Global E-Discovery Market: Market Analysis by Knowledge Sourcing Intelligence

The global eDiscovery market was valued at US$8.399 billion in 2017 and is expected to grow at a CAGR of 11.35% over the forecast period to reach a market size of US$16.007 billion by 2023. The penetration of electronic discovery tools coupled with advanced technologies enables the firms to make better decisions for improving the organizational efficiency by getting better insights into data. However, this is further increasing the amount of data being generated across the various industry verticals, which increases the volume of ESI in various organizations and thus, is expected to drive the demand for eDiscovery solutions during the forecast period. Simultaneously, rising penetration of IoT across major industry verticals is also increasing the volume of data which is further increasing the adoption of eDiscovery solutions. Furthermore, among the end users, the demand for eDiscovery solutions by law enforcement agencies is expected to hold a significant share on account of a growing number of cases around the globe, coupled with the rising complexity and usage of internet and data in these crimes. North America held a significant share in the market owing to early recognition of eDiscovery in the judicial system of countries like the United States and is expected to grow at a good rate on account of the adoption of latest technologies by the end-users such as technology-assisted reviews for the criminal proceedings.

sample view of global e-discovery market: market analysis by knowledge sourcing Intelligence
Sample View of Global E-Discovery Market Forecast, US$ Billion, 2017 To 2023

Global E-Discovery Market by Geography:
By geography, the global eDiscovery market is segmented as North America, South America, Europe, the Middle East, and Africa, Asia Pacific. The demand for eDiscovery was majorly driven by North America and Europe owing to the early adoption of eDiscovery and advanced technologies in the court systems of the respective regions. In Europe, countries like Belgium, and the United Kingdom are significantly driving the eDiscovery market growth due to a number of cases being worked on in the countries that utilized eDiscovery. In the Asia Pacific, the compliance related concerns coupled with a large amount of data being generated is expected to lead the rising adoption of eDiscovery in the region. Rising investments in advanced technologies by legal firms is further expected to bolster the market growth.
The North America eDiscovery market is projected to grow at a CAGR of XX.XX%, rising from US$XX.XX billion in 2017 to US$XX.XX billion in 2023. The North American region held a substantial share in the market in 2017 owing to the growing acceptance of eDiscovery in the major countries of the region such as The United States, Canada, and Mexico. Rising investments in legal technologies and amendments in the laws to incorporate eDiscovery are the major factors that are boosting the eDiscovery market growth in the region. The United States holds a considerable share in the market on account of the growing use of technology-assisted review (TAR) in the legal suits. In December 2016, Nextlaw Ventures announced its investment in Beagle, Canadian legal tech startup, that utilized Artificial Intelligence (AI) to transform the legal contract review process. Simultaneously, in Mexico, budding adoption of eDiscovery by Mexican courts is expected to boost the market growth in the upcoming years.

sample view of global e-discovery market: market analysis by knowledge sourcing Intelligence
Sample View of Global E-Discovery Market Share by Geography

Global E-Discovery Market by End-user:
By end user, the global eDiscovery Market is segmented as law enforcement agencies and law firms. The demand for eDiscovery by law enforcement agencies is on the rise owing to the growing number of cases around the globe, coupled with the rising complexity and usage of internet and data in these crimes. Law firms are also projected to hold a substantial share in the market during the forecast period owing to the growing government support and policies aimed at promoting the legal markets around the world. For example, Singapore launched a startup accelerator for legal technology in February 2019, to boost the usage of software and platforms to promote the legal industry in the country. The market research provides a detailed analysis of the global e-discovery market on the basis of the various segment like - by geography, by end-user, etc.

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In addition, the continuous digitization of business processes is further increasing the volume of data stored by both the enterprises and the government agencies, which leads to growing focus towards proactive governance with data analytics and thus driving the demand for eDiscovery solutions.
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