The
volume of electronically stored information (ESI) is predicted to witness a
growth of about 65.0%–70.0% per year in large organizations. This would be due
to the increasing use of social media and advanced data repositories such as
tablets and smartphones within organizations’ ecosystem. Several businesses are
accepting social media platforms for engaging directly with their customers.
This is leading to the increasing volume of data online, which can be usable in
litigation.
When a request is made for data production in a lawsuit or investigation, eDiscovery solutions help in collecting, identifying, and producing the ESI. Emails, presentations, databases, audio and video files, websites, social media, documents, and voicemails are all included in ESI. In 2016, the eDiscovery market valued $8,285.0 million and is expected to witness a double-digit growth in the near future. Geographically, North America contributed about 70.0% share to the market in 2016. This was due to the stringent policies and compliance regulations in Canada and the U.S. Furthermore, the enforcement of antitrust law due to the political changes and technological advancements in the U.S. is responsible for the increasing requirement for eDiscovery solutions.
On the industry front, the government sector has been the largest user of such solutions, which is a major driver for the eDiscovery market growth. The governments and their adjacent industries deal with large volumes of commercial and citizen data, and the rapid growth of the digital age and technology transformations are resulting in the rising demand for secure storage of critical information.
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When a request is made for data production in a lawsuit or investigation, eDiscovery solutions help in collecting, identifying, and producing the ESI. Emails, presentations, databases, audio and video files, websites, social media, documents, and voicemails are all included in ESI. In 2016, the eDiscovery market valued $8,285.0 million and is expected to witness a double-digit growth in the near future. Geographically, North America contributed about 70.0% share to the market in 2016. This was due to the stringent policies and compliance regulations in Canada and the U.S. Furthermore, the enforcement of antitrust law due to the political changes and technological advancements in the U.S. is responsible for the increasing requirement for eDiscovery solutions.
On the industry front, the government sector has been the largest user of such solutions, which is a major driver for the eDiscovery market growth. The governments and their adjacent industries deal with large volumes of commercial and citizen data, and the rapid growth of the digital age and technology transformations are resulting in the rising demand for secure storage of critical information.
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The emergence of
predictive coding is another breakthrough that is leading to the growing demand
for eDiscovery solutions. This technology is a cultured statistical algorithm
that categorizes the attributes of irrelevant and relevant documents, when a review
is being conducted of a small subset of documents. Predictive coding provides a
lawyer with the expert knowledge of a case through an iterative training
process. The system refines the traits of relevant vs irrelevant documents
until the system itself can determine no more continued training; this is done
in accordance with the designation of the lawyer. This strategy provides
clients with the best possible value through the delivery of a higher review
quality under a low-cost framework. To make use of this technology, the
requirement for the eDiscovery is growing among lawyers.
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