eDiscovery Market will reach to $12.9 billion by 2025
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The key factors that are expected to drive the growth of the market are focus on proactive governance with data analytics and the emergence of new content sources, increase in the number of litigations across the globe, increase in ESI and social media penetration, and varying structure of regulatory policies. However, increasing chances of cyberattacks and data theft activities during the COVID-19 pandemic and the lack of a skilled professional workforce are expected to limit the market growth. Apart from the drivers and restraints, there are a few lucrative opportunities for eDiscovery solution providers. The emergence of AI-based analytics for eDiscovery and increased demand for predictive coding to simplify and shorten the document review process are some of the opportunities for the vendors in the eDiscovery market.
Services segment to hold a larger market size during the forecast period
The volume of data that needs to be analyzed is growing day-by-day due to the increasing number of sources that generate data. Services form an integral part of the eDiscovery and include managed services, support and maintenance, and training, consulting, and integration services. The majority of companies across the globe want to exert more control over their eDiscovery data and operations. But Organizations fail to do so due to the lack of resources to execute the required in-house operations in-house. The eDiscovery managed services offer support for data collection through data management and document review. eDiscovery managed services offer a business partnership that allows organizations to have the cost predictability and control they need and the security and required eDiscovery workflows. The majority of companies across the globe want to exert more control over their eDiscovery data and operations. But Organizations fail to do so due to the lack of resources to execute the required in-house operations in-house. The eDiscovery managed services offer support for data collection through data management and document review. eDiscovery managed services offer a business partnership that allows organizations to have the cost predictability and control they need along with the security and required eDiscovery workflows.
SMEs segment to grow at the highest CAGR during the forecast period
The growing use of the latest technologies, such as mobile, cloud, and social media, has changed every organization’s working style. Data is one of the key factors in determining a company’s market growth. Companies require technologies that can assist them in improving their profit margins and operational efficiency. SMEs have a low marketing budget and often lack the resources and capabilities for effective marketing orchestration. SMEs, with their limited budgets, try to scale up their businesses through cost-effective techniques to generate maximum RoI from their spending. One of the most widely impacted by COVID-19, Italy, came up with an emergency plan of USD 28 billion that could help them inch slowly toward normalcy. As businesses across sectors are finding it a challenge to stay up and running, it has been a particularly distressing time for SMEs, who gloomily stare at an uncertain future.
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IT and telecommunications vertical to grow at the highest CAGR during the forecast period
The IT and telecommunications vertical is experiencing increased data generation due to the advancements in technologies, such as 3G and 4G. The introduction of 5G technology in the near future is expected to generate a large volume of data. This vertical faces challenges in maintaining IP copyrights and data collection due to a broad customer base. It deals with cross-border data privacy and security challenges by regulators and anti-trust inquiries. Hence, companies in this vertical are exposed to more scrutiny as regulatory and consumer demands change. The vertical is adopting eDiscovery services for addressing challenges with unique data formats and analyze large volumes of documents. eDiscovery solutions facilitate telecommunication companies to review their data or tariff plan processing and validate the data content to answer the legal charges amounted on it.
North America to account for the highest market share during the forecast period
North America is expected to hold the highest market share in the overall eDiscovery market during the forecast period. North America region is increasingly adopting eDiscovery solutions, as they it is an early adopter of trending technologies and have very stringent compliance regulations. Furthermore, companies in this region have adopted eDiscovery solutions to regulate cybersecurity and data breaches, handle cross-border jurisdiction differences and privacy issues, manage investigation matters and litigation, and maintain standards to meet all discovery obligations. North America is further segmented into the US and Canada. The US is expected to be the major revenue contributor to the eDiscovery market in North America. After the US, Canada is expected to present significant growth opportunities for eDiscovery solutions and service providers. The Government of Canada supports businesses and has started many programs, such as CanExportSMEs, to provide funding. Fortune 500 companies are expanding their operations and R&D centers in Canada. From 2018 to 2019, Canada’s FDI increased by 18.6%. To deal with the increasing eDiscovery issues, the Canadian judges and lawyers together formed the Sedona Canada Principles in 2003.
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The major players in the eDiscovery market are Microsoft(US), IBM(US), OpenText(Canada), Deloitte(US), Micro Focus(UK), ZyLAB(The Netherlands), Relativity(US), Nuix(Australia), Logikcull(US), KLDiscovery(US), Exterro(US), Thomson Reuters(Canada), Knovos(US), Casepoint(US), Nextpoint(US), DISCO(US), Veritas(US), One Discovery(US), Congruity360(US), Onna(US), Everlaw(US), Texifter(US), Allegory(US), Evichat(Canada), and Reductech(UK). The study includes an in-depth competitive analysis of key players in the eDiscovery market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
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