Market Size of Electronic Discovery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Electronic Discovery Market Analysis
The Electronic Discovery Market has registered a CAGR of 9.5% over the forecast period 2021 - 2026. With the evolution of a digital universe and the availability of faster bulk storage devices, electronic information and data constitute the factors that companies are increasingly relying on, owing to the lower maintenance costs of documents and data production across the world. This has led to the challenges faced by the enterprises, in terms of collection and storage of digital data, to be used in litigation and regulatory processes. To manage this electronic data, electronic discovery (e-discovery) solutions are being deployed.
- E-discovery solutions automate and facilitate the e-discovery process, which includes the identification, preservation, collection, processing, review, analysis, and production of digital data in support of the common law discovery process, in litigation or other investigative proceedings.
- According to the RAND Corporation, the majority of Fortune 1000 corporations now spend an estimated USD 5 million to USD 10 million, annually, on e-discovery. Moreover, by 2020, it is expected that the data created and copied annually will reach approximately 50 zettabytes (50 trillion gigabytes), further generating the need for e-discovery solutions.
- With the evolving technological world and the global market, there is intense competition among companies. With this comes the risk of being targeted by their competitors, through industrial espionage, spreading false information, and leaking confidential information, to damage the company's brand value in the market.
