Global eDiscovery Software Market

Global eDiscovery Software Market Size, Share, Growth Analysis, By Components(Software, Services (Managed Services), By Deployment Type(Cloud based, On-premise), By Enterprise Size(Small & Medium Enterprises, Large Enterprises), By End-user(Government, Public Sector) - Industry Forecast 2022-2028


Report ID: SQSG45E2033 | Region: Global | Published Date: September, 2022 | Pages: 165

Global eDiscovery Software Market Insights

Global eDiscovery software market was valued to be USD 10.22 billion in 2021, and it is expected to reach USD 18.7 billion by 2028 at a CAGR of 8.5% over the forecast period (2022-2028).

Document review software, commonly known as eDiscovery software, enables legal practitioners to handle electronic documents during investigations and discovery. ESI (electronically stored information) may be collected, handled, found, and preserved with the use of eDiscovery software. As a result of these factors, eDiscovery software is becoming more and more popular, which is boosting the market for it. One of the key elements fueling the expansion of the eDiscovery software industry is the increase in the amount of electronically stored data in companies.

The rising applications in a number of end-use industries, including energy, travel & hospitality, healthcare, government, legal, information technology, media & entertainment, and others, are projected to fuel the growth of the eDiscovery market. Utilizing these technologies enables businesses to process documents more quickly while lowering their risk of data theft. The creation of data and technology-assisted review are the two main areas of concentration for top companies in the eDiscovery industry. However, there are some limitations that are preventing the market's expansion. The application of eDiscovery services directly runs counter to the notion of data protection. eDiscovery services are very pricey, making them unaffordable for household use. The market's expansion throughout the anticipated period will be impacted by these variables.

Market snapshot

Global Market Size

USD 10.22 billion

Largest Segment

Government and Public Sector

Fastest Growth

Government and Public Sector

Growth Rate

8.5% CAGR

Global eDiscovery Software Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global eDiscovery Software Market Size By End-user 2022-2028 ($ Bn)
Global eDiscovery Software Market Size By End-user 2022-2028 (%)

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Global eDiscovery Software Market Segmental Analysis

The Global eDiscovery Software Market is segmented based on components, deployment type, enterprise size, end-user and region. Based on Components, it is categorized into Software and Services. The Services segment is further sub segmented into Managed Services and Professional Services. Based on Deployment Type, it is categorized into Cloud based and On-premise. Based on Enterprise Size, it is categorized into Small & Medium Enterprises and Large Enterprises. Based on End-user, it is categorized into Government and Public Sector, Legal, BFSI, Energy and Utilities, Healthcare and Life Sciences, Retail and Consumer Goods, Manufacturing, IT and Telecommunications, and Others. Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.

Analysis by End-user

On the basis of end-user, the government segment is expected to lead the global eDiscovery software market over the forecast period. Government agencies from all over the world have realized the need for electronic records for various investigations. Electronic records, according to a number of organizations including the Civil Division of the US Department of Justice, are meaningless. Additionally, when it comes to the creation of new corporations, governments must adhere to a number of restrictions. The recent "Paradise papers" case emphasizes the need for eDiscovery in governmental institutions for catching a variety of crimes, including tax fraud and money laundering. Such instances highlight the significance of eDiscovery for the public sector, which fosters market expansion.

Global eDiscovery Software Market By End-user, 2021 (%)

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Global eDiscovery Software Market Regional Insights

Based on the region, the North American region currently dominates the global eDiscovery software market. In terms of value, North America dominated the eDiscovery software market in 2021. During the projection period, North America is projected to account for 44% of market growth. The two largest markets in North America for eDiscovery software are the US and Canada. The United States is expected to dominate the area as a result of the widespread use of cloud-based services by various businesses. The market expansion in North America is being driven by the increasing usage of eDiscovery solutions across a range of sectors, including BFSI, legal, government and public sector, healthcare & life sciences, and IT & telecommunications.

Due to the existence of established nations like Germany, France, and the U.K., who are early adopters of the new technology, Europe is also predicted to have considerable development.

