eDiscovery Market to be Dominated by Increasing Number of Litigations Across The Globe Through 2028
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.
Contact
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