eDiscovery Market Trends 2023 | Growth, Share, Size and Report 2028

IMARC Group, a leading market research company, has recently releases report titled eDiscoveryMarket: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028. The study provides a detailed analysis of the industry, including the global ediscovery market report, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the ediscovery market?

The global eDiscovery market size reached US$ 12.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 20.0 Billion by 2028, exhibiting a growth rate (CAGR) of 8.39% during 2023-2028.

What is eDiscovery?

Electronic discovery (eDiscovery) refers to the process of recognizing, collecting, and presenting electronically stored information (ESI) as evidence for legal investigations. It usually consists of emails, documents, presentations, voicemail, audio, video files, databases, social media, and websites. It also comprises raw data and metadata that forensic investigators review to track hidden evidence. It is used for identifying patterns and conducting analytical research required for legal, constitutional, political investigation, and privacy issues.

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What are the growth prospects and trends in the eDiscovery industry?

Considerable growth in the information and technology (IT) industry, along with rapid digitization and the increasing utilization of the Internet of Things (IoT)-enabled devices, represents one of the major factors propelling the market growth. Moreover, the widespread adoption of cloud computing systems has significantly increased the generation of digital data, thereby driving the need for eDiscovery to access and recover traces of information. Besides this, various organizations are adopting advanced technologies to streamline their operations and minimize operational costs, which is positively influencing the market. Additionally, increasing incidences of felonies, such as tax fraud and money laundering, are anticipated to drive the market.tax fraud, are also subjected to drive the eDiscovery market in the coming year.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Component:

Services
Software

Breakup by Deployment Type:

On-premises
Cloud-based
Hybrid

Breakup by End-User:

Government Agencies
Enterprises
Law Firms

Breakup by Vertical:

BFSI
Retail and Consumer Goods
Manufacturing
Legal
IT and Telecommunication
Government
Energy and Utilities
Healthcare and Life Science
Others

Breakup by Region:

North America (U.S. Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Accessdata Group Inc.
Commvault Systems Inc.
Conduent Incorporated
Driven Inc. (Xplenty)
Fronteo Inc. (Formerly UBIC)
FTI Consulting
International Business Machines Corporation
Logikcull
Micro Focus International Plc
Nuix Pty Ltd. (Macquarie Group)
Open Text Corporation
Veritas Technologies LLC (The Carlyle Group)
ZyLAB Technologies

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