The eDiscovery market is projected to grow from USD 11.2 Billion in 2022 to USD 17.1 Billion by 2027, at a compound annual growth rate (CAGR) of 8.7% during the forecast period.
The solution offered in the market is comprehensive eDiscovery solutions designed to help organizations meet all legal, IT, operational, and risk-related requirements. Moreover, some companies are offering dedicated eDiscovery solutions, such as compliance management, risk management, and audit management, developed to cater to the specific need of the end users. The solutions are integrated with smart technologies and processes to help organizations simplify the process of managing the eDiscovery program. By integrating eDiscovery solutions into the operations, decision-makers are taking advantage of BI and analytical capabilities embedded into the solutions to achieve actionable insights and thereby formulate various strategies and focus on reducing risks. eDiscovery solutions are used to find, manage, secure, and store relevant data to be presented as evidence during a legal or criminal case. It helps solve various legal, constitutional, political, security, and personal privacy issues. The process of eDiscovery is done manually on paper or on a system. The rise in data generation and litigations can be considered as a major reason for the growth of eDiscovery solutions worldwide, as the need to manage and present this huge data can be easily achieved using the eDiscovery solutions. eDiscovery solutions enable easy and efficient implementation of the Electronic Discovery Reference Model (EDRM) model that includes identification, preservation, collection, processing, review, production, and presentation of the relevant data during legal cases leading to reduced time, costs, and manual intervention.
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Some of the major eDiscovery market vendors are Microsoft (US), IBM (US), DISCO (US), KLDiscovery (US), Nuix (Australia), Relativity (US), Logikcull (US), ZyLAB (Netherlands), Deloitte (US), Casepoint (US), Exterro (US), Knovos (US), Nextpoint (US), OpenTex (Canada), Everlaw (US), Epiq (US), Consilio (US), IPRO (US), Servient (US), Zapproved (US),Reveal (US), CloudNine (US), Lighthouse (US), ONE Discovery (US), Onna, US), Texifter (US), and Evichat (Canada).
IBM is an American multinational technology corporation. IBM produces and sells computer hardware, middleware, and software and provides hosting and consulting services in areas ranging from mainframe computers to nanotechnology. IBM is also a major research organization, holding the record for most annual US patents generated by a business (as of 2020) for 28 consecutive years. It is a computer technology and consulting corporation. IBM operates through five business segments: cognitive solutions, Global Business Services (GBS), technology services and cloud platforms, systems, and global financing. The company offers robust product portfolios in analytics, social and security, IoT, cloud, and mobile.
IBM has established a strong global footprint, with its presence in more than 175 countries. IBM eDiscovery Manager helps handle immediate litigation and investigation matters by enabling users to search, manage, and export Electronically Stored Information (ESI), including email and other business content. It provides a wide range of solutions and services to various industry verticals, including automotive, aerospace & defense, banking, consumer products, financial markets, healthcare, insurance, media & entertainment, oil & gas, education, electronics, energy & utilities, petroleum, and travel & transportation. It has established a strong channel partner ecosystem using the strategy of partnerships.
Microsoft is a multinational technology corporation that manufactures computer software, consumer electronics, and related services. The Microsoft Windows operating system line, the Microsoft Office suite, and the Internet Explorer and Edge web browsers are among its most well-known software products. The company offers Operating Systems (OS), server application software, business and customer application software, and internet and intranet software. Its major business segments include more personal computing, productivity and business processes, and intelligent cloud. It caters to several verticals, including automotive, government, healthcare, manufacturing, financial services, and retail. With approximately 144,000 employees, the company provides products to its broad customer base in over 180 countries. It has a presence in North America, Asia Pacific, Latin America, the Middle East & Africa, and Europe. It offers Azure Media Services, Adobe Marketing Cloud, Microsoft Dynamics 365 AI for Sales, Zone·tv Studio, and Ad Monetization Platform in the data monetization market. The Ad Monetization Platform offers enhanced customer experiences, engagement services, and other facilities in a single platform.
eDiscovery Market by Component (Solutions and Services), Deployment Type (Cloud and On-premises), Organization Size, Vertical (BFSI, IT & Telecom, Government & Public Sector, and Legal) and Region - Global Forecast to 2027
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