Global eDiscovery Market to Incur Rapid Extension During Forecast 2018-2024, KrolLDiscovery LLC, AccessData Group LLC, Guidance Software Inc.

Global eDiscovery market will grow at 9.8% CAGR during the forecast period with the market size reaching USD 20.8 billion by 2024. Different solutions including data processing, legal hold, data production are majorly contributing to the eDiscovery market size. The market has witnessed significant demand for these solutions over the last few years due to the increasing regulatory compliance requirements, rapid exploration of IoT solutions and services providers across different verticals, and digitalization of government functionary utilizing data analytics for efficient governance. Several factors driving the eDiscovery market include increase in electronically stored information, increasing penetration of internet and social media, and increasing demand for better governance with data analytics. Discovery of electronically stored information in the digital age has become an effective tool to efficiently analyze discover and manage data in different verticals, thus creating demand for these solutions.

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With the abundance of data stored in different form in the digital platforms, different industry verticals such as litigation industry, healthcare, BFSI require discovery of certain data to establish certain facts. This is very cumbersome task for these organizations by themselves, however, with the use of eDiscovery solutions, it becomes simple and efficient for them, thus driving the growth of the market. Another key factor driving the growth of the industry is the increasing adoption of IoT solutions across different industries.

Different industry verticals utilizing eDiscovery solutions include BFSI, government, energy & utilities, IT & telecom, legal, media & entertainment, healthcare. Of all the verticals, government sector accounts for the largest share of the eDiscovery market, globally. Government agencies require these solutions to make a right use of collected data from various sources such as social media, email communications, website content, IoT data, instant messages, text messages, government organization databases, workflow applications, and shared documents among others.

Geographically, North America is the largest eDiscovery market as the region is home to a large number of industry players and also have been in forefront of utilizing these platforms by different organizations such U.S. Federal Government, Litigation Industry and others. Asia-Pacific is observed to witness significant growth in the market during the forecast period. A large number of enterprises in the region are opting eDiscovery solutions and services to efficiently manage the stored data through different platforms.

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Market players in the eDiscovery industry are investing capital to develop technologically advanced systems for data processing, legal hold, data production, early case assessment, among others. These players are also entering into partnerships, collaboration, acquisitions and also launching new products to cater to the demand of different organizations. Some of the key players operating in the global market are KrolLDiscovery LLC, AccessData Group LLC, Guidance Software, Inc., LexisNexis Group, Dell EMC, FTI Technology LLC, Microsoft Corporation, Symantec Corporation, IBM Corporation, Relativity, and Conduent Inc.

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