The eDiscovery market was valued at $10,542.4 million in 2021, and it is set to reach $22,089.3 million by 2030, growing at a CAGR of 8.6% between 2021 and 2030, according to a research report by a market research company P&S Intelligence.
This can be credited to the increasing concentration on the protection of metadata from electronic documents, the snowballing acceptance of digital technologies, and the growing electronic data volumes globally.
Furthermore, several businesses are heavily investing on numerous departments, this will facilitate them to incorporate smaller regional companies with their roots in the international market and strengthening their global footprints.
North America held the largest market share in the past and is projected to continue its dominance with a value of over $9 billion by 2030. This can be because of the increasing acceptance of cloud computing solutions and digital forensics in the region.
In North America, the U.S. generated the highest revenue share in the past and is projected to grow at the fastest rate of approximately 8% in the years to come. This can be attributed to the increasing acceptance of legislation guidelines in the country.
Thus, healthcare administrations establish data and information governance methods, which comprise regulatory and litigation response preparation and e-discovery.
The APAC eDiscovery market is projected to grow at a significant rate in the years to come. This can be accounted to the extensive usage of IT solutions, in China and India concentrating on increasing productivity and maintaining nominal expense for the safety of private facts and figures, and the rise in regulatory and legal costs across many companies in the APAC.
The large enterprise category will grow at the higher rate of around 10% in the future. This growth can be credited to the fast adoption of technological and regulatory changes by big businesses, they have massive corporate networks and several revenue models, and their large investment in tools to support them in securing and managing vital information.
Cloud-based eDiscovery software held the larger revenue share, mainly because it supports cost reduction, has infinite scalability, offers robust security and discards physical barriers.
The early case assessment category is expected to grow moderately in the years to come. This is mainly because this type of solution helps in digital innovation for legal and investigative matters, smoothly merged with the present infrastructure, deployed on the cloud, and is also helpful in reducing the volume of data to reduce the amount of time and money.
Therefore, the increasing focus on the protection of metadata from electronic documents, the snowballing acceptance of digital technologies, and the growing electronic data volumes globally, will drive the eDiscovery industry in the future.
