Global eDiscovery software market was valued to be USD 10.22 billion in 2021

 

 

Global eDiscovery software market was valued to be USD 10.22 billion in 2021, and it is expected to reach USD 18.7 billion by 2028 at a CAGR of 8.5% over the forecast period 2022 - 2028.

Document review software, commonly known as eDiscovery software, enables legal practitioners to handle electronic documents during investigations and discovery. ESI (electronically stored information) may be collected, handled, found, and preserved with the use of eDiscovery software. As a result of these factors, eDiscovery software is becoming more and more popular, which is boosting the market for it. One of the key elements fueling the expansion of the eDiscovery software industry is the increase in the amount of electronically stored data in companies.

The rising applications in a number of end-use industries, including energy, travel & hospitality, healthcare, government, legal, information technology, media & entertainment, and others, are projected to fuel the growth of the eDiscovery market. Utilizing these technologies enables businesses to process documents more quickly while lowering their risk of data theft. The creation of data and technology-assisted review are the two main areas of concentration for top companies in the eDiscovery industry. However, there are some limitations that are preventing the market's expansion. The application of eDiscovery services directly runs counter to the notion of data protection. eDiscovery services are very pricey, making them unaffordable for household use. The market's expansion throughout the anticipated period will be impacted by these variables.

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Global EDiscovery Software Market Segmental Analysis

The Global eDiscovery Software Market is segmented based on components, deployment type, enterprise size, end-user and region. Based on Components, it is categorized into Software and Services. The Services segment is further sub segmented into Managed Services and Professional Services. Based on Deployment Type, it is categorized into Cloud based and On-premise. Based on Enterprise Size, it is categorized into Small & Medium Enterprises and Large Enterprises. Based on End-user, it is categorized into Government and Public Sector, Legal, BFSI, Energy and Utilities, Healthcare and Life Sciences, Retail and Consumer Goods, Manufacturing, IT and Telecommunications, and Others. Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.

Analysis by End-user

On the basis of end-user, the government segment is expected to lead the global eDiscovery software market over the forecast period. Government agencies from all over the world have realized the need for electronic records for various investigations. Electronic records, according to a number of organizations including the Civil Division of the US Department of Justice, are meaningless. Additionally, when it comes to the creation of new corporations, governments must adhere to a number of restrictions. The recent "Paradise papers" case emphasizes the need for eDiscovery in governmental institutions for catching a variety of crimes, including tax fraud and money laundering. Such instances highlight the significance of eDiscovery for the public sector, which fosters market expansion.

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Global Ediscovery Software Market Dynamics

Drivers

• Increasing amount of digital data: Various sources, including enterprise software, social networks, web-based searches, and cloud-based apps, are used by businesses to generate data. Large enterprises find it nearly impossible to regularly examine massive amounts of data without the aid of cutting-edge technologies. Organizations are attempting to make the greatest use of the available raw data they have available and transform it into knowledge that will aid in their decision-making processes. As part of data analytics, they concentrate on implementing data management and concentrating on implementing data management and discovery solutions, such as eDiscovery solutions. Big data analytics and administration are made simple and affordable by cloud-based solutions. Due to their low cost and ability to upload, evaluate, and produce documents online instantly, cloud-based applications are also becoming increasingly popular. Therefore, as this type of application is used more frequently, a significant amount of electronic data is being produced, which increases the need for eDiscovery solutions. Low-cost subscription fees are charged by eDiscovery suppliers for the software and services necessary for the operation of large databases.

Restraints

• A significant barrier to the expansion of the worldwide eDiscovery software market is a lack of skilled labor. The eDiscovery software market lacks a trained workforce since it is challenging to attract and retain personnel. To create eDiscovery solutions, you need specialized knowledge. The sales, marketing, and developer divisions need to invest a lot of money because there is fierce competition for the skills and background needed in this market. Due to the young workforce's propensity for mobility, IT companies around the world see significant rates of turnover. Employees who handle documents, however, frequently have a set routine and degree of comfort in a paper-based setting using conventional methods, like file-folder systems, to organize and store data. Employees may be discouraged from adopting new procedures by a new set of monitoring and tracking procedures as well as a fear of losing papers. Data redundancy can be avoided by using eDiscovery solutions to assist employees in finding the most recent version of the information they require. However, the lack of skilled workers that results from employees' resistance to adopting these contemporary solutions limits the market's expansion.

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Top Players Company Profiles

• Microsoft Corporation (US)
• Symantec Corporation (US)
• IBM Corporation (US)
• Opentext (Canada)
• Micro Focus (US)
• Deloitte (UK)
• Nuix (Australia)
• Exterro (US)

Recent Developments

• In March 2022, Nebula Enterprise was launched by KLDiscovery. Nebula Enterprise, a plug-and-play extensible appliance made to handle a variety of security and compliance issues, brought the strength, adaptability, and improved feature set of Nebula into the data centers of clients.
• In May 2021, Relativity and Proofpoint announced an alliance to combine Proofpoint's business preservation and compliance services with Relativity's AI-enabled communications monitoring product, Relativity Trace.

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