03-14-2019 03:03 PM CET - IT, New Media & Software

Electronic Discovery Market 2019 Big Players: Symantec, Deloitte, Ibm, Relativity, Zylab, Xerox, Accessdata Group, Recommind, Guidance Software

Press release from: Market Prognosis

The global electronic discovery market is expected to register a CAGR of 18.64% over the forecast period of 2018 - 2023. E-discovery software and services have become an essential tool for enterprises that intend to respond to regulatory, legal, and investigational requirements. The growth of data in the form of electronically stored information has led to challenges for enterprises, in terms of collection, review, and storing of digital data, to be used in litigation, regulatory, and investigation processes. In the recent times, it has been observed that 90% of the all the documents generated are produced in electronic format. This trend is expected to drive the adoption of the e-discovery market over the forecast period.

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Due to lower maintenance costs of documents and data production across the world, the demand for data processing solutions has been growing rapidly. Depending on deployment type, the off-premise segment is leading the market, and is expected to register the highest growth rate, owing to increasing cloud computing and storage and rising volume of digitally stored data.

Key Developments in the Market:
• October 2017 - Relativity unveiled next evolution of their e-discovery platform. The company also earned an ISO 27001 certification for the security of RelativityOne. Nearly 3.1 billion documents have been run through Relativity Analytics, till date. More than 500 new features were delivered to the platform, in 2017.
• August 2017 - Zapproved and Code42 introduced a new e-discovery product integration to streamline cloud-based preservation and collection for enterprise legal departments. The integration combines Zapproved's Legal Hold Pro software, which allows in-house corporate legal teams to reduce costs and risk, by automating legal holds and data preservation requests, with Code42's endpoint data protection software, which backs up employee data to a secure on-premises or cloud location.

Major Players:

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Increasing Number of Lawsuits is the Major Driver for the Market
In the competitive global market, companies are targeted by their competitors, through industrial espionage, spreading disinformation, and leaking confidential information, to damage the company’s brand value in the market. It would be an easy task for a well-financed and motivated group to attack the technical infrastructure of an adversary, given the clear vulnerabilities, low-risk, and a large reward for these attacks. Thus, there has been an increase in the number of lawsuits. In this kind of a scenario, electronic discovery plays a pivotal role in easing the investigation process.

SaaS - The Only Sensible Solution for Small Litigations
The cost of e-discovery has been identified as a primary concern affecting adoption among many organizations. The lack of ability to control and predict the cost has become a common challenge. Hosted deployment models have enabled organizations to solve their e-discovery needs, without investing in the necessary infrastructure and management. Most of the MSPs offer a pricing structure that is a combination of data volume (for processing and storage) and subscription-based fees (for review). On the contrary, SaaS solutions often require self-support by internal IT and legal teams, and are more compelling in pricing than hosted solutions. With SaaS model, the burden of maintaining the most recent version of the software is eliminated, as long as software is continually innovated and the most up-to-date versions are available, without any additional upgrade fee or maintenance.

Share of the North American Electronic Discovery Market is Decreasing Rapidly
North America constitutes more than half of all the electronic discovery spending in the world. Owing to the growing technological developments in the field of cloud and analytics and the emergence of mobile technologies, the market is in an emerging phase in Asia-Pacific, Latin America, and Middle East & Africa. The rapid growth in the Asia-Pacific segment is being brought about by the massive scale of industrial development, particularly in the countries of India and China, focused on a robust IT infrastructure.

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This release was published on openPR.
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