Overview:
The global e-discovery market is slated to surpass a valuation of USD 24 billion by 2023 by maintaining a 20% CAGR during the forecast period of 2018 to 2027. Market Research Future (MRFR) has predicted that the market has significant growth opportunities as factors like a significant hike in the electronic data stored and produced, the inclusion of age group ratio, its ability to curb time in assessing various records and understand the process, cost-efficiency, and others are going to evolve as major contributors. However, the system requires much improvement, especially in artificial intelligence and algorithms
Regional Analysis
The global eDiscovery size is expected to register a robust CAGR during the forecast to 2027. The geographic analysis of the market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America is expected to be the dominating region in terms of the adoption of eDiscovery solutions. The regional market has been segmented into the US, Canada, and Mexico. The US is expected to lead the country-level market, while Canada is projected to be the fastest-growing segment during the forecast period. The US market is expected to report the highest market share, owing to the factors such as demand for eDiscovery solutions from end-use verticals, including BFSI and law firms. Additionally, the rising demand for collecting and sharing sensitive information in bulk volumes stored remotely. Furthermore, these large volumes of information need to be accessed when and where required to present during the strict timelines. Additionally, the North American market for eDiscovery solutions is expected to grow further due to the presence of established players in the region, including Microsoft (US), IBM Corporation (US), Deloitte Touche Tohmatsu Limited (US), ZyLAB (US), Relativity (US), Logikcull (US), KLDiscovery (US), Exterro, Inc. (US), Thomson Reuters (US), Knovos, LLC (US), Casepoint (US), and Nextpoint, Inc. (US).
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For the purpose of analysis, the European market has been divided into the UK, Germany, France, and the rest of Europe. In terms of market size, the region is expected to be the second-largest region globally to adopt eDiscovery solutions and services mainly due to data privacy and data protection laws in the European continent. The UK is projected to be the leading country-level market owing to higher adoption from government organizations.
The eDiscovery market in Asia-Pacific is projected to grow at the fastest rate over the forecast period, with the regional market being segmented into China, Japan, India, and the rest of Asia-Pacific. This growth is attributed to the rapid economic developments in major countries, including China, Japan, India, and the fast pace of data generation. The growing demand for eDiscovery solutions by BFSI, law firms, and governing organization verticals in Asia-Pacific offers lucrative opportunities for eDiscovery providers.
The market in the Middle East & Africa and South America is expected to register steady growth during the forecast period. The demand is contributed by the IT & telecom and BFSI enterprises expected to continue adopting eDiscovery solutions over the forecast period.
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Key Players
According to MRFR analysis, Microsoft (US), IBM Corporation (US), Open Text Corporation (Canada), Deloitte Touche Tohmatsu Limited (US), Micro Focus (UK), ZyLAB (US), Relativity (US), Nuix (Australia), Logikcull (US), KLDiscovery (US), Exterro, Inc. (US), Thomson Reuters (US), Knovos, LLC (US), Casepoint (US), and Nextpoint, Inc. (US). The key strategies adopted by most of the players are partnerships, agreements, product developments, and collaborations.
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