Electronic Discovery Market Overview
An overview of conceptual frameworks, analytical approaches of the electronic discovery market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The electronic discovery market is expected to grow at a significant rate in the near future.
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%
Electronic Discovery Market Definition
Electronic discovery or e-discovery refers to a component of the usual discovery process. In former times, the two parties engaged in a legal conflict would exchange relevant information in the form of material documents. However, in the present times, documents are progressively created electronically or digitally needing a crucial change in the discovery process. Therefore, the “e” in the term e-Discovery stands for electronic.
E-Discovery is the procedure by which the two parties exchange, investigate, and accumulate electronically stored information (ESI) to use it as testimony in any kind of a legal matter. The electronically stored information (ESI) is a broad term that can sum up an entire myriad of digitally generated content. Microsoft word documents, e-mails, company-specific databases, social media posts, audio and video files all are subjected to the domain of electronically stored information (ESI).
Although the e-discovery approach is lengthy and tricky. It starts immediately after the process of litigation is not too distant and predictable, at which point, barristers from both parties will seek and safeguard the appropriate ESI and make e-discovery requests and challenges. It is essential to safeguard the primary content to prevent alleges of evidence manipulation. The ESI is placed on legal hold while paralegals and barristers look for relevant documents.
Electronic Discovery Market Dynamics
The strengthening of globalization across the world in conjunction with business digitalization has caused a swift surge in cross-frontier e-discovery incidences. E-discovery solutions are accepted and adopted in several different highly regulated vertices, such as healthcare, energy, gas, oil, BFSI, and many others, owing to the various usage proceedings of investigative matters. Thus, e-discovery solutions are cherished by all sizes and kinds of businesses across the world over and over again, which in turn is expected to give major breakthroughs to the growth of the global electronic discovery market in the years to come.
In addition to that, the constantly developing volume of electronic data across numerous sectors all around the world is also one of the major factors that is propelling the demand for e-discovery among the worldwide sectors. For instance, in the recent past, it has been witnessed that 90% of all the documents generated are developed in electronic or digital format. This trend is further projected to propel the adoption of e-discovery solutions in the global markets over the forecast period. Therefore, the global electronic discovery market is expected to witness healthy growth in the forthcoming future.
By the same token, the volume of data is multiplying faster than ever. On top of that, smartphones are also accounting for around half of the worldwide e-commerce transactions and thereby developing tremendous amounts of content. At the same time, the massive upsurge in penetration of the internet and heavy usage impelled by the social network phenomena has further re-engineered the extent and degree of content developed and exchanged. Attributing to which, there is an immense need for firms to administer and control this personal as well as commercial data in order to improve their business competitiveness. Thus, the global electronic discovery market is anticipated to witness significant growth over the coming years.
However, the increasing cases of cyberattacks and data breaching in the present times might keep the growth of the global electronic discovery market within bounds over the upcoming years.
Electronic Discovery Market Segmentation
The global electronic discovery market is segmented on the basis of components, vertices, and regions. On the basis of components, the electronic discovery market is segmented into Software and Services. The software segment is further bifurcated into Processing, Review and Analysis, Identification, Preservation and Collection, and Production and Presentation. On the basis of Vertices, the market is categorized into government and public sector, healthcare, BFSI, legal, IT and telecommunications, and life sciences.
The research report classifies the global electronic discovery market based on components, vertices, and regions.
Review and Analysis
Preservation and Collection
Production and Presentation
Government and Public Sector
IT and Communications
Electronic Discovery Market Key Players
The global electronic discovery market is dominated by 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.
MMC Overview on Electronic Discovery Market Report
The non-identical approach of Meridian Market Consultants stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give a better opportunity for the customers to put their effort.
A research report on the electronic discovery market by Meridian Market Consultants is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that support the market and the factors that are acting as impedance for the growth of the market.
Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market. The report is titled as ‘Electronic Discovery Market: Opportunity Analysis and Future Assessment 2020-2028’.
Factors that are benchmarked while estimating the market
Various factors that are benchmarked while estimating the market growth includes (but not restricted to):
New product designs and launches
Current product compliance
Concerns for use of electronic discovery
Advantage of electronic discovery
Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to make informed decisions.
A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment like wherein one/two manufacturer(s) dominates the market, it’s products sales, previous growth rates and market expansion plans are considered to generate market share in the global market