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eDiscovery Global Market Report 2023
Major players in the ediscovery market are Casepoint LLC, CloudNine, Commvault Systems Inc., Conduent Incorporated, CS Disco Inc., Driven Inc., Epiq Systems Inc., Exterro Inc., Fronteo Inc., Reveal Data Corporation, International Business Machines Corporation, Ipro Tech LLC, Knovos LLC, Lighthouse eDiscovery Inc.
New York, March 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "eDiscovery Global Market Report 2023" - https://www.reportlinker.com/p06438995/?utm_source=GNW
, Catalyst Repository Systems, Consilio LLC, Everlaw Inc., Guidance Software Inc and ONE Discovery Inc.,
The global ediscovery market grew from $13.15 billion in 2022 to $14.23 billion in 2023 at a compound annual growth rate (CAGR) of 8.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The ediscovery market is expected to grow to $19.51 billion in 2027 at a CAGR of 8.2%.
The eDiscovery market includes revenues earned by entities by providing services such as emails, documents CAD/CAM files, databases, image files, instant messaging chats from Slack.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
eDiscovery refers to services used for obtaining and exchanging electronic data that is sought, located, secured and searched by organizations in the initial phases of litigation. They are used when involved parties are required to provide relevant records and evidence related to a case. Electronic discovery also referred to as electronic discovery process of obtaining and exchanging evidence in a legal case or investigation.
North America was the largest region in the ediscovery market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the ediscovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of e-discovery market components are solutions and services.Solutions are used to facilitate and automate the process of eDiscovery, which includes identifying, collecting, preserving, processing, reviewing, and analyzing digital data that supports the legal discovery process.
A solution as a component refers to an action or process of solving a problem.They are used by large enterprises and small and medium enterprises.
The various deployment types are on-premises, cloud-based, and hybrid. The various end users are BFSI, retail sector, healthcare, manufacturing, IT and telecommunication, government, energy and utility, and others end users.
The increasing amount of electronically stored information is expected to drive the demand for the eDiscovery market going forward.Data that is generated, updated, sent, and stored digitally is referred to as electronically stored information (ESI).
In the recent past, growing digitization has seen an explosion in electronically stored information. The amount, formats and sources of electronically stored information that needs to be recorded are becoming more diverse. eDiscovery tools are used to perform digital investigation tasks for electronically stored data. Also, helps in exchanging evidence in a legal case or investigation directly through the database. For instance, according to Forbes, a US-based business magazine, in 2020 the amount of data created, captured, copied, and consumed in the world has reached 59 trillion gigabytes. Furthermore, according to data by Logikcull, a US-based company offering legal the ediscovery software solution, 2.5 exabytes of data are created every day. Therefore, the increasing amount of electronically stored information is driving the growth of the eDiscovery market.
Technological advancement is a key trend gaining popularity in the eDiscovery market.Major market players are focusing on the implementation of advanced technologies that work on cloud-based technology to strengthen their position in the market.
For Instance, in March 2022, Epic systems Inc., a US-based software solutions company, launched the Epiq Service Cloud to Empower Legal Service Delivery Excellence for Corporate Legal Departments and Law Firms. A collection of intelligence and productivity tools may be found in the Epiq Service Cloud. With the help of cloud technology services that help to provide a centralized digital experience for Epiq’s proprietary technology and other third-party industry tools.
In August 2021, Cloudnin, a US-based software company, acquired the ESI analyst for an undisclosed amount.With this acquisition, CloudNine plans to combine its e-discovery platform with ESI Analyst’s capabilities to allow customers to upload and analyze data from a single, integrated platform for law firms, corporate legal departments, legal service providers, and governmental organizations.
ESI analyst, a US-based software developing company that offers eDiscovery investigation tools.
The countries covered in the ediscovery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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