E-discovery is referred as electronic discovery, a method of detecting, gathering and presenting digital-information to the other party in litigation. E-discovery is based on electronic discovery reference model (EDRM) that includes various steps for instance information identification, data collection, data preservation, review analysis, and production. Presently, demand for cloud-based E-discovery software & services are increasing because more number of ventures is shifting towards cloud computing technologies. Growing volume of Big Data across ventures is boosting growth of the E-discovery market globally. Additionally, introduction of government regulation to support the E-discovery process implementation is projected to enhance the uptake of E-discovery software or services during the forecast period.
As per analysis, “E-discovery Market : Segmented By Component (Service and Software); by End User Vertical Type (BFSI, Retail Sector, Healthcare, Manufacturing, IT And Telecommunication, Government, Energy and Utility, and Others) and Region – Global Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030” the key companies operating in the global E-discovery market include Nextpoint, Relativity, Nuix, OpenText, Allegory, Reduce, KLDiscovery, Texifter, KLDiscovery, Deloitte, DISCO, Microsoft, Logikcull and among others.
By component type, E-discovery market is divided into software and service. Software enables easy & efficient implementation of the Electronic Discovery Reference Model (EDRM) model that has recognition preservation, assortment, processing, review, production, and presentation of the applicable data during official cases resulting in reduced costs, time, and manual intervention. Additionally, services segment holds major share in global market owing to huge progress in electronically stored information (ESI) and increase in number of litigation cases. In addition, by end-user vertical, market is divided into manufacturing, retail sector, BFSI, government, retail sector, healthcare, energy & utility, IT & telecommunication and others. IT & telecommunication segment is predicted to witness higher growth rate due to growth in advances in technologies, for instance 3G, 4G, IT and vertical communications during the forecast period.
The E-discovery market is driven by rapid exploration of IoT solutions & services providers across different verticals, followed by increase in regulatory compliance requirements, enormous progress in electronically stored information (ESI) and growth in digitalization of government functionary utilizing data analytics for efficient governance. However, increase in concern related to data protection and high cost of services & solutions offered by the key players may impact the market. Moreover, the emergence of Artificial Intelligence (AI) based analytics and predictive coding for E-discovery is a key opportunity for global market.
Based on geography, the North-America is a leading region in global E-discovery market owing to rise in use of the internet, changes in government policies and rapid growth in technological innovations across the region. The Europe and Asia-Pacific regions are estimated to exhibit higher growth rate due to increase in number of small & medium enterprises and growth in adoption of digital technologies over the forecast period. It is predicted that global E-discovery market because of rise in legal activities coupled with growth in investment for E-discovery solutions during the forecast period.
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Ankur Gupta, Head Marketing & Communications