E-discovery Market to Expand with Significant CAGR During 2022-2031, TMR Study

Transparency Market Research delivers key insights on the global E-discovery market. In terms of revenue, the global E-discovery market is estimated to expand at a CAGR of 8.9% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global E-discovery market.

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E-discovery is a type of digital inquiry that looks for evidence in emails, corporate communications, and other data that might be utilized in a lawsuit or a criminal case. The evidence from electronic discovery (E-discovery) can include data from email accounts, online documents, quick messages, social profiles, databases, image files, internal applications, website content, and other electronic data that might be utilized during civil and criminal actions. E-discovery is offered by three groups of providers: service providers, software companies, and legal firms. Major users of E-discovery solutions are government agencies, corporations (IT and legal departments), and regulators.

One of the primary reasons driving market expansion is rapid digitalization and the growing use of Internet of Things (IoT) devices. Cloud computing systems have considerably increased the creation of digital data, thereby driving the demand for e-discovery solutions to retrieve and recover information traces.

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Additionally, numerous government agencies make substantial use of E-discovery technologies to improve compliance, translation, and data security, resulting in market expansion. Litigation is mainly based on large volumes of electronic data recovered using E-discovery solutions. Moreover, the growing amount of electronically stored data and the rise in criminal cases (money laundering and tax fraud), are projected to drive the growth of the E-discovery market.

By 2020, the amount of data produced and copied annually is estimated to reach around 50 zettabytes (50 trillion gigabytes), propelling the use of e-discovery solutions. Furthermore, the surge of cyber threats and growing number of social media users is likely to boost the E-discovery market during the forecast period. According to Cybersecurity Threatscape's data, the number of cyber-attacks increased by 17% in the first quarter of 2021 compared to the same period of the previous year. However, the higher implementation cost of electronic discovery and a lack of information about the benefits and applications of E-discovery systems are expected to hamper the market.

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On the other hand, the rising number of unresolved legal cases in emerging countries such as India is expected to provide growth opportunities for the E-discovery market in the forthcoming years.

North America is expected to hold a dominant share of the global E-discovery market in 2021, as it is the most promising region for major verticals, including government and public sector, BFSI, legal, healthcare & life sciences, and IT & telecommunications. The manufacturing sector accounts for 11.6% of the U.S. economic production, according to the Bureau of Economic Analysis (which is run by the US Department of Commerce), as the United States is a developed nation, with an inclination for innovation. The country possesses the infrastructure, innovation, and efforts required to propel the E-discovery market.

Additionally, the market in Asia Pacific is anticipated to increase at a significant growth rate during the forecast period, owing to the most populous economies, India and China. The significant impact of modern technologies on enhancing productivity and lowering discovery, legal, and regulatory expenses throughout Asia Pacific enterprises is seen. These factors will foster the growth of the E-discovery market in Asia Pacific. Moreover, the E-discovery market of Middle East & Africa is expected to grow during the forecast period.

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The use of E-discovery software in the Middle East & Africa region will be driven by increased awareness of E-discovery solutions. In addition, the respective governments in the regions are spending heavily on modern technologies to implement effective laws and rules relating to ethical data statistics analysis, resulting in numerous opportunities for the flourishing growth of the E-discovery market in the Middle East & Africa region.

Key players operating in the global E-discovery market are Microsoft Corporation, IBM Corporation, Open Text Corporation, Deloitte, ZyLAB, Micro Focus, Relativity, NUIX, KLDiscovery, Exterro, Inc., Logik Systems, Inc., Thomson Reuters, Knovos, LLC, Casepoint, Nextpoint, Inc, CS Disco, Inc., Veritas, ONE Discovery Inc., and others.

About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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