The global eDiscovery market size is expected to grow from USD 9.3 billion in 2020 to USD 12.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.6% during the forecast period. The key factors that are expected to drive the growth of the market are focus on proactive governance with data analytics and the emergence of new content sources.
The key factors that are expected to drive the growth of the market are focus on proactive governance with data analytics and the emergence of new content sources, increase in the number of litigations across the globe, increase in ESI and social media penetration, and varying structure of regulatory policies. However, increasing chances of cyberattacks and data theft activities during the COVID-19 pandemic and the lack of a skilled professional workforce are expected to limit the market growth. Apart from the drivers and restraints, there are a few lucrative opportunities for eDiscovery solution providers. The emergence of AI-based analytics for eDiscovery and increased demand for predictive coding to simplify and shorten the document review process are some of the opportunities for the vendors in the eDiscovery market.
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Services segment to hold a larger market size during the forecast period
The volume of data that needs to be analyzed is growing day-by-day due to the increasing number of sources that generate data. Services form an integral part of the eDiscovery and include managed services, support and maintenance, and training, consulting, and integration services. The majority of companies across the globe want to exert more control over their eDiscovery data and operations. But Organizations fail to do so due to the lack of resources to execute the required in-house operations in-house. The eDiscovery managed services offer support for data collection through data management and document review. eDiscovery managed services offer a business partnership that allows organizations to have the cost predictability and control they need and the security and required eDiscovery workflows. The majority of companies across the globe want to exert more control over their eDiscovery data and operations. But Organizations fail to do so due to the lack of resources to execute the required in-house operations in-house. The eDiscovery managed services offer support for data collection through data management and document review. eDiscovery managed services offer a business partnership that allows organizations to have the cost predictability and control they need along with the security and required eDiscovery workflows.
The eDiscovery market comprises major providers, such as Microsoft(US), IBM(US), OpenText(Canada), Deloitte(US), Micro Focus(UK), ZyLAB(The Netherlands), Relativity(US), Nuix(Australia), Logikcull(US), KLDiscovery(US), Exterro(US), Thomson Reuters(Canada), Knovos(US), Casepoint(US), Nextpoint(US), DISCO(US), Veritas(US), One Discovery(US), Congruity360(US), Onna(US), Everlaw(US), Texifter(US), Allegory(US), Evichat(Canada), and Reductech(UK). The study includes an in-depth competitive analysis of key players in the eDiscovery market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
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The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements; and geographic expansion, partnerships, merger and acquisitions and agreements, have been the most dominating strategies adopted by the major players from 2018 to 2020, which helped them strengthen their offerings and broaden their customer base.
IBM has established a strong global footprint, with its presence in more than 175 countries. IBM eDiscovery Manager helps to 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 and defense, banking, consumer products, financial markets, healthcare, insurance, media and entertainment, oil and gas, education, electronics, energy and utilities, petroleum, and travel and transportation. It has established a strong channel partner ecosystem using the strategy of partnerships.
OpenText was founded in 1991 and is headquartered in Ontario, Canada. The company is a leading provider of Enterprise Information Management (EIM) products globally. OpenText focuses on offering products and solutions that enable organizations to grow faster, lower their OPEX, reduce information governance risks, and lower security risks. It offers flexibility and choice to customers by offering solutions that can run on-premises, on the cloud, as a managed service, or offer hybrid deployment. Its offerings accelerate modernization with intelligent tools and services for moving off the paper, automating classification, and building clean data lakes for AI, automation, and analytics.
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