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eDiscovery Market
WILMINGTON, DE, UNITED STATES, September 17, 2024 /EINPresswire / -- The global eDiscovery
market size generated $10.9 billion in 2021, and is projected to reach $25.2 billion by 2031, growing at a CAGR of 8.9% from 2022 to 2031.
Electronic discovery (often referred to as e-discovery or eDiscovery) is the discovering of material in digital form during
legal procedures such as litigation,
government investigations, or information rights requests as electronically stored information (ESI). Electronic discovery is governed by civil procedure standards and agreed-upon methods, which frequently include a review for privilege and significance before data is given over to the seeking side of a lawsuit.
Increasingly stringent monitoring, cross-border privacy legislation, and sophisticated benchmark datasets have contributed to the expansion of the scope and size of eDiscovery techniques. Software-as-a-service (SaaS) and artificial intelligence (AI) have transformed eDiscovery practices, to become cost effective as it helps companies reduce their overall operating expenses. Modern eDiscovery software market has evolved into a critical tool for the company's operations.
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COVID-19 Scenario:
The outbreak of the COVID-19 pandemic had favorably impacted the growth of the global eDiscovery market, owing to the rise in demand for digital evidence across a slew of sectors.
During the COVID-19 pandemic, sectors such as the BFSI deployed eDiscovery solutions and this prompted the global market growth.
Increase in demand for online network connectivity as well as online purchase of essential goods & services during the pandemic enabled the global market surge.
Region-wise, North America holds a significant share in the global eDiscovery industry, owing to the presence of prime players in this region. The adoption of forensics & collections and data analysis is expected to propel the growth of the eDiscovery industry in this region. Moreover, surge in awareness of investigation, litigation & legal operations and freedom of the information act (FOIA) eDiscovery use case request in North America are anticipated to drive the eDiscovery market trends in this region.
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The key players profiled in the report include CloudNine, CS DISCO Inc., Deloitte Touché Tohmatsu Limited, International Business Machines Corporation, KLDiscovery Limited, Lighthouse eDiscovery Inc., Microsoft Corporation, Nuix Limited, Onna Technologies Inc. and ZyLAB Technologies. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the eDiscovery market.
KEY FINDINGS OF THE STUDY
On the basis of offering, the solutions segment was the highest revenue contributor to the market, and is estimated grow with impressive CAGR.
Investigation and litigation & legal operation use case are widely being applied in various government and corporate legal proceedings.
On the basis of region, North America is expected to prevail its dominance during the forecast period.
The report provides a quantitative analysis on the global competitive landscape.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.