The Electronic Discovery Market is gaining tremendous traction on a global level. Rising needs to extract the digital data stored in electronic formats such as emails, social media, and reports boost the market growth. Besides, factors such as the growing demand from end-user industries in the wake of the high cost of healthcare litigation drive the market growth.
According to Market Research Future (MRFR), the global e-discovery market is expected to garner an exponential valuation by the end of 2027, growing at an impressive CAGR over the assessment period (2020-2027).
Extensive Adoption of E-Discovery Solutions Across Verticals is a Key Driving Force
Rising volume of electronically stored information, rise in litigation and focus on proactive governance with analytics of data, and the publication of new content sources are major factors boosting the market growth. Moreover, the rising adoption of digital technologies worldwide creates significant market opportunities.
Advancements in AI-based analytics are changing the legal profession by increasing the overall speed and enhance the quality of discovery processes. Furthermore, growing uses of embedding analytics and artificial intelligence with e-discovery increase the demand for e-discovery solutions for applications such as text translation classification and audio search signature detection, among other tasks.
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COVID-19 Upend the E-Discovery Market Size
The COVID-19 outbreak significantly impacted the e-discovery industry. While the world made a massive shift to remote working during the pandemic, remote collection became imperative in the e-discovery field. Advances in remote collection tools are enabling e-discovery solutions to perform efficiently, reducing operational costs significantly. Therefore, the e-discovery market is reinventing itself with the ramping up demand for best practices for remote collection, becoming a data collection standard.
Major Players:
Players leading the global e-discovery market include IBM Corporation (US), FTI Technology LLC (US), Kcura LLC (US), Zylab Technologies (US), Xerox Corporation (US), Hewlett Packard Enterprise (US), Logik (US), Lexbe (US), Ernst Young Global Limited (UK), Navigant Consulting (US), among others.
E-Discovery Market – Segments
The report is segmented into solutions, deployments, services, end-user verticals, and regions. The solution segment is sub-segmented into legal hold, early case assessment, data processing, technology-assisted review, and data production. The deployment segment is sub-segmented into on-premise and on-cloud. The service segment is sub-segmented into training support, consultant, and others.
The end-user vertical segment is sub-segmented into government, legal sector, BFSI, energy utilities, healthcare, travel, hospitality, transportation logistics, IT telecommunication, media entertainment, and others. The region segment is sub-segmented into Europe, North America, Asia Pacific, and the Rest-of-the-World.
E-Discovery Market – Regional Analysis
North America dominates the global e-discovery market. The largest market share attributes to the development of industrialization. Besides, the strong presence of major industry players and massive IT infrastructure drive the market growth.
With their high implementation of cloud solutions, Canada and the US accounts for significant shares in the e-discovery market in North America. Rising needs to manage vast data generated by increasing numbers of enterprises create substantial demand for electronic discovery (e-discovery) solutions.
Rising numbers of companies relying on data constitute and electronic information due to its low maintenance cost of data production and documents further impacts the regional market growth positively. Additionally, the availability of bulk storage and widening digitalization in the region defines the growing landscape of the market.
Global E-Discovery Market – Competitive Landscape
The market is research-intensive and technology-oriented, and it is dominated by high-tech firms possessing proprietary technology. Market players rely on collaboration and partnerships with other players to innovate new techniques. These players focus on optimizing situational awareness to ensure their mission success. They pursue close collaboration and service agreements with large hospitals to achieve a significant market share.
Industry/ Innovation/ Related News:
May 27, 2021 --- Relativity, a global legal compliance technology company, announced the acquisition of Text IQ, a leading AI company involved in the identification of sensitive data for e-discovery, compliance and privacy. The acquisition would enable law firms, enterprises, and service providers to reliably and efficiently identify and manage sensitive and privileged data in an integrated intelligent suite.
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