eDiscovery Market to be Worth US$18,067.3 Million by 2030

Avoiding delays in court systems to increase adoption in the eDiscovery market

DUBAI, United Arab Emirates, March 30, 2022 (GLOBE NEWSWIRE) — Future Market Insights publishes the 2020 version of Global eDiscovery Market report, according to which the market is expected to grow at a CAGR of 8.3% during the forecast period from 2022 to 2030, reaching a valuation of approximately US$18.06 billion by the end of the forecast period. forecast.

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The solutions offered by e-Discovery vendors are expected to revolutionize the legal system by changing the way law firms operate. With the increase in Electronically Stored Information (ESI) of around 20 documents required for identification and presentation of evidence in a forensic investigation, the market is expected to flourish. The clean method of storing stacks and stacks of evidence with the promise of keeping them tamper-proof is expected to drive adoption of eDiscovery solutions and software between the forecast years 2022-2030, the report says.

The introduction of eDiscovery workflows has enabled end users to deal with metadata such as stamps, author, recipient information, file properties, and time data, which was previously a cumbersome and erroneous task. . This has reduced the deterioration of documents required for litigation in a court case that can take years.

Today, eDiscovery services and software are used for consulting, forensics, contract review, enterprise data warehousing, and federal needs. His ability to make documents indestructible became his greatest asset, earning him a massive following over the years. Needless to say, the market is also driven by digitalization in emerging economies, but its ability to bring long-term operational efficiency has truly made documentation a manageable feat for court systems.

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Key Insights from eDiscovery Market Research

• The enterprise segment is expected to show a CAGR of 14% over the forecast period, gradually approaching the lion’s share of the government and regulatory agency segment of around 60% in 2019.

• The software segment holds a leading position with 55% market share in 2019. However, the service segment will grow 2.4 times the current market value during the forecast period.

• Asia-Pacific is poised to grow at a CAGR of 12% to create an incremental opportunity of approximately US$7.2 billion during the forecast period

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Report scope

Impact Analysis of COVID-19 on the eDiscovery Market
The COVID-19 outbreak has highlighted the need for businesses to adapt to the changing technology landscape and ensure business continuity to stay relevant throughout the pandemic. This sentiment should drive greater investment in technology infrastructure for law firms, which are the primary end users of eDiscovery solutions. The influx of raw ESIs during the social distancing period will allow for seamless collection, review, identification and sharing. The adoption of cloud computing will enable continuity of operations and avoid the risks of delays, often observed in judicial systems.

Analysts predict that the eDiscovery market will grow at a rate of 9% throughout the forecast period as end users realize its undiscovered benefits. Between the years 2020 and 2033, the cloud-based segment market is expected to witness a growth rate of 15% and an increase of 1.4 times its current market value.

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Driving growth through innovation
Collaborations and partnerships will remain essential to the growth of the global eDiscovery market. Players are expected to focus on building their prowess to expand geographically. For example, in May 2020, Microsoft Corporation entered into a partnership with Epiq, a legal services provider headquartered in the United States. With this, Epiq launched its “Epiq Compliance Connector for Microsoft Teams”, an information governance capability. It is the very first application to identify, track, collect and connect the number of messages in Teams to speed up the process of eDiscovery.

Companies operating in the global eDiscovery market should focus on developing tools that will truly help reduce costs and the risk of regulatory non-compliance. Ensuring absolute secrecy and keeping documents intact and safe from tampering will go a long way in making a remarkable difference in handling legal cases in the near future for these providers.

Explore IMF’s extensive ongoing technology coverage

eDiscovery Solutions Market – The evolution of advanced technologies such as IoT, artificial intelligence, cloud and analytics are playing a crucial role in the growth of the eDiscovery solutions market. Today, organizations use various sources such as enterprise apps, social media, web searches, and cloud-based apps to generate data.

Data Discovery Market – Over the past decade, technologies have evolved rapidly and a huge volume of customer data is being collected daily, which can be turned into useful insights by using the correct set of data discovery tools.

Content Analytics and Cognitive Systems Discovery Market – Information can be a strategic asset to an organization that can reduce business risk, enable better customer relationships, and support better decision-making. With the enormous increase in the diversity and volume of data, the need is more urgent to extract information across the organization.

MFTPaaS market – The MFTPaaS market is expected to grow over 16.8% CAGR over the next five years. MFTPaaS enables cloud-based information sharing between companies, allowing files to be transferred between multiple companies or within a company.

Serverless Application Market – The serverless application market is expected to grow at a CAGR of 16.6% during the forecast period 2021-2031. Serverless is a cloud-native development model that allows developers to build and run applications without having to manage servers.

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Smart Contracts Market – The smart contract market is expected to grow over 24.7% CAGR from 2021 to 2031. Smart contracts are directly written lines of code or a self-executing contract between seller and buyer.

Spend Analyze Software Market – The spend analysis software market is expected to grow over 18.4% CAGR from 2021 to 2031. The spend analysis software offers flexibility to organizations and provides real-time synchronization on-premises or in the cloud.

Trusted Platform Module (TPM) Market – The Trusted Platform Module (TPM) market is expected to grow over 15% CAGR from 2021 to 2031. TPM is a computer chip designed to provide security-related and hardware-based functions to authenticate the platform such than a laptop or a PC.

wireless charging market – The global wireless charging market is expected to strengthen with a CAGR of 22.2% between 2022 and 2032.

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