eDiscovery Market Size, Growth, 2022 Global Top Leading, Companies, Revenue, Drivers, Consumption, Trends, Forces Analysis, Revenue, Challenges Forecast to 2031

Kenneth Research, in its repository of market research reports, have recently added a report on eDiscovery Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The eDiscovery Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for eDiscovery Market products.

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Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2025.

The eDiscovery Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2025, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Global eDiscovery Market was valued at USD 9.1 Billion in the year 2017. Global EDiscovery Market is further estimated to grow at a CAGR of 12% from 2019 to reach USD 22.49 Billion by the year 2025. North America region holds the highest Market share in 2017 and the Asia-Pacific Market is considered as the fastest growing Market in the forecasted period. At a country level, developed industries like the US as well the emerging industries like China with highest population base holds the notable Market share in 2017 and it is projected to grow at a gradual rate in the coming years.

Major market players in eDiscovery Market are IBM Corp., Microsoft Corp., OpenText Corp., Nuix, Micro Focus, Catalyst Repository Systems, FTI Consulting Inc., AccessData, ZyLAB, Epiq, and brief information of 10 companies will be provided in a report. Technological upgradation to cater to changing demand of end users. Similarly, growth strategies such as acquisition & merger were few techniques adopted by most of the top players in the last 5 years.

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SWOT analysis of eDiscovery Market:
Strength:
Development in Compliance Requirements and Data Protection Regulations
Weakness:
Inconsistency between eDiscovery and Data Protection
Opportunities:
Rising demand for Cloud-Based E-Discovery among Small and Medium Enterprises
Threats:
Integration of SaaS-Based eDiscovery with Traditional Platforms

Segmentation done on the basis of Component include Services and Software; of which the Software segment is expected to hold the highest Market share during the forecast period.

eDiscovery Market Segmentation:
By Component
*Services
*Software
*By Deployment Type
*Cloud
*On-Premise

By Company Size
*Small- Medium Scale Enterprise
*Large Scale Enterprise

By Market Vertical
*BFSI
*Media and Entertainment
*Retail and manufacturing
*Healthcare and Life Sciences
*Others

By Region

*North America
o USA
o Canada
*Europe
o Germany
o U.K.
o France
o Italy
o Rest of Europe
*APAC
o China
o India
o Japan
o Rest of Asia-Pacific
*RoW
o Latin America
o Middle East & Africa

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