E-Discovery Market Demand, Insights and Forecast up to 2030

E-Discovery Market Size

E-Discovery Market: Overview

E-discovery is the process of collecting, processing and analyzing electronically stored information (ESI) in anticipation of or during litigation or regulatory investigations. ESI can include a wide variety of data, such as emails, text messages, social media posts, financial records, and medical records.

The e-discovery market size is growing rapidly due to the increasing volume of ESI, the increasing complexity of e-discovery cases, and the increasing regulatory requirements for e-discovery. The global e-discovery market was valued at $14.10 billion in 2022 and is projected to reach $24 billion by 2030, growing at a CAGR of 8.50% during the forecast period.

Key Drivers of the E-Discovery Market

The growth of the e-discovery market is being driven by a number of factors, including:

  • The increasing volume of ESI. The amount of ESI that is being created and stored is growing exponentially. This is due to the increasing use of electronic devices and the increasing digitization of business processes.
  • The increasing complexity of e-discovery cases. E-discovery cases are becoming increasingly complex due to the volume and complexity of the ESI that needs to be processed.
  • The increasing regulatory requirements for e-discovery. A number of regulatory bodies, such as the Securities and Exchange Commission (SEC) and the Federal Trade Commission (FTC), are requiring companies to retain and produce ESI in response to regulatory investigations.

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Key Trends in the E-Discovery Market

The e-discovery market is characterized by a number of key trends, including:

  • The increasing adoption of cloud-based e-discovery solutions. Cloud-based e-discovery solutions offer a number of advantages over traditional on-premises solutions, such as scalability, cost-effectiveness, and ease of use.
  • The increasing use of artificial intelligence (AI) in e-discovery. AI is being used to automate a number of e-discovery tasks, such as data collection, processing, and analysis.
  • The increasing focus on compliance. E-discovery vendors are increasingly focused on helping organizations comply with the regulatory requirements for e-discovery.

E-Discovery Market Segmentation

The e-discovery market can be segmented by:

  • Solution (software, services, and managed services)
  • End-user (legal, corporate, and government)
  • Geography (North America, Europe, Asia Pacific, and Rest of the World)

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E-Discovery Market Players

The e-discovery market is dominated by a number of major players, including:

  • IBM
  • Microsoft
  • Oracle
  • Nuix
  • Relativity
  • Logikcull
  • Everlaw
  • Catalyst
  • FTI Consulting

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About the Author: Hemant Kolhe