eDiscovery Market To Generate $22,089.3 Million Revenue by 2030
- Published: November 2022
The global eDiscovery market size is expected to advance at a CAGR of 8.6% during 2021–2030, to reach $22,089.3 million by 2030. This can be ascribed to the rapid rise in digitalization and the increase in focus on the retention of digital information for a longer period.
APAC Market To Witness Fastest Growth
The APAC market is expected to witness the fastest growth in the coming years. This can be because users are more prominent to internet usage, various players are collaborating with other companies and investing in this field to enhance e-discovery solutions, and an increase in the number of cybercrimes and cyberattacks forced organizations to opt for different risk strategies.
Japan, South Korea, and China are the major countries in the APAC eDiscovery market. Japan has enacted many data transfer and protection laws in the past few years. In 2020, the Japanese legislature introduced significant substantive amendments to the Act on the Protection of Personal Information (APPI). These amendments were made pursuant to the three-year revision schedule, which was adopted in 2017 and came into effect on April 1, 2022.
Although China has a huge market for e-discovery solutions, the Chinese data protection and privacy laws are very difficult for other countries and regions to deal with and analyze. Chinese disclosure laws are often seen as more unnerving and laborious to apprehend because of their complex nature. This poses a significant threat to cross-border litigation practices and regulatory investigations, and slightly hinders their adoption.
The European market will observe significant growth in the forecast period, owing to the increasing number of frauds and the existence of developed countries such as Germany, France, and the U.K., which adopt new technologies at a higher rate. In addition, for transferring data from Europe to the U.S., new rules are made and will be implemented from January 2023.
Increasing Demand for eDiscovery from Government Agencies
Government departments have evaluated the value of electronic records for several investigations across the globe. Also, numerous institutions, including The Civil Division of the United States Department of Justice, have been asserting the effectiveness of such electronic records. The governments and their adjacent industries principally deal with large volumes of critical citizen and commercial data, which is spanning across different agencies. The rapid rise of the digital age and technology transformations have forced the increase in demand for secure storage of critical data, as well as completely transparent communication of information within the ecosystem. This has resulted in the rising adoption of effective e-discovery solutions and services by governments, globally.
Apart from this, as the stored digital data of federal governments continue to rise exponentially with an increase in population, legal and records management teams are now becoming progressively dependent on new technologies to meet the rigorous demand for effective and efficient e-discovery solutions. This has further made eDiscovery providers focus more on the integration of new technologies in their offerings, fulfilling the ongoing need for reliable systems, and thus driving the market growth considerably.
The most significant eDiscovery market players are Microsoft Corporation, IBM Corporation, DISCO Corporation, KLDiscovery, Nuix Ltd., Onna Technologies Inc., and CloudNine.