The factors driving E-Discovery Market includes, rapid increase in the age group ratio and growing volume of electronic stored information. By solution segment, technology assisted review and data production accounts for high adoption rate in e-discovery market. These solution enhance organization by reducing cost and time spend on evaluating and managing large set of documents efficiently. According to the study, by deployment segment cloud service acquired largest market share.
E-discovery Market is segmented on the basis of solution that includes, legal hold, early case assessment, data processing, technology assisted review and data production. By solution segment technology assisted review and data production is expected to account for highest market share. Technology assisted review solution is widely adopted by judges. It enable users by prioritizing significant document, quality control of the human reviewers and reducing irrelevant data.
E-Discovery refers to legal process in which parties related to legal matters such as litigation, preservation, identification, collection, review, analysis and exchange information in electronic formats. It is also defined as process of collecting, identifying and producing electronic stored information (ESI). The study indicates, the process and technologies related to e-discovery are often complex due to large volume of electronic data stored and produced.
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Major Key Players:
- IBM Corporation (U.S.)
- FTI Technology LLC (U.S.)
- Kcura LLC (U.S.)
- Zylab Technologies (U.S.)
- Xerox Corporation (U.S.)
- Hewlett Packard Enterprise (U.S.)
- Logik (U.S.)
- Lexbe (U.S.)
- Ernst & Young Global Limited (U.K.)
- Navigant Consulting (U.S.)
The E-Discovery Market is expected to grow at approximately USD 24 Billion by 2023, at 20% of CAGR between 2017 and 2023.
The regional analysis of E-discovery market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. North America region is expected to account for largest market share in e-discovery market owing to high implementation of cloud solutions in US and Canada.
Asia-Pacific region is growing at highest CAGR rate owing to massive industrial development, increasing crime rates and dynamic IT infrastructure is developing countries such as India and China.
Market Research Analysis:
The E-Discovery Market in North America region is growing due to high adoption of cloud solutions by enterprise and need to improve information governance in organizations. According to the study, the e-discovery market will remain steady in Europe region. Asia-Pacific market is estimated to be one of the fastest growing market as it is continuously investing into research and development of e-discovery market and legal operations to directly address the security of sensitive data. Increasing population, and growing IT landscape is boosting the market in the region.
The region is witnessing high adoption of e-discovery software by enterprises. Developing countries such as India and China are adopting e-discovery software at a large scale owing to increase population, growing crime rate and robust industrialization is boosting the market in the region. By vertical segment, BFSI and retail sector is driving the e-discovery market.
E-Discovery Market Segmentation:
The e-discovery market has been segmented on the basis of deployment, solution and service. The cloud based e-discovery solution provides search filters in terms of interviews, remainders and notification.
Cloud solution enable organization by providing drag and drop function and offers roll-based workflow. The study indicates that growing demand of digitally stored data and cloud computing is driving the on-premise deployment service.
E-Discovery Market (MRFR) Research Analysis:
By solution segment, e-discovery market consists of legal hold, early case assessment, data processing, technology assisted review and data production. Legal hold solution empower organization by managing the entire process of interviews, notification, reminders and escalations. Legal hold solution leverage HR systems by providing historical protective views.
By region, MRFR analysis shows that North America region accounts for largest market share in e-discovery market owing to growing adoption of e-discovery solution by enterprises in legal firm. Wide adoption of e-discovery solution in civil litigation is boosting the market in the region. Asia-Pacific region is expected to be one of the fastest growing market owing to increase adoption of cloud e-discovery solutions by enterprises. In Asia-Pacific region countries such as China, India, South Korea and Japan will be generating high revenue in e-discovery market.
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- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- IT Solution Providers
- Legal Firms
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