Electronic discovery (often referred to as e-discovery or eDiscovery) is the discovery of material in digital form during legal procedures such as litigation, government investigations, or information rights requests as electronically stored information (ESI). Electronic discovery is governed by civil procedure standards and agreed-upon methods, which frequently include a review for privilege and significance before data is given over to the seeking side of a lawsuit.
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Increasingly stringent monitoring, cross-border privacy legislation, and sophisticated benchmark datasets have contributed to the expansion of the scope and size of eDiscovery techniques. Software-as-a-service (SaaS) and artificial intelligence (AI) have transformed eDiscovery practices, to become cost-effective as it helps companies reduce their overall operating expenses. The modern eDiscovery software market has evolved into a critical tool for the company’s operations.
According to eDiscovery market research, the solutions segment was the highest revenue contributor to the market and is expected to remain dominant during the forecast period. The rise in the adoption of cellphone-based data analytics technology has led to increasing in the growth of the services segment.
The outbreak of COVID-19 has significantly impacted the eDiscovery solution market growth. The rise in demand for digital evidence across various sectors has significantly propelled the growth of the eDiscovery service market during the pandemic. However, the emergence of the third wave of COVID-19 across the U.S. and UK is anticipated to affect the growth of the eDiscovery market in 2022. Moreover, the BFSI sector globally started to deploy eDiscovery solutions and thus is expected to drive the eDiscovery market growth post-pandemic.
According to Akansha Priya Gandham, Lead Analyst, Semiconductor and Electronics, at Allied Market Research, “The global eDiscovery market share is expected to witness considerable growth, owing to increase in adoption in digitalization and AI driven-solutions, especially in North America and Europe, due to increasing protection of metadata solution in these regions.”
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Region-wise, North America holds a significant share in the global eDiscovery industry, owing to the presence of prime players in this region. The adoption of forensics & collections and data analysis is expected to propel the growth of the eDiscovery industry in this region. Moreover, a surge in awareness of investigation, litigation & legal operations and freedom of the information act (FOIA) eDiscovery use case request in North America is anticipated to drive the eDiscovery market trends in this region.
KEY FINDINGS OF THE STUDY
- On the basis of offering, the solutions segment was the highest revenue contributor to the market and is estimated to grow with an impressive CAGR.
- Investigation and litigation & legal operation use cases are widely being applied in various government and corporate legal proceedings.
- On the basis of region, North America is expected to prevail in its dominance during the forecast period.
- The report provides a quantitative analysis of the global competitive landscape.
The key players profiled in the report include CloudNine, CS DISCO Inc., Deloitte Touché Tohmatsu Limited, International Business Machines Corporation, KLDiscovery Limited, Lighthouse eDiscovery Inc., Microsoft Corporation, Nuix Limited, Onna Technologies Inc. and ZyLAB Technologies. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the eDiscovery market.
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