eDiscovery Market revenues calculated to be worth $17.3 billion by 2023

According to a new market research report "eDiscovery Market by Component (Software (Processing, Review and Analysis, Identification, Preservation and Collection, and Production and Presentation) and Services), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets(TM), the eDiscovery market expected to grow from $10.8 billion in 2018 to $17.3 billion by 2023, at a CAGR of 10.0% during the forecast period.

The major factors expected to drive the growth of the eDiscovery market are the growing need for decreasing the operational budget of legal departments and rising number of litigations across the globe. Moreover, the increasing focus on proactive governance with data analytics and growing emergence of new content sources, increasing growth in compliance requirements and data protection regulations, and growing use of Internet of Things (IoT) devices across verticals are also expected to surge the growth of the market. With the increasing adoption rate of IoT and big data among enterprises, the eDiscovery market is expected to gain major traction during the forecast period.

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Services segment to hold a larger market size in the eDiscovery market during the forecast period

The eDiscovery market has been segmented based on components into two categories, namely, software and services. The demand for eDiscovery services is expected to increase, due to their significant benefits, such as huge cost-savings, trained resources, 24X7 availability of customer services, and support for legal research using the eDiscovery software. Among components, the services segment is expected to hold a larger market size, as eDiscovery services span the entire Electronic Discovery Reference Model (EDRM) that offers end users hands-on expertise for efficiently performing their core business functions.

Cloud deployment type to grow at a higher CAGR in the eDiscovery market during the forecast period

The cloud technology is being widely adopted by businesses, as it offers various benefits, including increased storage, scalability, flexibility, security, portability, and compliance. Small and Medium-sized Enterprises (SMEs) are adopting the cloud deployment model because it is cost-effective and provides detailed results. The cloud deployment type is projected to grow at a higher growth rate, as enterprises are finding cloud-deployed eDiscovery software attractive because it is easy to implement and offers agility in organizations and on-demand models.

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North America to hold the largest market size in the eDiscovery market during the forecast period

North America is a matured market in terms of technology adoption, owing to various factors, including standardized regulations, advanced IT infrastructures, the presence of many enterprises, and availability of proficient technical experts. The region is an early adopter of eDiscovery services, as North American enterprises strictly adhere to regulations as compared to that of other regions. It is expected to hold the largest market size during the forecast period, as the countries in the region, especially the US and Canada, are rapidly adopting eDiscovery services to comply with various regulatory requirements and survive legal procedures.

Major vendors in the eDiscovery market include AccessData (US), Catalyst (US), Epiq (US), FTI (US), IBM (US), Micro Focus (UK), Microsoft (US), Nuix (Australia), OpenText (Canada), and ZyLAB (Netherlands).

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