E-Discovery Market Overview
E-discovery is the process of identifying, collecting, preserving, processing, and reviewing electronically stored information (ESI) for use in civil or criminal litigation. ESI can include a wide variety of data, such as emails, documents, social media posts, and text messages.
The e-discovery market size is growing rapidly due to the increasing volume of ESI being created and stored. In 2023, the global e-discovery market was valued at $12.9 billion and is projected to reach $26.8817 billion by 2032, growing at a CAGR of 8.50% during the forecast period.
The growth of the e-discovery market is being driven by a number of factors, including:
- The increasing volume of ESI being created and stored
- The increasing complexity of e-discovery cases
- The increasing regulatory requirements for e-discovery
- The growing adoption of cloud-based e-discovery solutions
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Key Companies in the E-Discovery Market
The e-discovery market is dominated by a few major players, including:
- IBM Corporation
- Microsoft Corporation
- Thomson Reuters
- LexisNexis
- KLAS Discovery
- Everlaw
- Logikcull
- Epiq Systems
- Relativity
- ZyLAB
- Catalyst360
These companies offer a wide range of e-discovery solutions, including software, services, and consulting.
Market Segmentation
The e-discovery market can be segmented by:
- Solution: Software, services, and consulting
- Deployment: On-premises, cloud-based, and hybrid
- End-user: Legal, corporate, and government
- Region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Top Impacting Factors
The following are the top impacting factors in the e-discovery market:
- Increasing volume of ESI being created and stored
- Increasing complexity of e-discovery cases
- Increasing regulatory requirements for e-discovery
- Growing adoption of cloud-based e-discovery solutions
- Rising data breaches and cyber threats
- Growing adoption of artificial intelligence (AI) and machine learning (ML) in e-discovery
Key Strategies
The key strategies adopted by the players in the e-discovery market include:
- Acquisitions and mergers: This is a key strategy being adopted by the players to expand their product portfolio and customer base. For example, in 2022, IBM acquired Everlaw, a leading provider of cloud-based e-discovery software.
- Partnerships and collaborations: This is another key strategy being adopted by the players to expand their reach and offer a wider range of solutions. For example, in 2022, Microsoft partnered with Thomson Reuters to offer a joint e-discovery solution.
- Innovation: The players are constantly innovating to develop new e-discovery solutions that are more efficient and cost-effective. For example, IBM has developed an AI-powered e-discovery solution that can automate the review of ESI.
Regional Insights
The e-discovery market is expected to grow at a fastest rate in Asia Pacific during the forecast period. This is due to the growing economic development and increasing regulatory requirements in the region.
North America is the largest market for e-discovery, followed by Europe. The growth of the e-discovery market in North America is being driven by the increasing number of e-discovery cases and the growing adoption of cloud-based e-discovery solutions.
Industry Latest News
- In January 2023, IBM announced the launch of its new AI-powered e-discovery solution, Watson Discovery for E-Discovery. The solution uses AI to automate the review of ESI, helping legal teams to find the relevant information faster and more efficiently.
- In February 2023, Thomson Reuters announced the acquisition of Logikcull, a leading provider of cloud-based e-discovery software. The acquisition will help Thomson Reuters to expand its e-discovery portfolio and offer a wider range of solutions to its customers.
- In March 2023, Everlaw announced the launch of its new e-discovery platform, Everlaw 4.0. The platform includes a number of new features, such as AI-powered document review and a new case management system.
These are just a few of the latest news in the e-discovery market. The market is constantly evolving, and new developments are taking place all the time.
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