eDiscovery Market size is set to gain remarkable traction over 2022-2028, considering the key advantages of using eDiscovery tools, such as high security and reduced data mining time, owing to the rapid collation of documents and elimination of duplicates. Likewise, the rapid advances in AI technology will also drive industry demand, as AI plays a significant role in directing and restructuring the electronic discovery process, assisting attorneys in efficiently and quickly solving problems.
eDiscovery refers to the process of identifying and providing electronic information that is often used as evidence in legal cases. This solution attempts to collect evidence, including data from social profiles and instant messages, in business communications, emails, and other electronic information that can be used in criminal proceedings or litigations.
Rise of cyber threats and the mounting number of social media users are among the prominent trends augmenting the eDiscovery market outlook through 2022-2028. As per Positive Technologies Cybersecurity Threatscape’s data, the rate of cyber-attacks surged by 17% in the first quarter of 2021 as compared to a year earlier. Factors such as these could proliferate the requirement of eDiscovery solutions, as these can simplify the process of evaluating information accessed by the attackers and determining personally identifiable information. Additionally, the growing number of pending legal cases in developing economies like India will also provide growth opportunities for the industry in the upcoming years.
Healthcare and life sciences end-use segment will hold a considerable share in the eDiscovery industry by 2028, as the storage of ePHI (electronic protected health information) opens insurance and healthcare organizations up to substantial liability. In addition, the strong focus on accelerating digital-only services and patient-centric transformation in life sciences will also amplify the demand for eDiscovery software in the upcoming years.
On the regional front, the Europe eDiscovery market is projected to register a high revenue by 2028, due to the growing rate of fraud and the increase in digital transformation efforts, sped up by the ongoing coronavirus pandemic. Fraud cases in nations like the UK have witnessed a dramatic upsurge in recent months, which could give rise to the deployment of electronic evidence discovery tools and techniques for internal investigations.
Major players functioning in the eDiscovery market include ZyLAB Technologies, Veritas Technologies LLC (The Carlyle Group), Thomson Reuters Corporation (The Woodbridge Company), Microsoft Corporation, Micro Focus International plc, IBM Corporation, FRONTEO Inc., EPIQ Systems, Inc., Deloitte Touche Tohmatsu Limited, Conduent, Inc., Commvault, CloudNine, Advanced Discovery Inc., and AccessData Group, Inc. (Exterro), among others. These companies are focusing on strategies like new service launches, acquisitions, and mergers to strengthen their presence in the global market.
For example, in May 2021, CloudNine released Discovery Portal, an integration platform that facilitates the interoperability of eDiscovery technologies in the EDRM spectrum. Also, in May 2021, EPIQ announced a unique combination of a team of experts, pre-built AI models, and an innovative program. This combination was geared towards assisting Epiq eDiscovery Managed Services clients in creating, building, and nurturing AI model libraries based on specific data sets and practices.
The novel coronavirus pandemic has not only asserted an unprecedented impact on public health across the globe, but also served as a major catalyst for the industrial sector’s massive shift towards cyberspace. However, with communication, business and personal interactives moving to the digital world, cybersecurity risks have become increasingly prevalent over the past year. This digital shift and its associated risks may prove to be beneficial for the eDiscovery industry over the years ahead, given the key role of the technology in digital forensics to help tackle cybercrimes.
Market, By Component, 2017-2028 (USD Million)
Market, By Enterprise Size, 2017-2028 (USD Million)
Market, By Deployment Type, 2017-2028 (USD Million)
Market, By End-Use, 2017-2028 (USD Million)
The above information has been provided for the following regions and countries: