The latest report by IMARC Group, titled “eDiscovery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. 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.
eDiscovery, also known as electronic discovery, is a critical process in the realm of legal and corporate investigations. It refers to the identification, collection, preservation, review, and production of electronically stored information (ESI) that may be relevant to a legal case or regulatory inquiry. In today’s digital age, vast amounts of data are generated and stored electronically, making eDiscovery an indispensable tool for legal professionals and businesses alike. The eDiscovery process typically involves the use of specialized software and technology to search, filter, and analyze data from various sources, including emails, documents, databases, social media, and other electronically stored information. This allows legal teams to efficiently and comprehensively review relevant evidence, thereby reducing the time and resources traditionally associated with manual document review. eDiscovery plays a vital role in legal proceedings, as it helps parties involved in litigation or regulatory matters to meet their obligations for disclosure and ensure a fair and transparent legal process. Moreover, it enables organizations to manage potential legal risks, gain insights from their data, and make informed decisions.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/ediscovery-market/requestsample
eDiscovery Market Trends and Drivers:
With the exponential growth of digital data, businesses and individuals generate vast amounts of ESI daily. The need to efficiently manage and review this electronic information during legal proceedings has led to the widespread adoption of eDiscovery tools and services. Additionally, the global surge in litigation, coupled with complex legal challenges, has put immense pressure on legal teams to handle large volumes of data efficiently. eDiscovery tools enable them to streamline the process of identifying, collecting, and reviewing relevant information, thereby reducing the time and cost involved in traditional manual document review. Other than this, the widespread adoption of cloud computing has led to data being dispersed across various cloud platforms and on-premises servers. This distributed data landscape necessitates advanced eDiscovery solutions capable of handling data from multiple sources and locations. Besides this, as cyber threats become more sophisticated, organizations are increasingly relying on eDiscovery tools to perform digital forensic investigations and respond to data breaches and incidents promptly. In line with this, the need for cost-effective eDiscovery solutions is driving market growth. Cloud-based eDiscovery services, in particular, offer scalability and reduced infrastructure costs compared to traditional on-premises solutions. Furthermore, the continuous evolution of eDiscovery technologies, such as artificial intelligence (AI) and machine learning, has significantly enhanced the efficiency and accuracy of the eDiscovery process. These technologies can quickly analyze and categorize large volumes of data, making it easier for legal professionals to identify crucial evidence. Moreover, governments and regulatory bodies
Report Segmentation:
The report has segmented the market into the following categories:
Component Insights:
- Services
- Software
Deployment Type Insights:
- On-premises
- Cloud-based
- Hybrid
End-User Insights:
- Government/Federal Agencies, Legal and Regulatory Firms
- Enterprises
Vertical Insights:
- BFSI
- Retail and Consumer Goods
- Manufacturing
- Legal
- IT and Telecommunication
- Government
- Energy and Utilities
- Healthcare and Life Science
- Others
Regional Insights:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Competitive Landscape With Key Players:
- Accessdata Group Inc.
- Commvault Systems Inc.
- Conduent Incorporated
- Driven Inc. (Xplenty)
- Fronteo Inc. (Formerly UBIC)
- FTI Consulting
- International Business Machines Corporation
- Logikcull
- Micro Focus International Plc
- Nuix Pty Ltd. (Macquarie Group)
- Open Text Corporation
- Veritas Technologies LLC (The Carlyle Group)
- ZyLAB Technologies
Explore Full Report with TOC: https://www.imarcgroup.com/ediscovery-market
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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