Solutions segment was highest revenue contributor to market & expected to remain dominate. Rise in adoption of cellphone-based data analytics technology have led to increase growth of services segment”— Allied Market Research
WILMINGTON, DE, UNITED STATES, October 30, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Global eDiscovery Market, by Offerings (Solutions, Services), by Organization Size (Large Enterprise, SMEs), by Use Cases (Investigation, Litigation and Legal Operations, Early Case Assessment, Others), by End Use Vertical (Government and Public Sector, Legal, BFSI, Media and Entertainment, Healthcare and Life Sciences, Retail and Consumer Goods, IT and Telecommunications, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031".
The global ediscovery market size was valued at $10.9 billion in 2021, and is estimated to reach $25.2 billion by 2031, growing at a CAGR of 8.9% from 2022 to 2031.
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Electronic discovery (often referred to as e-discovery or eDiscovery) is the discovering of material in digital form during legal procedures such as litigation, government investigations, or information rights requests as electronically stored information (ESI). Electronic discovery is governed by civil procedure standards and agreed-upon methods, which frequently include a review for privilege and significance before data is given over to the seeking side of a lawsuit.
Increasingly stringent monitoring, cross-border privacy legislation, and sophisticated benchmark datasets have contributed to the expansion of the scope and size of eDiscovery techniques. Software-as-a-service (SaaS) and artificial intelligence (AI) have transformed eDiscovery practices, to become cost effective as it helps companies reduce their overall operating expenses. Modern eDiscovery software market has evolved into a critical tool for the company's operations.
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Competitive Analysis:
The competitive environment of eDiscovery Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, eDiscovery Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
CloudNine
CS DISCO Inc.
Deloitte Touché Tohmatsu Limited
International Business Machines Corporation
KLDiscovery Limited
Lighthouse eDiscovery Inc.
Microsoft Corporation
Nuix Limited
Onna Technologies Inc.
ZyLAB Technologies and Many More
By region, North America holds a significant share in the global eDiscovery industry, owing to the presence of prime players in this region. The adoption of forensics & collections and data analysis is expected to propel the growth of the eDiscovery industry in this region. Moreover, surge in awareness of investigation, litigation & legal operations and freedom of the information act (FOIA) eDiscovery use case request in North America are anticipated to drive the eDiscovery market trends in this region.
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Significant factors that impact the growth of the global eDiscovery industry include increase in protection of Metadata, rise in adoption of digitalization, and dependency on artificial intelligence (AI). However, high initial cost of installation and maintenance hampers the growth of the market. On the contrary, surge in market penetration in various end-use verticals is expected to offer potential growth opportunity for the eDiscovery market during the forecast period.
EDiscovery is an abbreviation for electronic discovery that is described as the method of discovery in civil litigation that is conducted electronically. It includes electronically stored information (ESI) data. Emails, online messaging, papers, accounting databases, Internet sites, and any other electronic material that might be significant evidence in a case are examples of ESI. EDiscovery also includes original information and metadata, which forensic investigators might evaluate for undisclosed evidence.
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