E-discovery Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034
Page: 215 | Report Code: ICTM241018 | Research Suite: Report (PDF) & Market Data (Excel)
E-discovery or electronic discovery refers to the process
which includes collecting, preserving, reviewing and producing the information
that are electronically stored. The electronically stored information including
mails, documents or databases are used in the legal cases or investigation,
that may help to resolve legal disputes or relevant to litigation.
MARKET
OVERVIEW
The market valuation of the E-discovery market was valued at approximately USD 14.9 billion in 2023 and is projected to reach USD 16.3 billion in 2034 exhibiting a CAGR of 10.0% during the forecast period of 2024-2034. E-discovery enables the ability to present relevant digital evidence that may impact the outcome of a case. The market is aligned with diverse sectors, which makes it a sustainable and growing market.
GROWTH
DRIVERS
The rapid growth in data generated through emails, social media and digital platforms significantly drives the market towards growth. The Global Datasphere will grow from 33 zettabytes in 2018 to 175 zettabytes by 2025,” according to research from IDC and the data protection company Arcserve predicted that the world will have 200 Zettabytes. The more the data growth accelerates, the need and demand for advanced e-discovery solutions and services become indispensable.
The rise in corporate litigation and regulatory mandates, mainly within BFSI sector, propels the demand of the market. The Norton Rose Fulbright, a British-American business law firm, states that there is rise in multiple challenges for financial institutions, driven by the two main sources including the rapid pace of technological change and geopolitical upheaval affecting the financial markets.
Moreover, the regulatory bodies like General
Data Protection Regulation impose strict regulations on the data management and
transparency. The rise in cyber security
threats including cybersecurity attacks and data breaches, boosts the market
growth. A report by Accenture states that 68% of business leaders feel their
cybersecurity risks are increasing, which makes e-discovery more critical in
ensuring data security compliance.
MARKET SEGMENTATION:
·
By Component Type- solutions
and services
·
By Deployment Type- on
premise and cloud based
·
By Organization Size- large
enterprises and SMEs
·
By Industry Verticals- BFSI,
legal, government and public sector, energy and utilities, retail and consumer
goods, manufacturing, IT and Telecommunications and Others
·
By Region- North America,
Europe, Asia Pacific, Middle & Africa and South America
E-discovery
Market Segment By Type Review:
The solutions segment involves the software or tools that are designed in order to smoothen the process of managing the stored data for legal and investigative purposes, providing features like data identification, collection, processing, etc. The services segment includes professional assistance including consulting, legal document review services, etc.
E-discovery
Market Segment By Component Type Review:
The on-premise e-discovery solutions are deployed directly
within an organizations IT infrastructure, this enables companies the control
over their data and are favored due to handling of sensitive information. The
cloud-based e-discovery solutions operate through remote data centers and this
allows the organizations to access and manage data via internet.
E-discovery
Market Segment By Deployment Type Review:
The large enterprises includes
the companies or organizations having substantial financial resources with a
huge employee strength and complex operations. They generate a wide, vast and
diverse type of data or information electronically. The SMEs (small and medium
enterprise) generate low volume of electronic data as compared to large
enterprises and prioritize cost effective solutions.
E-discovery
Market Segment By Industry Verticals Review:
In the BFSI (banking, financial services and insurance) sector, there is generation of large volume of sensitive data including financial records and customer personal information and moreover, they are highly regulated and incident to strict regulations where e-discovery helps to manage and retrieve data for the legal purpose. The legal segment includes law firms and legal departments which are among the primary users of the e-discovery services and solutions for case preparation, trials, etc.
The government and public sector involves enormous amount of data and requires these
solutions during investigation or public record requests. The e-commerce,
retail and consumer goods utilizes e-discovery
solutions as they generate huge volume of transactional and consumer data for
handling issues related to consumer protection laws. The IT and telecommunications utilize
e-discovery as this sector involves intellectual property, privacy and data
breaches where e-discovery helps to manage the data and adhere to strict
privacy and legal frameworks.
