The global e-discovery market is slated to surpass a valuation of USD 24 billion by 2023 by maintaining a 20% CAGR during the forecast period of 2018 to 2023. Market Research Future (MRFR) has predicted that the market has significant growth opportunities as factors like a significant hike in the electronic data stored and produced, the inclusion of age group ratio, its ability to curb time in assessing various records and understand the process, cost-efficiency, and others are going to evolve as major contributors. However, the system requires much improvement, especially in artificial intelligence and algorithms.
The e-discovery market has been studied and segmented by MRFR analysts to understand dynamics that are influencing the market. It includes segments like a solution, deployment, service, and vertical.
By solution, the global e-discovery market can be segmented into early case assessment, data processing, legal hold, and technology-assisted review and data production. The technology-assisted review and data production has the scope to generate maximum revenue and control the market. The TAR is known to consist of reporting, duplication and predictive coding, visual analytics, searching and workflow management.
By deployment, the review of the e-discovery market comprises cloud and on-premise. Multiple access points and cost-effective nature can boost the cloud segment.
By service, the study of the e-discovery market has been segmented into consulting, implementation, and training and support.
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By vertical, the global market study of the e-discovery market includes segments like government, BFSI, legal, energy utilities, healthcare, travel, hospitality, transportation and logistics, IT and telecommunication, media and entertainment, and others. The legal sector has increased the intake of this system, which would bolster the market growth. Compliance requirements for regulatory purpose and an internal investigation is encouraging enterprises to ensure an adopt and inclusion of e-discovery services.
North America and Europe have the scope to make the permeation process of the market easier as their technological infrastructure is quite advanced and the ability to invest is also significant. In Asia Pacific, booming industries are going to make it easier for the market to expand their presence.
The global market report on the e-discovery market reveals an understanding of major companies like FTI Technology LLC (U.S.), IBM Corporation (U.S.), Zylab Technologies (U.S.), Kcura LLC (U.S.), Hewlett Packard Enterprise (U.S.), Xerox Corporation (U.S.), Ernst Young Global Limited (U.K.), Logik (U.S.), Lexbe (U.S.), Navigant Consulting (U.S.), and others.
In August 2020, the Association of Certified E-Discovery Specialists (ACEDS), the flag-bearer of e-discovery training and certification professional association and also a part of The BARBRI Group, announced its planned collaboration with legal technology leader Relativity to get access to latter’s Relativity Fellows program. This program is designed to welcome motivated individuals from overlooked communities to understand various details of the Relativity platform and be an expert in legal technology. Using this partnership, ACEDS aims to provide foundational e-discovery training to various participants.
In September 2020, Commvault, a well-known player of the enterprise software in the management of data in the various cloud and on-premises environments, announced upliftments to Metallic, Commvault's enterprise-grade SaaS data protection portfolio. New features will support a range of new workloads and compliance needs, back various Microsoft applications, eDiscovery capabilities, and adhere to the General Data Protection Regulation (GDPR) compliance.
The global e-discovery software market is slated to benefit from changes made during the COVID-19 pandemic. New regulations and work methods are expected to support these changes.
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