According to a market research report "eDiscovery Market by Component (Software (Processing, Review and Analysis, Identification, Preservation and Collection, and Production and Presentation) and Services), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the eDiscovery Market size is expected to grow from USD 9.3 billion in 2020 to USD 12.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.6% during the forecast period.
The key factors that
are expected to drive the growth of the market are the focus on proactive
governance with data analytics and the emergence of new content sources.
Browse and in-depth TOC on “eDiscovery Market”
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Services segment to hold a larger market size during the
forecast period
The volume of data that
needs to be analyzed is growing day-by-day due to the increasing number of
sources that generate data. Services form an integral part of the eDiscovery
and include managed services, support and maintenance, and training,
consulting, and integration services. The majority of companies across the
globe want to exert more control over their eDiscovery data and operations. But
Organizations fail to do so due to the lack of resources to execute the
required in-house operations in-house. The eDiscovery managed services offer
support for data collection through data management and document review.
eDiscovery managed services offer a business partnership that allows
organizations to have the cost predictability and control they need and the
security and required eDiscovery workflows.
SMEs segment to grow at
the highest CAGR during the forecast period
SMEs have a low marketing
budget and often lack the resources and capabilities for effective marketing
orchestration. SMEs, with their limited budgets, try to scale up their
businesses through cost-effective techniques to generate maximum RoI from their
spending. One of the most widely impacted by COVID-19, Italy, came up with an
emergency plan of USD 28 billion that could help them inch slowly toward
normalcy. As businesses across sectors are finding it a challenge to stay up
and running, it has been a particularly distressing time for SMEs, who gloomily
stare at an uncertain future.
IT and telecommunications
vertical to grow at the highest CAGR during the forecast period
The IT and
telecommunications vertical is experiencing increased data generation due to
the advancements in technologies, such as 3G and 4G. The introduction of 5G
technology in the near future is expected to generate a large volume of data.
This vertical faces challenges in maintaining IP copyrights and data collection
due to a broad customer base. It deals with cross-border data privacy and
security challenges by regulators and anti-trust inquiries. Hence, companies in
this vertical are exposed to more scrutiny as regulatory and consumer demands
change.
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North America to account for the highest market share during the forecast
period
Companies in this region
have adopted eDiscovery solutions to regulate cybersecurity and data breaches,
handle cross-border jurisdiction differences and privacy issues, manage
investigation matters and litigation, and maintain standards to meet all
discovery obligations. North America is further segmented into the US and
Canada. The US is expected to be the major revenue contributor to the
eDiscovery Market in North America. After the US, Canada is expected to present
significant growth opportunities for eDiscovery solutions and service
providers.
The major players in the eDiscovery Market are Microsoft(US),
IBM(US), OpenText(Canada), Deloitte(US), Micro Focus(UK), ZyLAB(The
Netherlands), Relativity(US), Nuix(Australia), Logikcull(US), KLDiscovery(US),
Exterro(US), Thomson Reuters(Canada), Knovos(US), Casepoint(US), Nextpoint(US),
DISCO(US), Veritas(US), One Discovery(US), Congruity360(US), Onna(US),
Everlaw(US), Texifter(US), Allegory(US), Evichat(Canada), and Reductech(UK).
The study includes an in-depth competitive analysis of key players in the
eDiscovery Market with their company profiles, recent developments, COVID-19
developments, and key market strategies.
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