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

Global eDiscovery Market size was valued at around USD 11.1 billion in 2022 and is expected to rise from USD 12 billion in 2023 to reach a value of USD 23.3 billion by 2031, at a CAGR of 8.6% over the forecast period (2024–2031).

eDiscovery helps to limit the complex legal cases, decrease the review documents time. The eDiscovery process depends on IT-centric, which require large amounts of structured and unstructured information to be identified, preserved, and collected in order to be transferred it in a compliant manner to the other party for processing, review, and analysis. Usage of when advanced data review and analytics technologies to automate the extraction of legal insights from the ESI corpus, eDiscovery necessitates significant compute resources. According to a survey by IBM, pandemic period has accelerated digital transformation in 59% of organization and 66% organizations are able to overcome previous challenges with digital transformation. AI and Machine Learning (ML), are beginning to drive innovation strategies of the business to successfully operate the pandemic technologies. According the PricewaterhouseCoopers, AI could contribute almost USD 15.7 trillion to the global economy in future.

Artificial intelligence will continuously evolve and improve eDiscovery solutions, as well as the services and processes used. Many industries in the market believe that social media is the most popular communication platform. Furthermore, the rise of online communities where people with similar ideas can communicate with one another has created a new paradigm for eDiscovery solutions. These factors will eventually drive the eDiscovery market.

The costs and management of eDiscovery can be decreased and managed through the use of an Electronic Records Management (ERM) system and the adoption of a records management program. One of the biggest benefits of using eDiscovery software is that it can aid a company in streamlining and encompassing its processes. When an organization lacks natural organization or is overloaded with discoveries, it can significantly improve work. Businesses can save a ton of time and effort by switching to electronic discovery tools. When using expert eDiscovery solutions, redacting documents and scaling large document reviews are both incredibly simple. To protect the discovery files of their clients, businesses must use cloud-based eDiscovery software. Users must make sure they are taking all logical security and preservation precautions. One of the best benefits of using electronic discovery software is that it will enable a business to better protect important files. The most recent high-profile data breaches demonstrate how less and less secure data storage within law firms.