According to amarket research report "eDiscovery Market by Component (Software (Processing,Review and Analysis, Identification, Preservation and Collection, andProduction and Presentation) and Services), Deployment Type, Organization Size,Vertical, and Region - Global Forecast to 2025", publishedby MarketsandMarkets™, the eDiscovery Market size is expected to grow from USD 9.3 billion in 2020 to USD 12.9billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.6% during theforecast period.
The key factors thatare expected to drive the growth of the market are the focus on proactivegovernance with data analytics and the emergence of new content sources.
Browse and in-depth TOC on “eDiscovery Market”
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Services segment to hold a larger market size during theforecast period
The volume of data thatneeds to be analyzed is growing day-by-day due to the increasing number ofsources that generate data. Services form an integral part of the eDiscoveryand include managed services, support and maintenance, and training,consulting, and integration services. The majority of companies across theglobe want to exert more control over their eDiscovery data and operations. ButOrganizations fail to do so due to the lack of resources to execute therequired in-house operations in-house. The eDiscovery managed services offersupport for data collection through data management and document review.eDiscovery managed services offer a business partnership that allowsorganizations to have the cost predictability and control they need and thesecurity and required eDiscovery workflows.
SMEs segment to grow atthe highest CAGR during the forecast period
SMEs have a low marketingbudget and often lack the resources and capabilities for effective marketingorchestration. SMEs, with their limited budgets, try to scale up theirbusinesses through cost-effective techniques to generate maximum RoI from theirspending. One of the most widely impacted by COVID-19, Italy, came up with anemergency plan of USD 28 billion that could help them inch slowly towardnormalcy. As businesses across sectors are finding it a challenge to stay upand running, it has been a particularly distressing time for SMEs, who gloomilystare at an uncertain future.
IT and telecommunicationsvertical to grow at the highest CAGR during the forecast period
The IT andtelecommunications vertical is experiencing increased data generation due tothe advancements in technologies, such as 3G and 4G. The introduction of 5Gtechnology in the near future is expected to generate a large volume of data.This vertical faces challenges in maintaining IP copyrights and data collectiondue to a broad customer base. It deals with cross-border data privacy andsecurity challenges by regulators and anti-trust inquiries. Hence, companies inthis vertical are exposed to more scrutiny as regulatory and consumer demandschange.
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North America to account for the highest market share during the forecastperiod
Companies in this regionhave adopted eDiscovery solutions to regulate cybersecurity and data breaches,handle cross-border jurisdiction differences and privacy issues, manageinvestigation matters and litigation, and maintain standards to meet alldiscovery obligations. North America is further segmented into the US andCanada. The US is expected to be the major revenue contributor to theeDiscovery Market in North America. After the US, Canada is expected to presentsignificant growth opportunities for eDiscovery solutions and serviceproviders.
The major players in the eDiscovery Market are Microsoft(US),IBM(US), OpenText(Canada), Deloitte(US), Micro Focus(UK), ZyLAB(TheNetherlands), Relativity(US), Nuix(Australia), Logikcull(US), KLDiscovery(US),Exterro(US), Thomson Reuters(Canada), Knovos(US), Casepoint(US), Nextpoint(US),DISCO(US), Veritas(US), One Discovery(US), Congruity360(US), Onna(US),Everlaw(US), Texifter(US), Allegory(US), Evichat(Canada), and Reductech(UK).The study includes an in-depth competitive analysis of key players in theeDiscovery Market with their company profiles, recent developments, COVID-19developments, and key market strategies.
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