The worldwide market for eDiscovery Market is expected to grow at a CAGR of roughly 10.7% over the next ten years and will reach US$ 29,511. Mn in 2028, from US$ 10,630.6 Mn in 2018, according to a new Market.us study.
The eDiscovery process requires a lot of IT-centric information. It is necessary for large amounts of structured and unstructured data to be identified, stored, and collected so that it can be transferred to the other party in a compliant way for processing, review, analysis, and distribution. EDiscovery requires a lot of storage space. eDiscovery requires significant computing resources when advanced data review and analytics technologies can be used to extract legal insights automatically from the ESI corpus.
eDiscovery is not just for the industry. Every company today has digital records. Since a few years ago, the trend towards responsibility and maintenance for these records has changed. eDiscovery can be described as a litigation search for facts and truths using electronically stored data. Electronic discovery can be abbreviated to eDiscovery.
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eDiscovery identifies relevant evidence and helps to determine the facts. Additionally, the evidence is extracted using digital forensic tools and then analyzed. eDiscovery is a digital forensic method that allows for pattern and trend identification and advanced search techniques to make it more effective and efficient.
Many companies are working actively to develop eDiscovery Software. eDiscovery software allows organizations to identify, collect, preserve & classify electronically stored information and review it for legal compliance purposes. Advanced discovery software solutions include integrated Al and machine learning, advanced analytical techniques, and automated processes to reduce data volumes and improve results.
According to Deloitte’s Annual Benchmarking Study of Electronic Discovery Practices, 73 % of respondents feel more confident in their ability to manage eDiscovery for their cases. Moreover, advances in disruptive technologies such as Al, loT, and Machine-learning would create new opportunities for the eDiscovery business.
Artificial Intelligence (AI) will continually improve and update eDiscovery solutions, services, and processes. Many in the market believe social media is the best platform to communicate with each other. A new paradigm has been created by the growth of online communities where people from different backgrounds can communicate. This will eventually lead to a larger eDiscovery industry.
Drivers & restraints:
There are many factors that drive the eDiscovery industry. These include a significant increase in litigations around the globe, the emergence and use of new content sources, the proliferation and use of loT devices across different verticals, and an excess of stored data. The market’s growth is being hampered by key factors such as high costs and contradictions, a lack of knowledge about eDiscovery models, and limited staff & technical experts in advanced eDiscovery mechanisms.
Two major trends have a significant impact on e-discovery at the moment. First, organizations face a flood of fragmented information in different archives. Corporate legal teams are also looking for ways to increase efficiency in their departments. E-discovery is a common target for cost-cutting measures. According to research, 94 percent of corporate counsel consider e-discovery an “annoying” feature. 57 percent of in-house counsel spend more than $ 1,000,000 annually on e-discovery. However, 79 percent reported that they bring work into the house. As legal teams attempt to manage the risks of this vast data universe, they find that there aren’t always sufficient technical solutions for e-discovery issues.
The current discovery process is becoming increasingly unsustainable because the present solutions cannot handle the growing data volumes. Most e-discovery software has a fixed processing capacity. E-discovery processes become more complex and more expensive as more data is processed. Legal teams will need to either increase their on-premise processing power or outsource e-discovery processing to keep up with the growing data volumes.
Recent Industry Developments
FTI Technologies launched Contract Information Services in June 2017. This service was designed to assist businesses and counsel with key decisions, negotiate effectively, and comply with regulatory requirements.
KLDiscovery introduced Nebula Enterprise in March 2022. Nebula Enterprise, a plug-and-play expandable appliance that addresses a variety of compliance and security concerns, extended the power, flexibility, and enhanced feature set offered by Nebula Enterprise to customers’ data centers.
Nuix formed a partnership with KordaMentha, a prominent investment and advisory firm, in November 2020. KordaMentha provided clients with secure eDiscovery software as well as forensic expertise through this partnership.
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Key Market Segments:
- Forensic Data Collection
- Legal Hold Management
- Attorneys and Legal Supervisors
- Government and Regulatory Agencies
- Legal and IT Departments of Enterprises
Key Market Players included in the report:
- Symantec Corporation
- Xerox Legal Business Services
- Epiq Systems
- Kcura Corporation
- FTI Technology
- Advanced Discovery
- Kroll Ontrack
- Guidance Software
Frequently Asked Questions (FAQ):
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