The rapid growth in ESI and social media penetration are driving the implementation of the eDiscovery market across the globe.
According to TechSci Research report, “eDiscovery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, The global eDiscovery market is growing owing to the rising growth in electronically stored information (ESI) and increase in social media penetration are pervading enterprises to meet the need for litigation along with the development of electronic data. Vendors globally are making significant product innovations by integrating technologies such as artificial intelligence (AI) and natural language processing (NLP) to cater customer needs and market requirements. Moreover, the preservation of metadata from electronic documents and the growinsimplifyation with social media platforms simplifies litigation processes further attributing the growth in Global eDiscovery Market.
The eDiscovery is an electronic component of locating, gathering, and producing electronically stored information (ESI) in response to a demand for production in a lawsuit or inquiry. Companies are progressively adopting e-discovery software and solutions for financial services to accessing everything remotely by automating pattern detection and redaction, flexibility and scalability and compliance and regulatory obligations around the world. In addition, financial enterprises are complying with a host of specialized financial privacy regulations necessitating the redaction of Payment Card Information (PCI) like credit card and account numbers. Moreover, numerous innovations carried out in artificial intelligence (AI), and machine learning (ML) technologies are expected to enhance the features of eDiscovery. An eDiscovery is a more practical and cost-effective one-time investment than developing specific cross-platform software. Furthermore, eDiscovery can also assist in lowering the cost of difficulties caused by human mistakes. Cloud-based eDiscovery solutions such as Logikcull enables in-house legal team to meet strict compliance criteria and being preferred by thousands of attorneys, paralegals, and litigation support employees at leading law enterprises in 36 countries.
With the outbreak of the COVID-19 pandemic, eDiscovery technology has been rapidly deployed by numerous organizations to minimize or eliminate the number of staff members working in the office. As various organizations adopted remote working environment due to the lockdown imposition, companies became heavily dependent on eDiscovery to reduce the burden of customer engagement due to the minimal availability of customer service employees.
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Based on component, the market is segmented into solutions and service. Based on organization size, the market is segmented into small & medium enterprises (SMEs) and large enterprises. Based on deployment mode, the market is segmented into on-premises and cloud. Based on use cases, the market is segmented into investigation, litigation and legal operations, early case assessment, and others. Based on vertical, the market is further split into healthcare & life science, retail & consumer goods, Banking Financial Services & Insurance (BFSI), legal, energy & utilities, manufacturing, and others. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
The Banking Financial Services & Insurance (BFSI) segment dominated the eDiscovery market in 2022 and is expected to maintain its dominance during the forecast period. Being a regulated sector, the enterprises are rapidly adopting numerous digital platforms and emerging technologies. The vertical requires quick access to numerous documents, including emails, attachments, and instant messages. Based on this, international governmental agencies are progressively enforcing laws requiring the retention of all internal, external, and electronic communications, including emails, and instant messaging. Since these solutions help find and recover crucial data before the deadline, they are in great demand throughout the BFSI vertical.
The litigation and legal operations segment are expected to register lucrative growth during the forecast period. Early case assessment eDiscovery by use cases, is expected to acquire high traction in the eDiscovery market owing to the utilization of higher user cases to evaluate documents from collections by market players in the Global eDiscovery Market. The enterprises have the credibility to decide whether to pursue an early settlement, go into trials, or try to reduce the scope of eDiscovery to make it less costly and difficult for the clients.
Key market players in the global eDiscovery market include:
- Microsoft Corporation
- IBM Corporation
- Disco, Inc.
- OpenText Corporation
- NextPoint, Inc.
- KLDiscovery
- Epiq Systems, Inc.
- CloudNine
- Relativity
- Logik Systems, Inc.
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“The North America region shows substantial growth prospects for eDiscovery which can be attributed to the significant benefits it offers to enterprises, including improved customer satisfaction, early identification of key documents and issues, increased accuracy, reduced operating costs, and enhanced operating efficiency. The eDiscovery is gaining traction and is expanding into various countries in North America, including the United States, Canada, and Mexico. Owing to the early adoption of technologies such as cloud computing, artificial intelligence, and natural language processing coupled with the massive number of companies present in the country, the United States leads the eDiscovery market in North America and is expected to continue its dominance in Global eDiscovery market during the forecast period as well,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“eDiscovery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Component (Solutions, Service), By Organization Size (Small & Medium Enterprises (SMEs), Large Enterprises), By Deployment Mode (On-premises, Cloud), By Use Cases (Investigation, Litigation and Legal Operations, Early Case Assessment, Others), By Vertical (Healthcare, Retail, Banking Financial Services & Insurance (BFSI), Media & Entertainment, Travel & Tourism, E-commerce, Others), By Region, Competition Forecast & Opportunities, 2028F”, has evaluated the future growth potential of eDiscovery and provides statistics and information on market structure, size, share, and future growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global eDiscovery market.
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