Global Electronic Discovery Market, By Component (Software (Processing, Review and Analysis, Identification, Preservation and Collection, and Production and Presentation), Services), By Vertices (government and public sector, healthcare, BFSI, legal, and IT and telecommunications and life sciences), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global electronic discovery market is estimated to reach at a value of US$ 10.2 Bn by the end of 2020 and expected to reach at a value of US$ 21.8 Bn by 2028 with a significant CAGR of 10.0%
In accordance with the report of IBM Marketing Cloud, most of the data on the internet has been developed as far back as 2016. All of the devices, businesses, as well as people around us have all become data factories that are generating phenomenal amounts of data and information to cyberspace each day. Owing to which, there is voluminous amounts of data in an electronic or digitized format, which stimulated the need of proper maintenance and administration, thereby propelling the demand of electronic discovery in the global markets.
Electronic discovery, basically, is the electronic aspect of determining, accumulation and generating electronically stored information (ESI) in retaliation to a application for production in a lawsuit or investigation. ESI includes, however not only limited to, documents, emails, databases, presentations, voicemail, audio and video files, social media, and websites. In the old days, the two parties engrossed in a legal dispute would exchange relevant information in the form of tangible or physical documents.
However in the current times, documents are progressively generated electronically or digitally requiring a crucial modification in the discovery process. Data in an electronic or digital form is ideally suited to the investigation as it can be easily and effectively searched electronically, whereas physical documents need to be inspected manually. Attributing to which, the electronic discovery market is expected to observe substantial growth over the forecast period.
In other respects, globalization, all around the world, along with business digitalization has also stimulated the need of electronic discovery solutions to maintain and administer the massive amount of electronic data in an efficient manner. Owing to which, several different vertices across the world, including healthcare, IT and communication, BSFI, legal, government and public sector and many others have embraced and adopted the e-discovery solutions for efficient administration.
Such factors further positively fuel the demand of electronic discovery in the global markets, thereby boosting the growth of the global electronic discovery market over the forecast period. However, the rising incidences of data breaching and cyberattacks is likely to restrict the growth of the global electronic discovery market in the coming years.
MMC Study identifies some of the key participating players in the electronic discovery market globally are Microsoft, IBM, OpenText, Deloitte, Micro Focus, ZyLAB, Relativity, Nuix, Logikcull, KLDiscovery, Exterro, Thomson Reuters, Knovos, Casepoint, Nextpoint, DISCO, Veritas, One Discovery, Congruity360, Onna, Everlaw, Texifter, Allegory, Evichat, and Reductech, among others.
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