Growth opportunities in the eDiscovery Market look promising over the next six years. This is mainly due to various factors, including the reduced overall cost of data management, increased work efficiency, and work productivity.
eDiscovery Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmenting acquisition of devices and digital technologies across enterprises for data storage in electronic format is enlarging. Huge organizations rely entirely on ESI (Electronically Stored Information) for enumerating mails, data storage, cloud computing resources, and social networking, which is stimulating the growth of the eDiscovery market. In accordance with the RAND Corporation, many prospective corporations like Microsoft, IBM, etc., disburses US$ 5 million to US$ 10 million per year on eDiscovery. Additionally, by the end of 2020, data copied and created is forecasted to touch approximately 50 zettabytes, which is further strengthening the eDiscovery market size. Furthermore, the need to increase the bar in data governance standards by the large and medium-sized organizations is contributing to the eDiscovery industry growth.
Also, the establishment of novel services of conventional eDiscovery solutions such as intelligent information platforms to supervise and apprehend new data helps to reach more effective outcomes. In addition, numerous beneficial features such as expanding work efficiency, work productivity, and decreased overall expenditure of data management have authorized the endorsement of these solutions, which promotes the market size.
However, the accelerating number of cyberattacks and violations will hamper market growth. For example, according to PurpleSec LLC, in the U.S., the number of cyber-attacks is rising by 27% annually on operational technology.
End-User Segment Drivers
Based on the End User, the government is projected to lead the market over the forecast period. This is because federal government agencies are proceeding towards the cloud for effective investigations, examinations, and litigation. Leading market players are providing products especially for fulfilling government demands. For instance, Logikcull is offering solutions for government investigation in tracking criminal conspiracies. The adoption of eDiscovery by the U.S. government is propelling market growth.
Regional Drivers
Based on the regional coverage, North America is predicted to dominate the market over the forecast period. This is primarily attributed to their acceptance by the U.S. government. Cases encountered by the government, such as accusations against 19 defendants participating in a criminal conspiracy, have been side-tracked. This was done by imparting 200 TB of data, out of which only 8TB was pertinent, and even 8TB was not suitable format to search, which proves the importance of eDiscovery for the government. Furthermore, with the widespread outbreak of the COVID-19, distance working has increased over time, which has bolstered the market demand.
eDiscovery Market’s leading Manufacturers:
- Xerox Corporation
- Logikcull
- ZyLAB
- Deloitte
- IBM
- Epiq
- NUIX
- Micro Focus
- Open Text Corporation
- Microsoft
eDiscovery Market Segmentation:
Segmentation by Service
- Professional Services
- Managed Services
Segmentation by End User
- Government
- IT and Telecommunication
- Healthcare
- Media and Entertainment
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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