eDiscovery Software Market - North America, Europe, EMEA, APAC : US, Canada, China, Germany, UK - Forecast 2023-2027

eDiscovery Software Market Forecast 2023-2027

The Global eDiscovery Software market size is forecast to increase by USD 9.30 billion at a CAGR of 12.82% between 2022 and 2027. The market is driven by several key factors, including the exponential growth in electronic data volumes, necessitating efficient management and analysis solutions. Regulatory requirements continue to tighten, prompting organizations to invest in eDiscovery software to ensure compliance. Moreover, the increasing prevalence of mobile devices and diverse applications underscores the need for flexible and adaptable eDiscovery solutions to handle varied data sources effectively. This market research and growth report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the market growth analysis report includes historic market from 2017 to 2021.

What will be the Size of the Market During the Forecast Period?

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The market caters to diverse end-use industries such as travel & hospitality, healthcare, government, information technology, media & entertainment, and more. With the increasing risk of data theft and the growing importance of data protection, enterprises are investing in eDiscovery solutions to manage electronic information efficiently. These solutions facilitate the collection, storage, and analysis of data, documents, and bulk storage devices, ensuring compliance with regulatory processes and aiding in litigation procedures. As enterprises navigate the complexities of digital information, eDiscovery software plays a crucial role in streamlining data management and enhancing legal processes.

Market Segmentation

In this market, cybersecurity attacks and the rise of remote work have underscored the critical need for robust data management solutions. eDiscovery software plays a pivotal role in managing Electronically Stored Information (ESI), encompassing data from various sources such as messaging platforms, social media, and documents. Cloud-based solutions have gained prominence for their scalability and flexibility in handling large volumes of ESI. These solutions facilitate efficient document organization, classification, and data analysis, meeting the diverse needs of end-use industries including travel & hospitality, healthcare, government, information technology, and media & entertainment. With the growing threat of data theft and increasing regulatory processes, enterprises rely on eDiscovery software for effective collection, storage, and management of electronic information. Bulk storage devices support the storage of vast amounts of data, ensuring accessibility and compliance with litigation and regulatory requirements.

By Component

The market share growth by the solution segment will be significant during the forecast period. The solutions segment dominates the component segment of the global market due to its capacity to meet unique customer needs and create value.  services that this solution offers are data security, file synchronization and sharing, data recovery, and backup.  For businesses, they allow to increase data accessibility and collaboration, optimize their storage infrastructure, and guarantee business continuity. For instance, Nuix processes large, complex data stores and provides a friendly environment to search, review, and analyze their contents.

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The solution segment was valued at USD 3.50 billion in 2017 and continued to grow by 2021. The need for effective and secure management is increasing significant traction, and solutions are essential to satisfying customer needs and advancing the industry. Businesses that prioritize the cloud as a strategic component of their operations are expected to need creative and dependable solutions to gain market share and maintain their competitiveness during the forecast period. Such elements are anticipated to raise the demand for the solution in the market in focus. Hence, it is expected to boost the growth of the solution segment in the market during the forecast period.

Regional Analysis

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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America is expected to register high growth during the forecast period due to the increasing adoption of e-Discovery software in this region compared with others. North American countries such as the US and Canada have a high adoption of solutions.

Moreover, because of highly dependent on mobile devices to market products companies have shifted to mobile content delivery models. This drives the need for specialized solutions that can provide archival and storage services for digital information. companies such as Nuix and Relativity are increasing their offerings to include more functions, including media information management. Service providers are expected to see the most attrition, also solution companies are expected to perform well during the forecast period. Being an early adopter of technologies, North America is an attractive market for companies. Also, the strong presence and penetration of the top global companies are expected to fuel the growth of the market in North America during the forecast period.

Market Dynamics and Customer Landscape

The market is witnessing robust growth amidst rising cyber security attacks and the increasing adoption of remote work models. Organizations are turning to cloud-based solutions to manage Electronically Stored Information (ESI) efficiently. eDiscovery software facilitates the discovery, organization, and classification of ESI across various platforms, including messaging platforms and social media. Advanced data analysis capabilities offered by eDiscovery solutions empower end-use industries to streamline document management processes and enhance compliance efforts. With the proliferation of digital data, the eDiscovery software market is poised for further expansion, catering to the evolving needs of businesses worldwide.

Key Market Driver

The rising volume of electronic data is notably driving the global market growth. Various sources generate data for enterprises, such as enterprise applications, social networks, web-based searches, and cloud-based applications. So, big organizations can't analyze large volumes of information daily without using advanced technologies. Organizations are looking to make the best use of raw data and convert it into useful information that would help in their decision-making process. As a result, cloud-based solutions offer easy data management and analytics cost-effectively.

Moreover, the adoption of cloud-based applications is significantly rising, owing to their low cost, ease of data review, and the ability to produce documents online without delays. Thus, the rising use of this type of application is leading to the generation of a huge amount of electronic data, which further enhances the demand for solutions in litigation discovery, review, and compliance management. Organizations have to innovate continuously and keep revising their existing business models and enterprise infrastructure to ensure legal insights, effective case analysis, and data breach prevention. Such factors are expected to drive the growth of the global market during the forecast period.