Global eDiscovery Software Market By Geography, 2022-2028
  • Largest
  • Fastest

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Global eDiscovery Software Market Dynamics

Drivers

  • Increasing amount of digital data: Various sources, including enterprise software, social networks, web-based searches, and cloud-based apps, are used by businesses to generate data. Large enterprises find it nearly impossible to regularly examine massive amounts of data without the aid of cutting-edge technologies. Organizations are attempting to make the greatest use of the available raw data they have available and transform it into knowledge that will aid in their decision-making processes. As part of data analytics, they concentrate on implementing data management and concentrating on implementing data management and discovery solutions, such as eDiscovery solutions. Big data analytics and administration are made simple and affordable by cloud-based solutions. Due to their low cost and ability to upload, evaluate, and produce documents online instantly, cloud-based applications are also becoming increasingly popular. Therefore, as this type of application is used more frequently, a significant amount of electronic data is being produced, which increases the need for eDiscovery solutions. Low-cost subscription fees are charged by eDiscovery suppliers for the software and services necessary for the operation of large databases.

Restraints

  • A significant barrier to the expansion of the worldwide eDiscovery software market is a lack of skilled labor. The eDiscovery software market lacks a trained workforce since it is challenging to attract and retain personnel. To create eDiscovery solutions, you need specialized knowledge. The sales, marketing, and developer divisions need to invest a lot of money because there is fierce competition for the skills and background needed in this market. Due to the young workforce's propensity for mobility, IT companies around the world see significant rates of turnover. Employees who handle documents, however, frequently have a set routine and degree of comfort in a paper-based setting using conventional methods, like file-folder systems, to organize and store data. Employees may be discouraged from adopting new procedures by a new set of monitoring and tracking procedures as well as a fear of losing papers. Data redundancy can be avoided by using eDiscovery solutions to assist employees in finding the most recent version of the information they require. However, the lack of skilled workers that results from employees' resistance to adopting these contemporary solutions limits the market's expansion.

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Global eDiscovery Software Market Competitive Landscape

The market for eDiscovery software is highly fragmented. To draw in more users, the major players are concentrating on creating affordable and portable eDiscovery. In order to expand their product portfolios and market reach, firms involved in the eDiscovery industry are also concentrating on inorganic growth tactics like strategic alliances and merger & acquisition activities with tech partners.

Top Players Company Profiles

  • Microsoft Corporation (US)
  • Symantec Corporation (US)
  • IBM Corporation (US)
  • Opentext (Canada)
  • Micro Focus (US)
  • Deloitte (UK)
  • Nuix (Australia)
  • Exterro (US)
  • KLDiscovery(US)
  • Thomson Reuters (Canada)
  • Knovos (US)
  • Guidance Software Inc. (US)
  • FTI Consulting (US)
  • Veritas (US)
  • One Discovery (US)

Recent Developments

  • In March 2022, Nebula Enterprise was launched by KLDiscovery. Nebula Enterprise, a plug-and-play extensible appliance made to handle a variety of security and compliance issues, brought the strength, adaptability, and improved feature set of Nebula into the data centers of clients.
  • In May 2021, Relativity and Proofpoint announced an alliance to combine Proofpoint's business preservation and compliance services with Relativity's AI-enabled communications monitoring product, Relativity Trace.

Global eDiscovery Software Key Market Trends

  • Increase in AI-based analysis and predictive coding: The legal industry is being transformed by artificial intelligence (AI), and improvements in AI-based analytics are expected to raise the standard of eDiscovery procedures. Analytics is a method for spotting and deciphering important data patterns. eDiscovery is required because it allows lawyers to learn for themselves through the study of test materials. eDiscovery systems then apply the same method to a larger document group, simplifying and streamlining the document review process. eDiscovery reviews are more successful because of predictive coding, which reduces costs and efficiently slows the exponential increase of digital data. Among other things, AI helps with translation, voice search, signature recognition, and text and image classification. As a result, the eDiscovery market will benefit from the combination of AI and analytics with eDiscovery.

Global eDiscovery Software Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to the analysis, the global eDiscovery software market is currently led by countries in the North America region, due to the increasing usage of eDiscovery solutions across a range of sectors in this region. Along with this, the government segment is projected to lead the market as the government agencies from all over the world are realizing the need for electronic records for various investigations, over the forecast period.

