(MENAFN- IMARC Group)
IMARC Group's report titled“ eDiscovery market Report by Component (Services, Software), Deployment Type (On-premises, Cloud-based, Hybrid), End-User (Government/Federal Agencies, legal and Regulatory Firms, Enterprises), Vertical (BFSI, Retail and Consumer Goods, Manufacturing, Legal, IT and Telecommunication, Government, energy and Utilities, Healthcare and Life Science, and Others), and Region 2024-2032 “. The global eDiscovery market size reached US$ 13.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 25.8 Billion by 2032, exhibiting a growth rate (CAGR) of 7.3% during 2024-2032.
Factors Affecting the Growth of the eDiscovery Industry:
Rising Regulatory Compliance:
The eDiscovery industry experiences notable growth due to rising demands for regulatory compliance. Amid concerns regarding data privacy and stringent regulations like GDPR and CCPA, businesses must diligently manage their digital data. eDiscovery solutions are essential for identifying, collecting, and protecting electronic documents for legal purposes. These platforms enable organizations to effectively handle regulatory inquiries, investigations, and legal conflicts, ensuring adherence to constantly evolving data protection and privacy laws.
The eDiscovery sector witnesses substantial expansion owing to the exponential rise in organizational data volumes. As enterprises undergo digital transformation, the proliferation of data surges, leading to extensive collections of electronic information like emails, documents, and multimedia files. eDiscovery tools are crucial in addressing legal challenges, investigations, and compliance needs by empowering organizations to navigate vast data repositories, extract relevant information, and enforce legal holds when necessary. Effectively handling and analyzing this ever-growing data terrain is essential for mitigating litigation risks and maintaining data governance standards.
Litigation and Investigations:
Legal proceedings and corporate investigations drive the adoption of eDiscovery solutions, responding to the growing need for efficient tools to handle electronic evidence in litigation and investigations. With a rise in lawsuits, regulatory probes, and internal inquiries, law firms and enterprises rely on eDiscovery technologies to speed up the identification, retrieval, and evaluation of relevant digital data. These tools are pivotal in reducing the time and expenses associated with legal processes, making them indispensable for organizations seeking to navigate modern litigation and compliance hurdles effectively.
Leading Companies Operating in the eDiscovery Industry:
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
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/ediscovery-market/requestsample
eDiscovery Market Report Segmentation:
By Component:
Services represented the leading segment due to their crucial role in providing expertise and support throughout the eDiscovery process.
By Deployment Type:
On-premises Cloud-based Hybrid
On-premises accounted for the largest market share owing to the security and control it offers over sensitive data during legal proceedings.
By End User:
Government/Federal Agencies, Legal and Regulatory Firms Enterprises
Government/federal agencies and legal and regulatory firms represented the largest segment as they require robust eDiscovery solutions for compliance, litigation, and investigations.
By Vertical:
BFSI Retail and Consumer Goods Manufacturing Legal IT and Telecommunication Government Energy and Utilities Healthcare and Life Science Others
The government held the majority of the market share on account of its extensive data management and legal obligations in various jurisdictions.
Market Breakup by Region:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
Global eDiscovery Market Trends:
The eDiscovery solutions market is witnessing substantial growth, primarily propelled by the expanding digital data volume driven by increased digitalization in business operations. This upsurge is powered by the growing necessity for effective management and security of electronic information, particularly with the increasing focus on data governance and compliance with regulations such as GDPR and CCPA. Furthermore, the rising number of litigation and regulatory investigations across sectors such as finance, healthcare, and legal is fostering the demand for advanced eDiscovery tools to streamline the identification, collection, and analysis of electronic evidence. Moreover, the adoption of cloud-based eDiscovery solutions is gaining traction as organizations pursue scalability and cost-effectiveness, further bolstering market expansion.
Note: 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.
About Us:
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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