eDiscovery Market is growing at CAGR of 6.0% over 2021-2031 | Share, Product Type, End-Use, Trend, Opportunity
The rise in the adoption of digitalization and artificial intelligence (AI) drives the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATE, February 24, 2023 /EINPresswire.com/ — Increase in digitalization and use of AI driven-solutions in North America and Europe and the surge in demand for protection of metadata solution in these regions to boost the global eDiscovery market trends. During the COVID-19 pandemic, sectors such as BFSI sector deployed eDiscovery solutions and this prompted global market growth. Region-wise, the North American region held the major market share in 2021.
According to the report published by Allied Market Research, the global eDiscovery market generated $10.9 billion in 2021, and is projected to reach $25.2 billion by 2031, growing at a CAGR of 8.9% from 2022 to 2031.
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COVID-19 Scenario:
• The outbreak of the COVID-19 pandemic had favorably impacted the growth of the global eDiscovery market, owing to the rise in demand for digital evidence across a slew of sectors.
• During the COVID-19 pandemic, sectors such as the BFSI deployed eDiscovery solutions and this prompted global market growth.
• Increase in demand for online network connectivity as well as online purchase of essential goods & services during the pandemic enabled the global market surge.
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The report offers a detailed segmentation of the global eDiscovery market based on offerings, organization size, use cases, end-use vertical, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest-growing segments and highest revenue generation that is mentioned in the report.
Based on offerings, the solutions segment held the major market share in 2021, holding more than three-fifths of the global eDiscovery market share, and is expected to maintain its leadership status during the forecast period. Moreover, the same segment is expected to cite the fastest CAGR of 9.6% during the forecast period. The report also includes services segment.
On the basis of organization size, the large enterprise segment held the largest market share in 2021, accounting for nearly three-fourths of the global eDiscovery market share, and is expected to maintain its leadership status during the forecast period. Furthermore, the same segment, is expected to cite the highest CAGR of 9.2% during the forecast period.
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In terms of end use vertical, the others segment held the largest market share in 2021, accounting for nearly one-fifth of the global eDiscovery market share. Furthermore, the BFSI segment is expected to maintain its leadership status during the forecast period. Nevertheless, the IT and telecommunications segment, is expected to cite the highest CAGR of 11.5% during the forecast period.
Region-wise, the North American region held the major market share in 2021, grabbing nearly two-fifths of the global eDiscovery market share. Moreover, the North American market is slated to dominate the global market share during the forecast period. However, the Asia-Pacific region is expected to cite the fastest CAGR of 11.3% during the forecast period. The report also analyses other regions such as Europe and LAMEA.
The key players analyzed in the global eDiscovery market report includes CloudNine, CS DISCO Inc., Deloitte Touché Tohmatsu Limited, International Business Machines Corporation, KL Discovery Limited, Lighthouse eDiscovery Inc., Microsoft Corporation, Nuix Limited, Onna Technologies Inc. and ZyLAB Technologies.
The report analyzes these key players in the global eDiscovery market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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