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A00607 | Pages: 332 | Charts: 66 | Tables: 223 |
The global global ediscovery market was valued at $10.9 billion in 2021, and is projected to reach $25.2 billion by 2031, growing at a CAGR of 8.9% from 2022 to 2031.
eDiscovery is described as a collection of processes for identifying, protecting, obtaining, analyzing, reviewing, and producing electronically stored information (ESI). It is frequently used in civil or criminal litigation proceedings, as well as to fulfill government investigations. Emails, articles, images, spreadsheets, voice recordings, internet outlets, computer applications, and other kinds of ESIs are widely used as eDiscovery resources.
Previously, eDiscovery solutions were distinct sets of software capabilities that dealt primarily with ESI collection and review. However, recently, the electronic discovery reference model (EDRM) was developed to give a structure of clauses to assist clients in implementing eDiscovery solutions in a better way. This model has also enabled manufacturers and service providers to improve compatibility amongst their solutions.
The eDiscovery market share is expected to witness notable growth during the forecast period, owing to increase in protection of Metadata. Furthermore, rise in adoption of digitalization and artificial intelligence (AI) drives the growth of the market. However, high initial cost of installation and maintenance of eDiscovery data are the prime factors restraining the market growth. On the contrary, surge in market penetration in various end-use verticals is expected to propel the eDiscovery market growth during the forecast period.
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eDiscovery solutions help to automate and enhance the electronic discovery process. This process includes various eDiscovery solution such as forensics & collections, processing & hosting, data analytics, document review, contract solutions, business advisory solutions, spend management solutions and others. These solutions help attorneys the extract the valuable data, concerned to lawsuit and eliminate the manual process. Therefore, eDiscovery solutions assist the legal analysis to speed up the procedure well as lessen the jeopardies in the process of valuable data extraction concerned to the legal proceedings. Therefore, aforementioned factor have led to increasing adoption of eDiscovery solution market durng the forecast period.
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eDiscovery forensics & collections solution assists in converting massive volumes of electronically stored information (ESI) into documentary evidence appropriate for evaluation and investigation. In addition, rising acceptance of hybrid working modules have enabled online-based business advisory and eDiscovery spend management solutions for various large enterprises.
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With early case evaluation, legal teams may decide whether to pursue an early settlement, go to trials, or try to reduce the scope of eDiscovery to make it less costly and difficult for the clients. Regaining charge of eDiscovery early in the process enables legal teams to effectively reduce material, assist evaluators in being more productive, and ensure that the process is credible. Utilizing eDiscovery use case for early case assessment to evaluate documents from collections and find important documents management.
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IT and telecom operational units are huge private and commercial data servers. These data centres have vital information from various individual, commercial, and government sectors, which with the help of eDiscovery is transformed into legitimate evidence during the course of legal actions. Therefore, IT & telecommunication data storage & operation units demand enhanced eDiscovery solution that provide elevated digital forensics, AI data analytics review, legal advisory solutions and spend management solutions. eDiscovery services supervise in constructive effective clauses and laws for maintenances of resources, enhancing digital data security, reducing hardware and manual data collection costs. Therefore, eDiscovery service market aids the operational efficiency for various end-users.
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Existence of developing countries such as India and China, on enhancing productivity and optimizing costs of e-discovery, legal, and regulatory expenses across companies in Asia-Pacific. Therefore, during the forecast period Asia-Pacific is expected to witness significant growth in this market.
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.
Competitive analysis and profiles of the major eDiscovery market players, such as CloudNine, CS DISCO Inc., Deloitte Touché Tohmatsu Limited, International Business Machines Corporation, KLDiscovery Limited, Lighthouse eDiscovery Inc., Microsoft Corporation, Nuix Limited, Onna Technologies Inc. and ZyLAB Technologies are provided in this report.
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Key Market Players