11 Apr, 2022, 07:30 ET
- The global e-discovery market is projected to exceed the valuation of US$ 25.9 Bn by 2031
- Rising adoption of digital data is fueling sales prospects in the e-discovery market
- Increasing use of e-discovery solutions by varied companies from North America is driving the regional market growth
ALBANY, N.Y., April 11, 2022 /PRNewswire/ -- A research report by Transparency Market Research (TMR) states that the global e-discovery market is projected to register growth at a CAGR of 8.9% during the forecast period from 2021 to 2031.
Regulatory bodies of several nations around the world are shifting toward digitalization of their major operations. Moreover, they are growing initiatives to encourage the people to adopt digitalization so as to decrease their overhead cost, according to analysts of a study by TMR on the global e-discovery market. Such initiatives are resulting into decreased overhead operations cost. Besides, there has been a surge in litigation across the globe, owing to illegitimate immigration in many nations, including the U.K. and the U.S. Such changes are estimated to drive sales growth in the global e-discovery market in the upcoming years.
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E-discovery Market: Key Findings
- Government authorities of many nations around the globe are increasing the adoption of electronic records for a wide range of investigations. Moreover, several governments have to follow different regulations for the formation of new corporations, notes TMR study on the e-discovery market. Several instances such as "Paradise papers" emphasize the need of e-discovery in major government institutions in order to find out various offenses including tax fraud, money laundering, and other crimes. Such factors are boosting the sales growth in the global e-discovery market during the forecast period.
- Importance of digital data is being increasing across the globe, owing to its ability to help throughout different investigations since the data uploaded in a network cannot be completely destroyed. Besides, one of the key advantages of digital data is that it can be easily searched for evidence. Over the period of past few years, there has been increase in the cases of cyber threats. In addition, the trend of using social media platforms has been on surge. These factors are fueling the demand for varied e-discovery solutions. As a result, the global e-discovery market is estimated to gain a valuation of over US$ 25.9 Bn by 2031.
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E-discovery Market: Growth Boosters
- Rise in volume of electronically stored data and surge in criminal cases, including tax fraud and money laundering are bolstering the global market
- Increase in need to incorporate data governance practices in medium- and large-sized enterprises is propelling the global e-discovery market
E-discovery Market: Regional Analysis
- The e-discovery market in North America is expected to maintain its leading position during the forecast period, owing to rise in use of e-discovery services by companies from varied end-use industries such as BFSI, government & public sector, legal, healthcare & life sciences, and IT & telecommunications
- The Asia Pacific e-discovery market is projected to expand during the forecast period, owing to the presence of many emerging economies such as China and India. Moreover, the regional market is estimated to gain the advantage of the impact of advanced technologies on improving productivity and lowering discovery, legal, and regulatory spending in enterprises in Asia Pacific.
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E-discovery Market: Competition Landscape
- Players in the global e-discovery market are developing products that are compact and cost-efficient
- Many companies are executing strategies such as mergers, acquisitions, and collaborations in order to expand their offerings and regional reach
E-discovery Market: Key Players
Some of the key players profiled in the report are:
- IBM Corporation
- Microsoft Corporation
- Open Text Corporation
- Micro Focus
- Exterro Inc.
- Thomson Reuters
- Logik Systems Inc.
- Nextpoint Inc
- CS Disco Inc.
- ONE Discovery Inc.
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E-discovery Market Segmentation
- Managed Services
- Professional Services
- Maintenance and Support
- Training and Consulting
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- Government and Public Sector
- Energy and Utilities
- Healthcare and Life Sciences
- Retail and Consumer Goods
- IT and Telecommunications
- North America
- Asia Pacific
- Middle East & Africa
- South America
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