Electronic Discovery Market - Increasing Adoption of Smart Phones And Use of Digital Wallets Is Further Expected To Drive The Market

Electronic Discovery better known as E-Discovery is a process in which electronic data is found and secured and then searched in order to find effective evidence during criminal or civil legal procedures. The electronic discovery can also be carried without the connectivity of internet from a local computer. Government or court ordered hacking in order get critical information as evidence is also considered as an e-discovery and not illegal in nature. The market for e-discovery is expected to grow significantly during the forecast period.

There are several factors driving the demand for electronic discovery market globally. Digital data has been found to be best during investigation as it cannot be destroyed completely once it has been uploaded in a network. Furthermore, the digital data can be searched easily for evidence. In addition, governments in various countries are gradually digitalizing their operations and encouraging the citizens to do the same in order to reduce their overhead cost. This in return is reducing the overhead cost of operations. Moreover, there has been global rise in litigation due to illegal immigration in developing countries like the U.S. and the U.K. These changes are expected to create the demand for e-discovery market during the forecast period. In addition, the increasing adoption of smart phones and use of digital wallets is further expected to drive the market for electronic discovery market.

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However, there are certain restraints hindering the growth in the market. The use of electronic discovery services contradicts the idea of data protection directly. Moreover, the use of e-discovery services is expensive and hence not feasible for household usage. These factors are hindering the growth of the market during the forecast period.

The global electronic discovery market has been segmented by deployment type, by solutions, by service type, by end use industry and by geography. By deployment types, the market has been further categorized into on premises and cloud based services. By solutions, the market has been segregated into data processing, early case assessment, legal hold and technology assisted services among others. In addition, by services the market has been divided into implementation, managed services, consulting and training and support services. The electronic discovery market finds application in several end use industries which include healthcare, energy, travel and hospitality, government, legal, information technology and media and entertainment industries among others. Data production and technology assisted review are expected to dominate the market by solutions during the forecast period. The uses of these solutions help the organizations to reduce the chances of data theft and also enable them in faster processing of documents. Furthermore, the cloud deployment services is expected to hold the largest market share by types during the forecast period. The implementation of cloud deployment model empowers the organizations to reduce the cost of IT infrastructure and maintenance. In addition, the cloud deployment service also enhances the global reach of an organization.

Regionally, the market has been segmented into North America, Latin America, Europe, Middle East and Africa and Asia Pacific. North America region includes U.S. which has been anticipated to dominate the region due to the continuous adoption of cloud based services by the industries at large. Furthermore, Europe is also expected to witness strong growth due to the presence of developed countries such as Germany, France and U.K. which are early adopters of new technology. Asia Pacific region is expected to witness strong growth in future due to the presence of emerging economies such as India and China which are investing heavily towards modernization initiatives in order to reduce the manual labor and operational charges.

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The leading players in the global electronic discovery market include IBM (U.S.), Xerox Corporation (U.S.), Guidance Software, Inc. (U.S.), ZyLAB (U.S.), Accessdata (U.S.), Exterro, Inc. (U.S.), FTI Consulting, Inc. (U.S.) and Nuix (Australia) among other emerging players.

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