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eDiscovery Market Report 2023, Industry Trends, Outlook, Future Growth, Opportunities and Forecast Till 2028

12-07-2023 11:36 AM CET | Media & Telecommunications

Press release from: IMARC Group

eDiscovery Market Report 2023, Industry Trends, Outlook,

IMARC Group's report titled "๐ž๐ƒ๐ข๐ฌ๐œ๐จ๐ฏ๐ž๐ซ๐ฒ ๐Œ๐š๐ซ๐ค๐ž๐ญ: ๐†๐ฅ๐จ๐›๐š๐ฅ ๐ˆ๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐“๐ซ๐ž๐ง๐๐ฌ, ๐’๐ก๐š๐ซ๐ž, ๐’๐ข๐ณ๐ž, ๐†๐ซ๐จ๐ฐ๐ญ๐ก, ๐Ž๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ฒ ๐š๐ง๐ ๐…๐จ๐ซ๐ž๐œ๐š๐ฌ๐ญ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ‘-๐Ÿ๐ŸŽ๐Ÿ๐Ÿ–". The global eDiscovery market size reached US$ 12.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 20.0 Billion by 2028, exhibiting a growth rate (CAGR) of 8.39% during 2023-2028.

๐…๐จ๐ซ ๐š๐ง ๐ข๐ง-๐๐ž๐ฉ๐ญ๐ก ๐š๐ง๐š๐ฅ๐ฒ๐ฌ๐ข๐ฌ, ๐ฒ๐จ๐ฎ ๐œ๐š๐ง ๐ซ๐ž๐Ÿ๐ž๐ซ ๐ฌ๐š๐ฆ๐ฉ๐ฅ๐ž ๐œ๐จ๐ฉ๐ฒ ๐จ๐Ÿ ๐ญ๐ก๐ž ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ: https://www.imarcgroup.com/ediscovery-market/requestsample

๐…๐š๐œ๐ญ๐จ๐ซ๐ฌ ๐€๐Ÿ๐Ÿ๐ž๐œ๐ญ๐ข๐ง๐  ๐ญ๐ก๐ž ๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐จ๐Ÿ ๐ญ๐ก๐ž ๐†๐ฅ๐จ๐›๐š๐ฅ ๐ž๐ƒ๐ข๐ฌ๐œ๐จ๐ฏ๐ž๐ซ๐ฒ ๐ˆ๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:

โ€ข ๐„๐œ๐จ๐ง๐จ๐ฆ๐ข๐œ ๐ˆ๐ง๐๐ข๐œ๐š๐ญ๐จ๐ซ๐ฌ:

One of the primary factors fueling the growth of the global eDiscovery market is the exponential increase in data volume. In the digital age today, organizations generate vast amounts of data on a daily basis, including emails, documents, social media content, and more. This data explosion can be attributed to various sources such as business transactions, communications, and the proliferation of IoT devices. As the volume of data continues to rise, organizations face significant challenges in managing, analyzing, and retrieving relevant information for legal purposes. This is where eDiscovery solutions come into play. They enable businesses to efficiently search, collect, and process electronic data for litigation, regulatory compliance, and internal investigations.

โ€ข ๐’๐ญ๐ซ๐ข๐ง๐ ๐ž๐ง๐ญ ๐ƒ๐š๐ญ๐š ๐๐ซ๐ข๐ฏ๐š๐œ๐ฒ ๐š๐ง๐ ๐‚๐จ๐ฆ๐ฉ๐ฅ๐ข๐š๐ง๐œ๐ž ๐‘๐ž๐ ๐ฎ๐ฅ๐š๐ญ๐ข๐จ๐ง๐ฌ:

Another crucial factor driving the global eDiscovery market is the proliferation of data privacy and compliance regulations worldwide. Governments and regulatory bodies, such as GDPR in Europe and CCPA in California, have imposed strict rules on how organizations handle and protect sensitive data. Non-compliance with these regulations can lead to severe financial penalties and reputational damage. To meet these compliance requirements, organizations need to have robust eDiscovery tools and processes in place. eDiscovery solutions enable them to identify, preserve, and produce relevant data in a legally defensible manner, ensuring they adhere to data privacy and compliance mandates.