Significant Market Trends

Automation and processing of social media data and collaboration tools is the key trend in the global market. some policies and IT education and training can serve as the foundation for information protection shared through social media channels. To assist with the selection, execution, configuration, and continuous monitoring of tools several companies offer solutions to organizations. Enforcement and notifications of business rules are also included regarding sensitive information usage and controlling and monitoring for potential data loss via social media channels.

Moreover, organizations are processing collaborating tools and platforms, due to which is led to an increasing number of discovery requests for producing electronically stored information (ESI) through these platforms. Particularly those including advanced analytics, to extract data from these collaborative tools. The increasing need to analyze and automate a large amount of data from collaborative tools is expected to fuel the growth of the global market during the forecast period.

Major market Challenge

The risk of security breaches and rising data volumes impede market growth. The leak of customer data can lead to a loss of customer confidence and bad publicity for organizations. Information governance is a risky affair. Information governance deals with protecting confidential and customer-related information, as security breaches can be extremely damaging to a company's reputation. However, the loss of internet protocol information is another risk, while a failure to respond to the right to information requests can be a challenge.

 Moreover, most organizations are in need of application-generated record output, such as data from collaborative applications used in the office and SharePoint-based instant messaging. In addition, factors such as the rising volumes are the major reason for increasing the risk of security breaches and further challenging the growth of the market. For instance, In 2021, there was a significant increase in healthcare data breaches, with incidents that took down networks for weeks at a time and potentially led to disruptions of care throughout countries such as the US. Such issues are expected to hinder the growth of the market in focus during the forecast period.

Market Customer Landscape

The Market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.

Global Market Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product launches, to enhance their presence in the market.

Deloitte Touche Tohmatsu Ltd.: The company offers Deloitte discovery solutions and eDiscovery consulting services, which provide deeper insights and smarter, more efficient solutions.

The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

• Alphabet Inc.
• CloudNine
• Commvault Systems Inc.
• Conduent Inc.
• CS Disco Inc
• Epiq Systems Inc.
• Everlaw Inc.
• Exterro Inc.
• FTI Consulting Inc.
• International Business Machines Corp.
• Ipro Tech LLC
• KLDiscovery Inc.
• Logik Systems Inc.
• Microsoft Corp.
• Nuix Pty Ltd.
• Open Text Corp.
• Relativity Global LLC
• Veritas Technologies LLC
• Xerox Holdings Corp.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Information is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

In today's digital landscape, cyber security attacks pose a significant threat, especially with the rise of remote work and the widespread use of messaging platforms. As organizations navigate through vast amounts of data, efficient document organization and classification are imperative. eDiscovery software plays a crucial role in this process, facilitating seamless data analysis and document analysis. This technology is particularly vital for sectors like law firms, government agencies, large enterprises, SMEs, BFSI, retail & consumer goods, IT & telecommunications, and healthcare & life sciences. With features tailored for various end-use industries, eDiscovery software enables efficient management of electronically stored information (ESI) across government & public sector and beyond.

The Market is witnessing rapid growth, driven by the increasing demand for efficient document classification and management of ESI (electronically stored information) across various industries. Sectors such as travel & hospitality, information technology, and media & entertainment are leveraging eDiscovery solutions to combat data theft and ensure data protection. With the proliferation of big data analytics, organizations face challenges such as the lack of skilled labor for manual analysis, prompting the adoption of AI-based analysis and predictive coding. These artificial intelligence (AI) technologies enable advanced document classification and streamline regulatory processes. Leveraging bulk storage devices, eDiscovery software facilitates seamless collection and processing of electronic information, transforming the e-discovery process for improved efficiency and compliance.

The market is witnessing significant growth due to the increasing demand for solutions that facilitate the identification, preservation, and management of digital data in various industries. With the evolution of the common law discovery process, organizations are adopting eDiscovery software to streamline investigative proceedings and ensure compliance with regulations. These solutions play a crucial role in preventing the dissemination of false information and safeguarding confidential information, particularly in the Government Sector. By effectively managing electronic records, eDiscovery software enables thorough investigations while adhering to regulatory requirements. As organizations recognize the importance of digital data in legal proceedings, the demand for advanced eDiscovery solutions continues to rise, driving innovation and expansion in the market.

Segment Overview

The market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Component  Outlook 
  • Solution
  • Services

• Deployment Outlook 
  • On-premises
  • Off-premises

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

e-Discovery Software Market Scope
Report Coverage	Details
Page number	167
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 12.82%
Market growth 2023-2027	USD 9.30 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	12.5
Regional analysis	North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution	North America at 36%
Key countries	US, Canada, China, Germany, and France
Competitive landscape	Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks
Key companies profiled	Alphabet Inc., CloudNine, Commvault Systems Inc., Conduent Inc., CS Disco Inc, Deloitte Touche Tohmatsu Ltd., Epiq Systems Inc., Everlaw Inc., Exterro Inc., FTI Consulting Inc., International Business Machines Corp., Ipro Tech LLC, KLDiscovery Inc., Logik Systems Inc., Microsoft Corp., Nuix Pty Ltd., Open Text Corp., Relativity Global LLC, Veritas Technologies LLC, and Xerox Holdings Corp.
Market dynamics	Market trends and analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
Customization purview	If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2023 and 2027
• Precise estimation of the market  size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behavior
• Market Growth Analysis across North America, Europe, APAC, Middle East and Africa, and South America
• Thorough market trends and analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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