E-Discovery Market size is expected to grow from US$ 9,528.6 Mn in 2022 to ~US$ 18,067.3 Mn by 2030 and exhibit a remarkable 8.3% CAGR between 2022 and 2030.
Solutions from e-Discovery vendors are expected to revolutionize the judicial system by changing the way law firms operate. The market is expected to thrive as the number of electronically stored information (ESI) of multiple documents required for the identification and submission of evidence in legal investigations increases. The report expects to increase the adoption of e-Discovery solutions and software between the forecast years 2022-2030, with promises to store stacks and evidence stacks and prevent tampering.
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The introduction of the e-Discovery process allows end users to process metadata such as stamps, author, recipient information, file attributes, and time data, which was previously cumbersome and erroneous. This has reduced the damage to documents required to litigate in legal proceedings that can take years.
Today, electronic discovery services and software are used for advisory, forensics, contract review, archiving of corporate data, and federal requirements. The ability to make documents indestructible has become their greatest asset, winning huge customers over the years. Needless to say, markets are being fueled by digitization in emerging economies, but their ability to drive operational efficiencies in the long run has made documentation a manageable feat in the judicial system.
Key highlights of the e-Discovery market study
- The corporate sector is expected to witness a CAGR of 14% over the forecast period, approaching the largest share of the government and regulators sector at 60% in 2019.
- The software segment leads the way with a market share of 55% in 2019. However, the services segment will increase by 2.4 times its current market value during the forecast period.
- Asia Pacific is projected to surge at a CAGR of 12%, creating an incremental opportunity of approximately $7.2 billion during the forecast period.
Analysis of the impact of COVID-19 on the eDiscovery market
The COVID-19 outbreak has highlighted the need for businesses to ensure business continuity to adapt to the changing technology landscape and remain relevant during the pandemic. This sentiment is expected to drive more investment in technology-based infrastructure across law firms, the major end users of e-Discovery solutions. The influx of raw ESI during social distancing will allow for seamless collection, review, identification and sharing. The adoption of cloud computing will enable continuity of operations and avoid the potential delays commonly seen in judicial systems.
Analysts predict that the e-Discovery market will grow at a rate of 9% during the forecast period as end users realize benefits they have not yet discovered. Between 2020 and 2033, the cloud-based market is expected to witness a 15% growth rate and a 1.4x increase in its current market value.
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Promoting growth through innovation
Collaboration and partnerships are essential to the growth of the global e-discovery market. Players are expected to focus on building their skills to expand geographically. For example, in May 2020, Microsoft Corporation entered into a partnership with Epiq, a US-based legal services provider. With this, Epiq has launched an information governance feature called ‘Epiq Compliance Connector for Microsoft Teams’. It is the first application to identify, thread, collect, and link message counts in Teams to speed up the eDiscovery process.
Companies operating in the global e-Discovery market are expected to focus on developing tools that will truly help reduce costs and risk of non-compliance. Ensuring absolute confidentiality and keeping your documents intact and safe from tampering will go a long way in making a significant difference in the handling of lawsuits from these vendors in the near future.
A more valuable insight into the eDiscovery market
FMI’s report on the e-Discovery market is divided into components (software and services), deployment types (on-premises and cloud), end users (government and regulatory agencies, corporations [small and large enterprises], law firms) and geography (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) to enable readers to understand the opportunities in the e-Discovery market and make a profitable assessment.
E-Discovery Market Survey By Category
By Solution:
- E-Discovery Software
- Services
By Enterprise Size:
- Large Enterprises
- Small and Medium Enterprises (SMEs)
By End Users:
- Government & Regulatory Agencies
- Law Firms
- Others
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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