has reduced the spoilage of documents that are required for litigation in a legal case that may take years.
Today, e-discovery services and software are used for advisory, forensics, contract review, warehousing of corporate data, and federal needs. Its ability to make the documents indestructible has become its biggest asset, winning it a massive clientele over the years.
Needless to say that the market is also being fueled by digitization in emerging economies but its ability to bring about operational efficiency on long-term basis has truly made documentation a manageable feat for judicial systems.
Key Takeaways of e-Discovery Market Study
- The enterprises segment is expected to exhibit a CAGR of 14% during the forecast period inching closer to the government & regulatory agencies segment’s lion’s share of around 60% in 2019
- The software segment is held a leading position with 55% market share in 2019. However, the services segment will increase 2.4x of the current market value over the forecast period
- Asia Pacific poised to surge at a CAGR of 12% to create an incremental opportunity of around US$ 7.2 Bn during the forecast period
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COVID-19 Impact Analysis on e-Discovery Market
The outbreak of COVID-19 highlighted the need for businesses to adapt to the changing technological landscape and ensuring business continuity to remain relevant throughout the pandemic. This sentiment is expected to bring greater investments to in technology-based infrastructure across law firms, who are key end users of e-Discovery solutions.
The influx of raw ESI during the time of social distancing will enable seamless collection, review, identification, and sharing. Uptake of cloud computing will enable continuity in operations and avert chances of delay, which are often seen in judicial systems.
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