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eDiscovery is no longer just a thought for the industries. Today every company holds digital records. However, the trend towards the responsibility and maintenance of these records has been changing from few years. eDiscovery is a search for facts or truths about litigation performed in the arena of electronically stored data. eDiscovery is an abbreviation of Electronic discovery.
eDiscovery helps in identifying the evidence related to the particular situation. Furthermore, this evidence is extracted and analyzed using digital forensic methods. eDiscovery offers advantages such as pattern and trend identification and other advanced analytical search techniques so that the task would be performed more effectively and efficiently without human intervention.
Many companies are proactively working on developing innovative eDiscovery software’s. eDiscovery software’s offers organizations the ability to identify, collect, preserve, classify, and review electronically stored information for litigation, regulatory request, and other legal compliance needs. Advanced discovery software solutions provide integrated AI and machine learning, advanced analytics techniques, and automation processes to reduce data volumes and gain better outcomes.
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According to the Annual Benchmarking Study of Electronic Discovery Practices, carried out by Deloitte, 73% of the respondents felt more confident in their ability to manage eDiscovery in their cases. Moreover, Advancements in disruptive technologies such as IoT, AI, and Machine learning would lead to emerging opportunities in the eDiscovery market.
Artificial Intelligence will continuously evolve and improve the eDiscovery solutions along with the services and employed processes. Many industries in the market believe that social media is the most popular Platform for communication than any other. Also, the rise in online communities where people with relative thoughts can communicate with each other has created a new paradigm for eDiscovery solutions. This factors will eventually enlarge the eDiscovery market size.
Major organizations such as BFSI, government, healthcare, and others are facing several litigations. Hence, there is an increasing demand for optimized discovery solutions and seamless proactive services across organizations. Therefore, organizations, including BFSI, government, and others, will ensure to hold a significant eDiscovery market share.
On the contrary, the actual higher deployment cost of electronic discovery and lack of knowledge about the benefits and uses of eDiscovery solutions will restrict market growth.
Key Players in eDiscovery Market Include, Open Text Corporation, Nuix, Microsoft, IBM, Micro Focus,Catalyst Repository Systems, FTI Consulting, Inc., AccessData, ZyLAB, EPIQ, Fronteo Inc., Conduent Inc., Relativity, Logikcull, Consilio LLC, CloudNine, Commvault, Driven Inc., Ipro Tech, LLC, KLDiscovery, Veritas, Deloitte, Thomson Reuters, Ricoh India Ltd, and Lighthouse.
By Organization Size
North America is anticipated to dominate the eDiscovery market during the forecast period. eDiscovery solution providers are observed to be targeting legal technology acquisitions in North America. This will enable market growth in the region. Rapid changes in government rules and regulations and effective policies of profitable finance sector will drive the adoption of eDiscovery solutions across the region.
The Asia Pacific is expected to witness a significant growth rate during the forecast period. Due to the presence of most populated economies such as India and China, there is a considerable impact of advanced technologies on improving productivity and optimizing costs of discovery and legal, regulatory cost across the organizations in Asia pacific. This factors will fuel the eDiscovery market growth in Asia Pacific.
The Middle East and Africa eDiscovery market size is projected to expand during the forecast period. Awareness regarding the eDiscovery solutions will drive the adoption of eDiscovery software in the Middle East and Africa. The respective governments in the region are substantially investing in deploying advanced solutions for regulating effective rules and regulations based on the analysis of ethical data statistics. Hence, this would drive many opportunities for the growth of eDiscovery market in the region.
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