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The eDiscovery software market size is forecast to increase by USD 13.57 billion at a CAGR of 15.7% between 2023 and 2028. The market is experiencing significant growth due to the increasing volume of electronic information, including documents, emails, and social media data, which necessitates efficient collection, storage, and analysis for litigation and regulatory processes. Market trends include the adoption of advanced technologies such as predictive coding and artificial intelligence (AI) to streamline the discovery process, improve accuracy, and reduce costs. Additionally, the use of bulk storage devices and cloud solutions facilitates the handling of large data volumes. However, the market also faces challenges, such as the risk of security breaches and the need to ensure data privacy and compliance with various regulations. Enterprises are increasingly recognizing the importance of implementing strong eDiscovery solutions to manage their electronic data effectively and mitigate potential legal and regulatory risks.
The market is experiencing significant growth due to the increasing number of cyber security attacks and the need for secure document organization and classification. With the rise of remote work and cloud-based solutions, the market is witnessing in demand for eDiscovery tools that can effectively manage electronic information from messaging platforms and social media. eDiscovery solutions enable enterprises to collect, store, and analyze data for litigation and regulatory processes. The market is witnessing increased adoption in industries such as travel & hospitality, healthcare, government, information technology, media & entertainment, and others. Data theft and data protection are major concerns, leading to the need for advanced data analysis capabilities in eDiscovery software.
Bulk storage devices and the vast amount of electronic documents require efficient document classification and storage solutions. eDiscovery software plays a crucial role in ensuring data protection and compliance, making it an essential tool for businesses in the digital age.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The solution segment is estimated to witness significant growth during the forecast period. The market is witnessing significant growth due to the increasing volume of electronic information and the ensuing need for effective and secure data management. Predictive coding and artificial intelligence (AI) technologies are increasingly being adopted in eDiscovery solutions to streamline the process of collecting, processing, and analyzing large volumes of documents for litigation and regulatory processes. Solutions dominate the component segment of the market due to their ability to cater to unique customer needs and create value. They offer services such as data security, file synchronization and sharing, data recovery, and backup, enabling businesses to increase data accessibility and collaboration, optimize their storage infrastructure, and ensure business continuity.
For instance, Nuix eDiscovery software is known for its capability to process large, complex data stores and provide a user-friendly environment for searching, reviewing, and analyzing their contents. The importance of efficient eDiscovery is becoming increasingly evident, and solutions are essential in meeting customer requirements and driving industry advancements.
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The solution segment was valued at USD 3.88 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 41% 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.
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The North American market is projected to experience significant growth in the upcoming years due to the region's substantial company base and increased adoption of these solutions. With a focus on mobile content delivery models, eDiscovery software companies are expanding their offerings to cater to the rising demand for archival and storage services for electronic information. In North America, countries such as the US and Canada have the highest adoption rates of eDiscovery software. companies like Nuix and Relativity are broadening their product portfolios to encompass more eDiscovery functions, including media information management, driven by predictive coding and artificial intelligence technologies. These advancements enable more efficient processing and analysis of vast volumes of documents during litigation and regulatory processes within enterprises.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising volume of electronic data is the key driver of the market. In today's data-driven business landscape, enterprises across industries such as travel and hospitality, healthcare, government, information technology, media and entertainment, among others, generate vast amounts of data daily from various sources. Analyzing and making sense of this data is crucial for informed decision-making. With the increasing threat of data theft and the need for data protection, organizations are investing in advanced data management and discovery solutions, including eDiscovery software.
These solutions enable the conversion of raw data into valuable insights through big data analytics and AI-based analysis. Cloud-based eDiscovery software offers a cost-effective and efficient solution for managing and analyzing large volumes of data, making it an essential tool for data-intensive industries.
Automation and processing of social media data and collaboration tools is the upcoming trend in the market. The market is witnessing significant growth due to the increasing usage of social media and collaborative tools in various industries such as travel & hospitality, healthcare, government, information technology, media & entertainment, and others. With the rise of social media usage, organizations are implementing policies and IT education and training to ensure data protection. companies provide solutions to automate adherence to corporate social media policies, including enforcement and notifications of business rules for sensitive data usage and monitoring for potential data loss. Moreover, the increasing adoption of collaborative tools and platforms is leading to an escalating number of eDiscovery requests for producing Electronically Stored Information (ESI) from these platforms.
This trend necessitates the continuous development of advanced eDiscovery software platforms, incorporating big data analytics and AI-based analysis, to extract data from these collaborative tools effectively. Data protection and prevention of data theft are critical concerns for organizations, making eDiscovery software an essential investment.
The risk of security breach and rising data volumes is a key challenge affecting the market growth. The market is witnessing significant growth due to the increasing need for information governance in various sectors, including travel and hospitality, healthcare, government, information technology, media and entertainment, and others. With the exponential growth of data, the risk of data theft and protection has become a major concern for organizations. eDiscovery software plays a crucial role in ensuring data security and protection by providing tools for identifying, preserving, and analyzing data. The healthcare industry, for instance, generates vast amounts of sensitive patient data daily, making it a prime target for data breaches. A leak of such data can lead to a loss of customer confidence, bad publicity, penalties from data regulators, and even criminal prosecution.
Similarly, in the travel and hospitality industry, customer data is a valuable asset that needs to be protected. Failure to respond to right to information requests or loss of internet protocol information can also pose challenges. Moreover, most legal organizations struggle with managing application-generated record output, such as data from collaborative applications used in the office and SharePoint-based instant messaging. eDiscovery software with big data analytics and AI-based analysis capabilities can help organizations mitigate these risks by providing advanced data protection and information governance solutions.
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 analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service 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 market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
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. Data 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.
The market is experiencing significant growth due to the increasing number of cyber security attacks and the need to manage electronic information in various sectors. With the rise of remote work and cloud-based solutions, the market is witnessing an increase in demand for eDiscovery solutions that can handle messaging platforms, social media, and document organization. Document classification, data analysis, automation, and AI-based analysis are key features driving the growth of the market. Law firms, government agencies, large enterprises, SMEs, retail & consumer goods, IT & telecommunications, healthcare & life sciences, legal, government & public sector, travel & hospitality, media & entertainment, and other industries are investing in eDiscovery solutions to manage litigation, regulatory processes, and investigative proceedings. The market is expected to grow due to the increasing need to protect confidential information, comply with laws and regulations, and prevent data theft and data breach events. Machine learning models and predictive coding are also gaining popularity in the market for their ability to efficiently process large volumes of digital data and identify false information.
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Market Scope |
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 15.7% |
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Market growth 2024-2028 |
USD 13.57 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
13.76 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 41% |
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Key countries |
US, China, Germany, Canada, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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., OpenText Corp., Relativity Global LLC, Veritas Technologies LLC, and Xerox Holdings Corp. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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