The size of the e-discovery market is anticipated to increase from US$ 9,528.6 Million in 2022 to US$ 18,067.3 Million by 2030, with a spectacular 8.3% CAGR over that time.
By altering the way law firms function, e-Discovery vendor solutions are predicted to transform the court system. As more electronic stored information (ESI) of numerous documents is needed for the identification and submission of evidence in legal investigations, the market is predicted to grow. To save evidence stacks and avoid tampering, the report predicts an increase in the deployment of e-Discovery tools and software between the forecast years 2022 and 2030.
End users may now process metadata, which was previously time-consuming and inaccurate, such as stamps, authors, recipient information, file properties, and time data thanks to the advent of the e-Discovery process. As a result, there has been less destruction of documents needed for lengthy judicial proceedings.
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Today, advisory, forensics, contract review, archiving of corporate data, and federal requirements are all handled by electronic discovery services and software. Their greatest asset, which has helped them gain a lot of customers over the years, is the capacity to render documents indestructible. Markets in emerging economies are undoubtedly driven by digitalization, but because of its long-term potential to boost operational efficiency, it has made documentation in the legal system more manageable.
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 the 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.
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 shortly.
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.
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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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