According to a new market research report “eDiscovery Market by Component (Software (Processing, Review and Analysis, Identification, Preservation and Collection, and Production and Presentation) and Services), Deployment Type, Organization Size, Vertical, and Region – Global Forecast to 2025″, published by MarketsandMarkets, the market size is expected to grow from USD 9.3 billion in 2020 to USD 12.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.6% during the forecast period. The key factors that are expected to drive the growth of the market are the focus on proactive governance with data analytics and the emergence of new content sources.
Browse and in-depth TOC on “eDiscovery Market”
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Services segment to hold a larger market size during the forecast period
The volume of data that needs to be analyzed is growing day-by-day due to the increasing number of sources that generate data. Services form an integral part of the eDiscovery and include managed services, support and maintenance, and training, consulting, and integration services. The majority of companies across the globe want to exert more control over their eDiscovery data and operations. But Organizations fail to do so due to the lack of resources to execute the required in-house operations in-house. The eDiscovery managed services offer support for data collection through data management and document review. eDiscovery managed services offer a business partnership that allows organizations to have the cost predictability and control they need and the security and required eDiscovery workflows.
SMEs segment to grow at the highest CAGR during the forecast period
SMEs have a low marketing budget and often lack the resources and capabilities for effective marketing orchestration. SMEs, with their limited budgets, try to scale up their businesses through cost-effective techniques to generate maximum RoI from their spending. One of the most widely impacted by COVID-19, Italy, came up with an emergency plan of USD 28 billion that could help them inch slowly toward normalcy. As businesses across sectors are finding it a challenge to stay up and running, it has been a particularly distressing time for SMEs, who gloomily stare at an uncertain future.
IT and telecommunications vertical to grow at the highest CAGR during the forecast period
The IT and telecommunications vertical is experiencing increased data generation due to the advancements in technologies, such as 3G and 4G. The introduction of 5G technology in the near future is expected to generate a large volume of data. This vertical faces challenges in maintaining IP copyrights and data collection due to a broad customer base. It deals with cross-border data privacy and security challenges by regulators and anti-trust inquiries. Hence, companies in this vertical are exposed to more scrutiny as regulatory and consumer demands change.
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North America to account for the highest market share during the forecast period
Companies in this region have adopted eDiscovery solutions to regulate cybersecurity and data breaches, handle cross-border jurisdiction differences and privacy issues, manage investigation matters and litigation, and maintain standards to meet all discovery obligations. North America is further segmented into the US and Canada. The US is expected to be the major revenue contributor to the eDiscovery market in North America. After the US, Canada is expected to present significant growth opportunities for eDiscovery solutions and service providers.
The major players in the eDiscovery market are Microsoft (US), IBM (US), OpenText (Canada), Deloitte (US), Micro Focus (UK), ZyLAB (The Netherlands), Relativity (US), Nuix (Australia), Logikcull (US), KLDiscovery (US), Exterro (US), Thomson Reuters (Canada), Knovos (US), Casepoint (US), Nextpoint (US), DISCO (US), Veritas (US), One Discovery (US), Congruity360 (US), Onna (US), Everlaw (US), Texifter (US), Allegory (US), Evichat (Canada), and Reductech (UK). The study includes an in-depth competitive analysis of key players in the eDiscovery market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
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