NEW YORK, 20 November 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 by approx CAGR of 12.82% during the forecast period. The growth momentum will also progress. Automation and processing of social media data and collaboration tools is a new trend in the global eDiscovery software market. To help with the selection, execution, configuration and ongoing monitoring of tools, various vendors offer solutions for businesses. In addition, enforcement and notices of business rules are also included regarding the use of sensitive data, control and monitoring of potential data loss through social media channels. However, due to an increasing number of discovery requests for the production of Electronically Stored Information (ESI) through these platforms, companies are addressing collaboration tools and platforms. Especially those that include advanced analytics to extract data from these collaboration tools. Therefore, the increasing demand to analyze and automate a large amount of data from collaboration tools is expected to drive the growth of the global eDiscovery software market during the forecast period. For more insight into the historical (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), implementation (on-premises and off-premises) and geography (North America, EuropeAPAC, Middle East and Africaand South America).
- The market share growth with Solution segment will be significant during the forecast period. Due to its capacity to meet unique customer needs and create value, the solution segment dominates the component segment in the global eDiscovery software market. For enterprises, they allow them to expand data availability and collaboration, optimize their storage infrastructure and ensure business continuity. For example, Nuix eDiscovery software processes large, complex data repositories and provides a friendly environment to search, review and analyze their contents. Furthermore, the demand for effective and protected data management is growing significantly, and solutions are essential to meet customer demands and promote the industry. Companies prioritizing the cloud as a strategic component of their operations are expected to need creative and reliable solutions to gain market share and maintain their competitiveness during the forecast period. Therefore, such elements are expected to increase the demand for the solution in the focus market and it is expected 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, EuropeAPAC, the Middle East and Africaand South America. The report provides practical insights and estimates the contribution of all regions to the growth of the global eDiscovery software market.
- North America is estimated to be responsible for 36% of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers shaping the market during the forecast period. IN North America, due to the increasing adoption of eDiscovery software in this region as compared to others, the eDiscovery software market is expected to register high growth during the forecast period. USA and Canada has a high adoption of eDiscovery software solutions i North America. However, due to a heavy reliance on mobile devices to market products, eDiscovery software companies have shifted to mobile content delivery models, driving the need for specialized solutions that can provide archiving and storage services for digital information. Vendors such as Nuix and Relativity are increasing their offerings to include more eDiscovery software capabilities, including media information management. North America, an early adopter of technologies, an attractive market for eDiscovery software vendors. Moreover, the strong presence and penetration of top global vendors is expected to drive the growth of the eDiscovery software market during the forecast period.
Insights into the market contribution from various segments, including country and region wise, historical (2017 to 2021) and forecast market size (2023 to 2027) – Download a sample report
eDiscovery Software Market – Market dynamics
The most important factor driving the global Growth in the market for eDiscovery software is the increasing volume of electronic data. Various sources, such as business applications, social networks, web-based searches, and cloud-based applications, generate data for businesses. Companies are looking to make the best use of this data and turn it into valuable information that can help in their decision-making process. As a result, cloud-based solutions offer easy big data management and analysis in a cost-effective manner. However, the use 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 aimed at generating a large amount of electronic data, further enhancing the demand for eDiscovery software solutions. Companies must update and innovate continuously and keep changing their existing business models and enterprise infrastructure. Therefore, such factors are expected to drive the growth of the global eDiscovery software market during the forecast period.
Major challenges hamper market growth
The risk of security breaches and increasing data volumes are hampering the growth of the eDiscovery software market. Customer data breaches can lead to loss of customer trust and bad publicity for organizations. Information governance is a risky business dealing with the protection of confidential customer-related data, as security breaches can be extremely damaging to a company’s reputation. However, the loss of internet protocol information is another risk, while failure to respond to right to information requests can be a challenge for businesses. Most organizations demand application-generated record output, such as data from collaboration applications used in the office and SharePoint-based instant messaging. Additionally, the increasing data volumes are the primary reason for increasing the risk of security breaches and further challenging the growth of the eDiscovery software market. In 2021, there were e.g. a significant increase in healthcare data breaches, with incidents shutting down networks for weeks at a time and potentially leading to treatment interruptions in countries such as USA. Therefore, such issues are expected to hamper the growth of the focus market during the forecast period.
Insights into Market Drivers, Trends and Challenges, Historic Period (2017 to 2021) and Forecast Period (2023 to 2027) – Request a Sample Report!
What are the key data 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 and its contribution to the market with a focus on the parent market
- Accurate predictions of upcoming trends and changes in consumer behavior
- Growth in the eDiscovery software market across the board North America, EuropeAPAC, Middle East and Africaand South America
- A thorough analysis of the market’s competitive landscape and detailed information on suppliers
- Comprehensive analysis of factors that will challenge the growth of ediscovery software vendors
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Table of Contents
2 Market landscape
3 Market size
4 Historical market size
5 Analysis of five forces
6 Market segmentation by component
7 Market segmentation by implementation
8 Customer landscape
9 Geographical Landscape
10 drivers, challenges and trends
11 Company landscape
12 Business analysis
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