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 & Life Science, Retail &
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationeDiscovery 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 & Life Science, Retail &
Global eDiscovery Market is predicted to proliferate during the forecast period due to rapid growth in electronically stored information
Rapid Growth in ESI and Social Media Penetration Increases eDiscovery Demand
The need for litigation is growing along with the development of more electronic data. It has increased technological integration within the legal sector, which has increased the need for and acceptance of e-discovery solutions by several global enterprises. Many of these activities are carried out by companies that need electronically stored information (ESI) for better capital and resource management as well as the preservation of a significant amount of data for use in civil litigation. The market is expanding globally because numerous firms are employing software to retrieve information from the sizable data sets that cover an organisation email, business communications and other data
Increasing eDiscovery Demands on Law Firms and Corporate Legal Teams
The advancement in the technologies has impacted the legal industry as well. Legal sector with an aim to manage the ballooning workloads with strapped budgets are investing in technology that simplifies and scales their work. With modern technologies such as Cloud-based ediscovery software, teams can collect information more quickly and efficiently in-house. With the use of cloud-based ediscovery software, the internal legal team can manage the whole lawsuit, from legal holding, through processing, and reviewing, while adhering to stringent compliance standards. This will provide the better control over data security with less involvement of outside parties. For instance, according to a survey, more than half of in-house decision makers expect the need of technology integrated with corporate legal teams and can propel the market at a drastic rate for the upcoming years. Apart from the key features of ediscovery for simplifying document search, review, and production, the enterprise is using solution to manage regulatory requests, internal investigation, data breaches, third-party subpoenas, etc. Therefore, increasing eDiscovery demands in law firms and corporate legal teams are expected to increase the adoption of eDiscovery in the global market.
Rising Demand for Data Security is Stimulating the Market Growth
The rising demand for emotionally intelligent bots is slowly becoming an eDiscovery trend with newer, groundbreaking technology. For instance, facial feature detection AI software can detect a person’s feelings. Additionally, eDiscovery with emotional intelligence can figure out the moods of the user by analyzing the patterns of their texting behavior. The technology analyses capitalization, punctuation, and the voice commands to predict several emotions. Conversational AI with soft skills is expected to further humanize the business through interactions.
Digitalization and Increasing Adoption of Advanced Technologies Drive the Market Growth
The rising adoption of advanced technologies and growing digitalization are propelling the growth of eDiscovery market globally. The governments in numerous nations are increasingly digitizing their processes and enticing people to follow suit to reduce the cost expenditure. In turn, this lowers the operational overhead costs. Additionally, there has been an increase in lawsuits worldwide because of illegal immigration in developed nations like the United States and the United Kingdom.
Increase Usage of Smartphones to Propel Growth of Market
In the era of digitalization, the world is rapidly shifting from manual to digital. This has proliferated the adoption of several smart devices and smartphones across the world. For instance, according to data on smartphone usage, two-thirds of the globe is now linked via smartphones, and more than 7.33 billion people own mobile devices by 2023. Children begin receiving mobile devices at the age of 10. Nearly all children own phones by age 15 years. As a result, the number of individuals utilizing the internet has increased. Therefore, the demand for cloud-based services and smart device users is growing exponentially. The e-discovery sector has greater options because of the usage of cloud-based services, which also leads to quicker installation times, easy and secure data transfers, rapid scaling demand increases, and cheaper infrastructure, energy, and facility costs.
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Market Segmentation
Recent Advancements
- InFeb 08, 2023, case point, a legal technology platform announced the expansionof its eDiscovery solutions North America business with a dedicated data centerin Canada. The move comes in response with an increasing demand in the CanadianMarket for secure, cloud based legal discovery for litigation, investigation,and compliance.
- OnJun 08, 2022, Everlaw a solution provider to the government entities, law firms,and corporations in the legal industry announced the launch of AI basedclustering to open a world of eDiscovery insights to legal terms of its scale,visualization, ease of use, and ability to conduct true discovery.
Company Profiles
Microsoft Corporation, IBM Corporation, DISCO, Inc., OpenText Corporation, NextPoint, Inc., KLDiscovery, Epiq Systems, Inc., CloudNine, Relativity, Logik Systems, Inc.
| Attribute | Details |
| Base Year | 2022 |
| Historical Years | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Billion and CAGR for 2018-2022 and 2023E-2028F |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | By Component By Organization Size By Deployment Mode By Use Cases By Vertical By Region |
| Regional Scope | Asia-Pacific, North America, Europe, Middle East & Africa, and South America |
| Country Scope | China, Japan, India, Australia, South Korea, United States, Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Israel, Turkey, Saudi Arabia, UAE, South Africa, Brazil, Argentina, Colombia |
| Key Companies Profiled | Microsoft Corporation, IBM Corporation, DISCO, Inc., OpenText Corporation, NextPoint, Inc., KLDiscovery, Epiq Systems, Inc., CloudNine, Relativity, Logik Systems, Inc. |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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