Report Metric Details
Market size value in 2021 USD 10.22 billion
Market size value in 2028 USD 18.7 billion
Growth Rate 8.5%
Base year 2021
Forecast period 2022-2028
Forecast Unit (Value) USD Billion
Segments covered
  • Components
    • Software, Services (Managed Services, Professional Services)
  • Deployment Type
    • Cloud based, On-premise
  • Enterprise Size
    • Small & Medium Enterprises, Large Enterprises
  • End-user
    • Government, Public Sector, Legal, BFSI, Energy, Utilities, Healthcare, Life Sciences, Retail, Consumer Goods, Manufacturing, IT, Telecommunications, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Microsoft Corporation (US)
  • Symantec Corporation (US)
  • IBM Corporation (US)
  • Opentext (Canada)
  • Micro Focus (US)
  • Deloitte (UK)
  • Nuix (Australia)
  • Exterro (US)
  • KLDiscovery(US)
  • Thomson Reuters (Canada)
  • Knovos (US)
  • Guidance Software Inc. (US)
  • FTI Consulting (US)
  • Veritas (US)
  • One Discovery (US)
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global eDiscovery Software Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global eDiscovery Software Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global eDiscovery Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global eDiscovery Software Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global eDiscovery Software Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global eDiscovery Software Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Global eDiscovery software market was valued to be USD 10.22 billion in 2021, and it is expected to reach USD 18.7 billion by 2028 at a CAGR of 8.5% over the forecast period (2022-2028).

The market for eDiscovery software is highly fragmented. To draw in more users, the major players are concentrating on creating affordable and portable eDiscovery. In order to expand their product portfolios and market reach, firms involved in the eDiscovery industry are also concentrating on inorganic growth tactics like strategic alliances and merger & acquisition activities with tech partners.'Microsoft Corporation (US)','Symantec Corporation (US)','IBM Corporation (US)','Opentext (Canada)','Micro Focus (US)','Deloitte (UK)','Nuix (Australia)','Exterro (US)','KLDiscovery(US)','Thomson Reuters (Canada)','Knovos (US)','Guidance Software Inc. (US)','FTI Consulting (US)','Veritas (US)','One Discovery (US)'

Increasing amount of digital data: Various sources, including enterprise software, social networks, web-based searches, and cloud-based apps, are used by businesses to generate data. Large enterprises find it nearly impossible to regularly examine massive amounts of data without the aid of cutting-edge technologies. Organizations are attempting to make the greatest use of the available raw data they have available and transform it into knowledge that will aid in their decision-making processes. As part of data analytics, they concentrate on implementing data management and concentrating on implementing data management and discovery solutions, such as eDiscovery solutions. Big data analytics and administration are made simple and affordable by cloud-based solutions. Due to their low cost and ability to upload, evaluate, and produce documents online instantly, cloud-based applications are also becoming increasingly popular. Therefore, as this type of application is used more frequently, a significant amount of electronic data is being produced, which increases the need for eDiscovery solutions. Low-cost subscription fees are charged by eDiscovery suppliers for the software and services necessary for the operation of large databases.

Increase in AI-based analysis and predictive coding: The legal industry is being transformed by artificial intelligence (AI), and improvements in AI-based analytics are expected to raise the standard of eDiscovery procedures. Analytics is a method for spotting and deciphering important data patterns. eDiscovery is required because it allows lawyers to learn for themselves through the study of test materials. eDiscovery systems then apply the same method to a larger document group, simplifying and streamlining the document review process. eDiscovery reviews are more successful because of predictive coding, which reduces costs and efficiently slows the exponential increase of digital data. Among other things, AI helps with translation, voice search, signature recognition, and text and image classification. As a result, the eDiscovery market will benefit from the combination of AI and analytics with eDiscovery.

Based on the region, the North American region currently dominates the global eDiscovery software market. In terms of value, North America dominated the eDiscovery software market in 2021. During the projection period, North America is projected to account for 44% of market growth. The two largest markets in North America for eDiscovery software are the US and Canada. The United States is expected to dominate the area as a result of the widespread use of cloud-based services by various businesses. The market expansion in North America is being driven by the increasing usage of eDiscovery solutions across a range of sectors, including BFSI, legal, government and public sector, healthcare & life sciences, and IT & telecommunications.

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Global eDiscovery Software Market

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