โ€ข ๐ˆ๐ง๐œ๐ซ๐ž๐š๐ฌ๐ข๐ง๐  ๐‹๐ž๐ ๐š๐ฅ ๐‚๐จ๐ฆ๐ฉ๐ฅ๐ž๐ฑ๐ข๐ญ๐ฒ ๐š๐ง๐ ๐‹๐ข๐ญ๐ข๐ ๐š๐ญ๐ข๐จ๐ง:

With the digitalization of business operations and the widespread use of electronic communication, legal disputes have become more intricate and involve a broader spectrum of digital evidence. Modern litigation often requires the collection and analysis of diverse data types, including emails, instant messages, social media posts, and cloud-hosted documents. Managing this complex data landscape without efficient eDiscovery tools can be a daunting task for legal professionals. eDiscovery solutions simplify the process of identifying, preserving, and reviewing electronic evidence, making it easier for legal teams to build their cases. Additionally, the ability to conduct early case assessments using eDiscovery tools can lead to cost savings and better-informed legal strategies.

๐‹๐ž๐š๐๐ข๐ง๐  ๐‚๐จ๐ฆ๐ฉ๐š๐ง๐ข๐ž๐ฌ ๐Ž๐ฉ๐ž๐ซ๐š๐ญ๐ข๐ง๐  ๐ข๐ง ๐ญ๐ก๐ž ๐†๐ฅ๐จ๐›๐š๐ฅ ๐ž๐ƒ๐ข๐ฌ๐œ๐จ๐ฏ๐ž๐ซ๐ฒ ๐ˆ๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:

โ€ข Accessdata Group Inc.
โ€ข Commvault Systems Inc.
โ€ข Conduent Incorporated
โ€ข Driven Inc. (Xplenty)
โ€ข Fronteo Inc. (Formerly UBIC)
โ€ข FTI Consulting
โ€ข International Business Machines Corporation
โ€ข Logikcull
โ€ข Micro Focus International Plc
โ€ข Nuix Pty Ltd. (Macquarie Group)
โ€ข Open Text Corporation
โ€ข Veritas Technologies LLC (The Carlyle Group)
โ€ข ZyLAB Technologies

๐„๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ž ๐…๐ฎ๐ฅ๐ฅ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐ฐ๐ข๐ญ๐ก ๐“๐Ž๐‚: https://www.imarcgroup.com/ediscovery-market

๐†๐ฅ๐จ๐›๐š๐ฅ ๐ž๐ƒ๐ข๐ฌ๐œ๐จ๐ฏ๐ž๐ซ๐ฒ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐’๐ž๐ ๐ฆ๐ž๐ง๐ญ๐š๐ญ๐ข๐จ๐ง:

๐‚๐จ๐ฆ๐ฉ๐จ๐ง๐ž๐ง๐ญ ๐ˆ๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ:
โ€ข Services
โ€ข Software

Services are the largest segment as organizations increasingly rely on expert guidance, consulting, and managed services to navigate the complexities of eDiscovery, ensuring effective implementation and compliance with legal requirements.

๐ƒ๐ž๐ฉ๐ฅ๐จ๐ฒ๐ฆ๐ž๐ง๐ญ ๐“๐ฒ๐ฉ๐ž ๐ˆ๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ:
โ€ข On-premises
โ€ข Cloud-based
โ€ข Hybrid

On-premises holds the maximum number of shares due to the continued preference of some organizations for maintaining direct control over their eDiscovery infrastructure and data security, especially in highly regulated industries.

๐„๐ง๐-๐”๐ฌ๐ž๐ซ ๐ˆ๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ:
โ€ข Government/Federal Agencies, Legal and Regulatory Firms
โ€ข Enterprises

Government/federal agencies, legal and regulatory firms are the largest segment as these entities have a critical need for eDiscovery solutions to efficiently handle the immense volumes of electronic data involved in litigation, investigations, and regulatory compliance activities.

๐•๐ž๐ซ๐ญ๐ข๐œ๐š๐ฅ ๐ˆ๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ:
โ€ข BFSI
โ€ข Retail and Consumer Goods
โ€ข Manufacturing
โ€ข Legal
โ€ข IT and Telecommunication
โ€ข Government
โ€ข Energy and Utilities
โ€ข Healthcare and Life Science
โ€ข Others

The government sector accounts for the largest market share due to its extensive legal and regulatory requirements, which necessitate robust electronic data discovery solutions to handle the complex and sensitive information involved in various legal and investigative processes.