E-discovery
Market Segment By Regional Review:
North America is a significant market driven by the strong presence stringent regulatory environment has highly complex regulatory and legal framework such as Federal Rules of Civil Procedure and California Consumer Privacy Act, requiring rigorous e-discovery processes in order to ensure compliance. Europe is a valuable market driven by the presence of General Data Protection Regulation (GDPR) that mandates strict data privacy and security measures and compels the businesses in this region the implementation of e-discovery solutions. Asia Pacific is a rapidly growing market driven by the rapid digitization and adoption of cloud technologies. The Middle East and Africa is a growing market driven by the rise in digital enterprise. South America is another growing market driven by the anti-corruption regulations.
Key
Challenges:
The rise in the data volume and complexity in data sources creates challenges for e-discovery processes as handling unstructured data from different types of sources makes it harder for the organization to manage or extract relevant information during the legal cases, leading to higher costs and longer case durations. Moreover, it is a field of skilled personnel with an expertise in technology and legal processes where lack of skilled personnel is one of the significant challenges for the market.
Competitive
Landscape:
In the highly competitive E-discovery market, companies are investing heavily in research and development to innovate and improve their products and services. They are also collaborating, forming strategic partnerships, or acquiring other companies to gain access to new market segments, enhance distribution networks, and increase market share. The recent key news and development includes-
In April 2024, Lighthouse launched its new antitrust practice, which aims to provide comprehensive legal and consulting services to clients navigating complex antitrust issues. This initiative is complemented by innovative technology offerings designed to enhance the efficiency and effectiveness of antitrust investigations and compliance efforts. The firm emphasizes a multidisciplinary approach, combining legal expertise with advanced technology to address the evolving challenges in antitrust law.
In January 2024, Lighthouse launched the industry's first AI-powered privilege review tool, Lighthouse AI Privilege Review, which enhances the identification and management of privileged information. This innovative tool offers up to 6.6 times greater accuracy than traditional methods and has successfully generated a 200,000-entry privilege log accepted by the Federal Trade Commission, showcasing its effectiveness in large-scale legal matters.
In January 2024, Exterro launched Exterro Assist, a generative AI-powered assistant designed to enhance e-discovery processes. This advanced tool enables users to automate complex workflows, generate data insights, and conduct precise searches using natural language, potentially increasing productivity by up to 75%. Exterro Assist will first be available as an add-on for Exterro Legal Hold customers and will soon be integrated across the entire Exterro Data Risk Management Platform.
In March 2022, KLDiscovery launched Nebula Enterprise. Nebula Enterprise extended the power, flexibility, and enhanced feature set of Nebula to customers’ data centers in the form of a plug-and-play expandable appliance designed to address a wide range of security and compliance concerns.
On May 10, 2021, Relativity and Proofpoint announced a
partnership to combine Proofpoint's business preserving and compliance
solutions with Relativity's AI-enabled communication monitoring product,
Relativity Trace.
Global
Key Players:
·
Microsoft
·
IBM
·
DISCO
·
Nuix
·
Case Point
·
Onna
·
ONE Discovery
·
Texifter
·
Evichat
·
IPRO
· Other Players
Attributes |
Details |
Base Year |
2023 |
Trend Period |
2024 – 2034 |
Forecast Period |
2024 – 2034 |
Pages |
215 |
By Component Type |
Solutions and Services |
By Deployment Type |
On Premise and Cloud Based |
By Organization Type |
Large Enterprises and
SMEs |
By Industry Verticals |
BFSI, Legal, Government
and Public Sector, Energy and Utilities, Retail and Consumer Goods,
Manufacturing, IT and Telecommunications and Others |
By region |
North America, Europe,
Asia Pacific, the Middle East and Africa, and South America |
Company Profiles |
Microsoft, IBM, DISCO, Nuix,
Case Point, Onna, ONE Discovery, Texifter, Evichat, IPRO, Other Players |
Edition |
1st edition |
Publication |
October 2024 |