eDiscovery Software Market Size, Share, Growth Analysis, By Components(Software, Services (Managed Services, Professional Services)), By Deployment Type(Cloud based, On-premise), By Enterprise Size(Small & Medium Enterprises, Large Enterprises), By End-user(Government, Public Sector, Legal, BFSI), By Region - Industry Forecast 2024-2031

eDiscovery Software Market size was valued at USD 10.73 billion in 2022 and is poised to grow from USD 11.74 billion in 2023 to USD 23.45 billion by 2031, growing at a CAGR of 9.6% in the forecast period (2024-2031).

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.

US eDiscovery Software Market is poised to grow at a sustainable CAGR for the next forecast year.