Global $12.9 Billion eDiscovery Market Forecast to 2025 - Focus on Proactive Governance with Data Analytics and the Emergence of New Content Sources
DUBLIN, Feb. 19, 2021 /PRNewswire/ -- The "eDiscovery Market by Component (Software (Processing, Review and Analysis, Identification, Preservation and Collection, and Production and Presentation) and Services), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global eDiscovery market size would grow from USD 9.3 billion in 2020 to USD 12.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.6% during the forecast period.
eDiscovery is an integral part of litigation, government investigations, and regulatory and compliance submissions, under which parties exchange Electronically Stored Information (ESI) with each other. ESI majorly includes emails, documents, presentations, databases, voicemail, audio and video files, social media, and web sites.
The eDiscovery legal process generally includes three steps: in the first step, data is identified as relevant by a legal practitioner and placed on legal hold. In the second stage, the legal practitioners from both sides determine the scope of discovery, identify the relevant ESI, and make eDiscovery requests.
The solutions segment is expected to grow at a higher CAGR during the forecast period
eDiscovery solutions are used to find, manage, secure, and store relevant data to be presented as evidence during a legal or criminal case. It helps in solving various legal, constitutional, political, security, and personal privacy issues. The process of eDiscovery is done manually on paper or on a system. The growing data generation and litigations can be considered as a major reason for the adoption of eDiscovery solutions worldwide, as the need to manage and present this huge data can be easily achieved using the eDiscovery solutions
BFSI vertical to hold the highest market share in 2020
The advent of advanced technologies will play a crucial role in the growth of the BFSI vertical. Digital technologies have enabled banking customers to access real-time banking and financial information services on any device. The BFSI vertical has a plethora of data gathered from various sources, including capital markets, insurance, asset management, Automated Teller Machines (ATMs), and online transactions.
The BFSI vertical possess detailed data of different types and formats. The stored data is used by banks for different purposes, such as regulatory compliance, customer behavior analysis, and other strategies. But this vertical is a litigation-intensive sector, which heavily requires the identification of relevant business and information. Besides, the increasing volume of data generation and the use of old legacy systems are few factors that increase the difficulty of managing complex situations.
APAC to grow at the highest CAGR during the forecast period
The region is generating large volumes of data through smartphones, IoT, and connected devices. The increasing technology developments, such as advancements in telecommunication standards, from 3G to 4G, and the growing internet penetration are contributing toward data generation. Due to these reasons, complying with data protection laws of foreign lands and the rising international litigations are expected to be leading to the adoption of eDiscovery solutions and services in the APAC region.
The APAC region faces various challenges in maintaining data privacy and cross-border business relations, which makes it difficult for the region to gather and manage data for legal cases. In addition, many firms are still using manual or paper documentation at a large scale, which creates complications during a legal case.
Market Dynamics
Drivers
- Focus on Proactive Governance with Data Analytics and the Emergence of New Content Sources
- Growing Number of Litigations Across the Globe
- Growth of Esi and Social Media Penetration
- Varying Structure of Regulatory Policies
Restraints
- Increasing Chances of Cyberattacks and Data Theft Activities During the COVID-19 Pandemic
- Lack of Skilled Professional Workforce
Opportunities
- Emergence of Ai-Based Analytics and Predictive Coding for eDiscovery
- Collaboration with Social Media Platforms Simplifies Litigation Processes
Challenges
- High Initial Costs of Investment, Installation, and Maintenance
- Privacy and Security Aspects
- Lack of Awareness of eDiscovery Solutions
Industry Trends
- Case Study Analysis
- Use Case 1: Banking, Financial Services, and Insurance
- Use Case 2: Retail
- Use Case 3: Law
Electronic Discovery Reference Model
Patent Analysis
Porter's Five Forces Analysis: Market
Pricing Analysis
Technology Analysis
- Ai and eDiscovery
- Internet of Things and eDiscovery
- Big Data and eDiscovery
Regulatory Landscape
- Introduction
- Federal Rules of Civil Procedure
- General Data Protection Regulation
- Electronic Communications Privacy Act
- Health Insurance Portability and Accountability Act
- Dodd-Frank Wall Street Reform and Consumer Protection Act
Company Profiles
Major Players
- Microsoft
- IBM
- Opentext
- Deloitte
- Micro Focus
- Zylab
- Relativity
- Nuix
- Logikcull
- Kldiscovery
- Exterro
- Thomson Reuters
- Knovos
- Casepoint
- Nextpoint
Startup/SME Players
- Disco
- Veritas
- One Discovery
- Congruity360
- Onna
- Everlaw
- Texifter
- Allegory
- Evichat
- Reductech
For more information about this report visit https://www.researchandmarkets.com/r/9rr93y
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