The global eDiscovery
Market size is
projected to grow from USD 11.2 billion in 2022 to USD 17.1 billion by 2027, at
a compound annual growth rate (CAGR) of 8.7% during the forecast period according
to report published by MarketsandMarkets. Electronic discovery, also known as e-discovery, ediscovery,
eDiscovery, or e-Discovery, is the process of identifying, collecting, and
producing Electronically Stored Information (ESI); ESI includes documents,
emails, databases, voicemail, presentations, audio and video files, web sites,
and social media.
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The
services segment is estimated to have the largest market size during the
forecast period
Services for Electronic Discovery from preservation to
production, it strive for efficiency and accuracy at every stage. Review of
responsiveness traditional eDiscovery is prohibitively expensive and
inefficient. Exorbitant increases in the organizational burden posed by
eDiscovery have resulted from ballooning data volumes and infinite complexity.
These services are designed to support organizations through both civil and
legal proceedings. With eDiscovery, organizations cannot afford to tolerate
unreliable networks and inflexible data systems. eDiscovery services ensure
reliable access to millions of files is required 24×7, with a continuous focus
on performance and uptime
The large
enterprises segment is adopting eDiscovery market at a higher rate
Enterprises are witnessing high adoption of eDiscovery
solutions. They are mostly publicly traded companies with more than 1000
employees. Large enterprises usually have a large infrastructure and complex
network, which drives the demand for a centralized system to automate
governance, risk, and compliance-related processes to enhance productivity
while reducing the overall cost. For large organizations, it becomes complex to
keep an eye on every regulation as per the industry and region, wherein
eDiscovery solutions can help them easily tackle these challenges. Products in the
overall eDiscovery category are similar in many ways and help businesses of all
sizes solve business problems. However, enterprise business features, pricing,
setup, and installation differ from those of smaller businesses, which is why
companies match buyers with the best Enterprise Business eDiscovery for their
needs. To find the right solutions in the Enterprise Business eDiscovery
category, compare product ratings based on enterprise user reviews or contact
one of G2s buying advisors.
The
banking, financial services and insurance vertical is expected to hold a higher
market share
Financial service organisations are among the most heavily
regulated industries, and they are subject to a plethora of compliance and
administrative proceedings on a regular basis. Prominent financial regulators
such as the UK Serious Fraud Office and the US Securities and Exchange
Commission have already adopted the best eDiscovery solutions on the market to
supplement their own investigations.
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Asia
Pacific has the largest CAGR of eDiscovery market in the forecast period
Asia Pacific is the fastest-growing region for the adoption
of eDiscovery solutions. Key factors such as internal and external regulations
and a rise in focus of various industries to get a holistic view of risks are
projected to contribute to the growth of the market.
The
eDiscovery market is dominated by companies such as, are Microsoft (US), IBM
(US), DISCO (US), KLDiscovery (US), Nuix (Australia), Relativity (US),
Logikcull (US), ZyLAB (Netherlands), Deloitte (US), Casepoint (US), Exterro
(US), Knovos (US), Nextpoint (US), OpenTex (Canada), Everlaw (US), Epiq (US),
Consilio (US), IPRO (US), Servient (US), Zapproved (US),Reveal (US), CloudNine
(US), Lighthouse (US), ONE Discovery (US), Onna, US), Texifter (US), and
Evichat (Canada).
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