๐‘๐ž๐ ๐ข๐จ๐ง๐š๐ฅ ๐ˆ๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ:
โ€ข North America (U.S. & Canada)
โ€ข Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
โ€ข Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
โ€ข Latin America (Brazil, Mexico)
โ€ข Middle East & Africa

North America's dominance in the eDiscovery market is attributed to the strict regulatory environment, a high frequency of litigation, and a strong focus on data privacy and security, driving the demand for comprehensive eDiscovery solutions.

๐†๐ฅ๐จ๐›๐š๐ฅ ๐ž๐ƒ๐ข๐ฌ๐œ๐จ๐ฏ๐ž๐ซ๐ฒ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐“๐ซ๐ž๐ง๐๐ฌ:

Data privacy regulations like GDPR in Europe and CCPA in California have heightened the importance of data governance and compliance. Companies worldwide must adhere to these regulations, which often require robust eDiscovery processes to ensure that sensitive data is handled appropriately. eDiscovery providers that offer solutions designed to meet global regulatory standards are in high demand. Additionally, the integration of artificial intelligence (AI) and machine learning in eDiscovery is transforming the industry. These technologies enable more efficient data processing, advanced analytics, and predictive coding, reducing the time and cost associated with eDiscovery processes. Companies that invest in cutting-edge AI-powered eDiscovery solutions have a competitive advantage.

๐๐ซ๐จ๐ฐ๐ฌ๐ž ๐จ๐ญ๐ก๐ž๐ซ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ฌ:

๐’๐ญ๐ซ๐ž๐š๐ฆ๐ข๐ง๐  ๐€๐ง๐š๐ฅ๐ฒ๐ญ๐ข๐œ๐ฌ ๐Œ๐š๐ซ๐ค๐ž๐ญ: https://www.imarcgroup.com/streaming-analytics-market

๐๐ฅ๐š๐ฌ๐ญ๐ข๐œ ๐๐š๐œ๐ค๐š๐ ๐ข๐ง๐  ๐Œ๐š๐ซ๐ค๐ž๐ญ: https://www.imarcgroup.com/plastic-packaging-market

๐ƒ๐ข๐ ๐ข๐ญ๐š๐ฅ ๐„๐๐ฎ๐œ๐š๐ญ๐ข๐จ๐ง ๐Œ๐š๐ซ๐ค๐ž๐ญ: https://www.imarcgroup.com/digital-education-market

๐Œ๐ข๐œ๐ซ๐จ๐ ๐ซ๐ข๐ ๐Œ๐š๐ซ๐ค๐ž๐ญ: https://www.imarcgroup.com/microgrid-market

๐„๐๐ ๐ž ๐‚๐จ๐ฆ๐ฉ๐ฎ๐ญ๐ข๐ง๐  ๐Œ๐š๐ซ๐ค๐ž๐ญ: https://www.imarcgroup.com/edge-computing-market

๐๐จ๐ญ๐ž: ๐ˆ๐Ÿ ๐ฒ๐จ๐ฎ ๐ง๐ž๐ž๐ ๐ฌ๐ฉ๐ž๐œ๐ข๐Ÿ๐ข๐œ ๐ข๐ง๐Ÿ๐จ๐ซ๐ฆ๐š๐ญ๐ข๐จ๐ง ๐ญ๐ก๐š๐ญ ๐ข๐ฌ ๐ง๐จ๐ญ ๐œ๐ฎ๐ซ๐ซ๐ž๐ง๐ญ๐ฅ๐ฒ ๐ฐ๐ข๐ญ๐ก๐ข๐ง ๐ญ๐ก๐ž ๐ฌ๐œ๐จ๐ฉ๐ž ๐จ๐Ÿ ๐ญ๐ก๐ž ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ, ๐ฐ๐ž ๐ฐ๐ข๐ฅ๐ฅ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž ๐ข๐ญ ๐ญ๐จ ๐ฒ๐จ๐ฎ ๐š๐ฌ ๐š ๐ฉ๐š๐ซ๐ญ ๐จ๐Ÿ ๐ญ๐ก๐ž ๐œ๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐š๐ญ๐ข๐จ๐ง.

๐‚๐จ๐ง๐ญ๐š๐œ๐ญ ๐”๐ฌ:

IMARC Group

Email: sales@imarcgroup.com

USA: +1-631-791-1145 | Asia: +91-120-433-0800

Address: 134 N 4th St. Brooklyn, NY 11249, USA

Follow us on Twitter: @imarcglobal

๐€๐›๐จ๐ฎ๐ญ ๐”๐ฌ:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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