eDiscovery Software Market size is set to grow by USD 9.30 billion from 2022 to 2027|Rising volume of electronic data to drive the market growth- Technavio
NEW YORK, Nov. 9, 2023 /PRNewswire/ — The eDiscovery software market size is estimated to grow by USD 9.30 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 12.82% during the forecast period. Also, the growth momentum will be progressing. The major factor driving the global eDiscovery software market growth is the rising volume of electronic data. Different sources, such as enterprise applications, social networks, web-based searches, and cloud-based applications, generate data for companies. Companies are looking to make the best use of this data and transform it into valuable information that would help in their decision-making process. As a result, cloud-based solutions offer easy big data management and analytics in a cost-effective manner. However, the adoption of cloud-based applications is extremely increasing due to their low cost, review and produce documents online without delays. Therefore, the growing use of this type of application is directed to the generation of a large amount of electronic data, which further improves the demand for eDiscovery software solutions. Companies have to update and innovate continuously and keep modifying their existing business models and enterprise infrastructure. Hence, such factors are expected to drive the growth of the global eDiscovery software market during the forecast period. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
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eDiscovery Software Market – Segmentation Assessment
Technavio has segmented the market based on component (Solution and Services), deployment (On-premises and Off-premises), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
- The market share growth by the Solution segment will be significant during the forecast period. Due to its capacity to meet unique customer needs and create value, the solutions segment dominates the component segment of the global eDiscovery software market. For enterprises, they allow them to expand data accessibility and collaboration, optimize their storage infrastructure, and ensure business continuity. For example, Nuix eDiscovery software process large, complex data stores and provide a friendly environment to search, review and analyze their contents. Moreover, the demand for effective and protected data management is growing substantial traction, and solutions are important to meeting customer requirements and promoting the industry. Enterprises that prioritize the cloud as a strategic component of their operations are expected to need creative and dependable solutions to achieve market share and keep their competitiveness during the forecast period. Therefore, such elements are expected to raise the demand for the solution in the market in focus and it is anticipated to drive the growth of the solution segment in the market during the forecast period.
By geography, the global eDiscovery software market is segmented into North America, Europe, APAC, the Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global eDiscovery software market.
- North America is estimated to account for 36% of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, due to the increasing adoption of eDiscovery software in this region compared with others, the eDiscovery software market is expected to register high growth during the forecast period. US and Canada have a high adoption of eDiscovery software solutions in North America. However, because of being highly dependent on mobile devices to market products eDiscovery software companies have shifted to mobile content delivery models, which drives the need for specialized solutions that can deliver archival and storage services for digital information. Vendors such as Nuix, and Relativity are increasing their offerings to include more eDiscovery software functions, including media information management. North America, being an early adopter of technologies an attractive market for eDiscovery software vendors. Furthermore, the strong presence and penetration of the top global vendors are anticipated to drive the growth of the eDiscovery software market during the forecast period.
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eDiscovery Software Market – Market Dynamics
Leading trends influencing the market
Automation and processing of social media data and collaboration tools is an emerging trend in the global eDiscovery software market. To help with the selection, execution, configuration, and continuous monitoring of tools different vendors offer solutions to enterprises. Moreover, enforcement and notifications of business rules are also included regarding sensitive data usage, controlling and monitoring for potential data loss via social media channels. However, due to an increasing number of discovery requests for producing electronically stored information (ESI) through these platforms, companies are processing collaborating tools and platforms. Especially those including advanced analytics to extract data from these collaborative tools. Therefore, the increasing demand to analyze and automate a large amount of data from collaborative tools is anticipated to drive the growth of the global eDiscovery software market during the forecast period.
Major challenges hindering the market growth
The risk of security breaches and rising data volumes impede the eDiscovery software market growth. Data breaches of customers can lead to a loss of customer confidence and bad publicity for organizations. Information governance is a risky affair and it deals with protecting confidential customer-related data, as security breaches can be extremely detrimental to a company’s reputation. However, the loss of internet protocol information is another risk, while a failure to respond to the right to information-requests can be a challenge for companies. Most organizations are in demand of application-generated record output, such as data from collaborative applications used in the office and SharePoint-based instant messaging. Additionally, the rising data volumes are the primary reason to increase the risk of security breaches and further challenge the growth of the eDiscovery software market. For example, In 2021, there was a substantial increase in healthcare data violations, with incidents that took down networks for weeks at a time and potentially led to disruptions of care throughout the countries such as the US. Therefore, such issues are expected to impede the growth of the market in focus during the forecast period.
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What are the key data covered in this EDiscovery Software Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the eDiscovery software market between 2023 and 2027
- Precise estimation of the size of the eDiscovery software market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Growth of the eDiscovery software market across North America, Europe, APAC, Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of ediscovery software market vendors
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Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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