eDiscovery Software Market size is set to grow by USD 9.30 billion from 2022 to 2027|Automation and processing of social media data and collaboration tools is the emerging market trend- Technavio
NEW YORK, Nov. 20, 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. 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. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report
eDiscovery Software Market - Segmentation Assessment
Insights on the market contribution of various segments, including country and region wise, historic (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report
eDiscovery Software Market – Market Dynamics
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.
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.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!
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Table of contents
1 Executive Summary
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