eDiscovery Market Size, Share, Growth Analysis, By Component(Solutions, Services), By Organization size(Large Enterprises, SMEs), By Deployment Mode(On-premises, Cloud), By Vertical(Government & Public Sector, Legal, BFSI, Energy & Utilities), By Region - Industry Forecast 2024-2031

eDiscovery Market Drivers

• Emergence of data growth in the market, as the use of digital technologies in all verticals has increased. Companies throughout every domain in the past decade have suffered from a sudden excess of incremental data growth. Data grows more quickly than ever before. In recent years almost 85% of the existing global data were generated and by the end of 2020, it is approximated that the figure will increase to approximately 44 zettabytes. Smartphones account for almost two-fifths of global ecommerce transactions and therefore generate large-scale content.
• Development in AI-based analytics as, Artificial Intelligence (AI) is changing the law profession slowly and advances in analytics-based AI are anticipated to speed up and enhance eDiscovery quality performance. Analytics are used to detect significant data patterns and to analyse them. In managing explosive volumes of data, analytics helps to manage and adhere to new types of data, such as Multimedia, Social and BYOD, eDiscovery costs, and new rules. Predictable coding is mainly an ML process using software and computer algorithms to evaluate the documents which are self-learning related to litigation.

eDiscovery Market Restraints

• Cyber-attacks are more often visible as cyber security is one of the most significant aspects in order to operate smoothly. The number of data breaches and cyber-attacks has risen significantly in recent times. Many companies do not know of this problem and have poor cyber security practices and unsecured data in place, which leave them susceptible to loss of data. Accordingly, every 39 seconds, three-fifth of enterprises suffered phishing and social engineering attacks, according to data obtained by Cabinet Solutions. According to the Norton report, by 2023, 50% of the data violations will be taken into account.