New Report Forecasts eDiscovery Market Will Become a $19.8 Billion Industry By 2023

The eDiscovery market size is growing at a record pace worldwide, with double-digit growth numbers being forecast by industry experts. According to a recent report by P&S Market Research, eDiscovery will be a $19 billion industry by 2023. The report forecasts high market demand for eDiscovery, which will continue to grow in both scale and scope. Government agencies account for the most significant market sector contributor, with legal being the second-highest revenue generator.

Geographically speaking, North America has been the leader, driving 70% of the revenue in the global market. The high numbers on the continent are mainly due to tech innovations being introduced at a higher rate and governments and regulating bodies’ propensity to approve the use of advanced evidence-gathering solutions.

What’s driving this massive growth?

The rise in adoption and popularity of social media networks has significantly contributed to growing the scope and scale of digital evidence. Social media networks house immense amounts of user data. The sheer volume of electronic evidence can be overwhelming for legal teams to manage.

The increase in social media platforms has also created an increase in the number of litigations, as digital evidence has introduced new opportunities for prosecutors in a vast number of cases.

There is perhaps no other industry where the saying “time is money” holds more accurate than in the legal sector. Manually sourcing digital evidence can be very time-consuming for legal teams, and often the exact piece of evidence needed is never found. Tools are required to search and organize digital evidence on these networks in a way that is efficient and cost-effective for legal teams.

As our world becomes more digitalized every day, the eDiscovery market has to stay out in front of new technologies that get introduced. For this reason, eDiscovery has been a market leader in the technology space within the legal industry.

In the business world, eDiscovery solutions are also increasing in demand due to the massive amounts of data stored within an enterprise. The cost of extracting evidence from massive corporate data sets is straining IT departments and legal teams across the globe.

The report named the following companies as the industry’s top players:  IBM Corporation, FTI Technology LLC, Guidance Software, Inc., Xerox Corporation, KrolLDiscovery LLC, Relativity, LexisNexis, Symantec Corporation, and Dell EMC.

How does Harbinger fit into this high-growth industry?

After over a decade of suffering through the available eDiscovery software options, Harbinger was formed to ease the cost burden of electronic discovery and to provide a “simple, yet sophisticated” high-performance software platform

Harbinger is committed to enabling legal teams to search and organize evidence at lightning speed with the highest performing eDiscovery tool available. All aspects of the Harbinger application have been meticulously developed and designed by attorneys, paralegals, and digital forensic experts to be user-friendly and clutter-free.

To learn more or to schedule a consultation with our team of experts, please reach out to our account specialist and legal industry veteran, Garry Rampley, at garry.rampley@eharbinger.com.