Showing posts with label eDiscovery Market Share. Show all posts
Showing posts with label eDiscovery Market Share. Show all posts

North America Is Dominating the eDiscovery Market

 The eDiscovery market was valued at $10,542.4 million in 2021, and it is set to reach $22,089.3 million by 2030, growing at a CAGR of 8.6% between 2021 and 2030, according to a research report by a market research company P&S Intelligence.

This can be credited to the increasing concentration on the protection of metadata from electronic documents, the snowballing acceptance of digital technologies, and the growing electronic data volumes globally.

eDiscovery Market Size and Share Analysis Report

Furthermore, several businesses are heavily investing on numerous departments, this will facilitate them to incorporate smaller regional companies with their roots in the international market and strengthening their global footprints. 

 

North America held the largest market share in the past and is projected to continue its dominance with a value of over $9 billion by 2030. This can be because of the increasing acceptance of cloud computing solutions and digital forensics in the region.

 

In North America, the U.S. generated the highest revenue share in the past and is projected to grow at the fastest rate of approximately 8% in the years to come. This can be attributed to the increasing acceptance of legislation guidelines in the country.

 

Thus, healthcare administrations establish data and information governance methods, which comprise regulatory and litigation response preparation and e-discovery.

 

The APAC eDiscovery market is projected to grow at a significant rate in the years to come. This can be accounted to the extensive usage of IT solutions, in China and India concentrating on increasing productivity and maintaining nominal expense for the safety of private facts and figures, and the rise in regulatory and legal costs across many companies in the APAC.

 

The large enterprise category will grow at the higher rate of around 10% in the future. This growth can be credited to the fast adoption of technological and regulatory changes by big businesses, they have massive corporate networks and several revenue models, and their large investment in tools to support them in securing and managing vital information.

 

Cloud-based eDiscovery software held the larger revenue share, mainly because it supports cost reduction, has infinite scalability, offers robust security and discards physical barriers. 

 

The early case assessment category is expected to grow moderately in the years to come. This is mainly because this type of solution helps in digital innovation for legal and investigative matters, smoothly merged with the present infrastructure, deployed on the cloud, and is also helpful in reducing the volume of data to reduce the amount of time and money.

 

Therefore, the increasing focus on the protection of metadata from electronic documents, the snowballing acceptance of digital technologies, and the growing electronic data volumes globally, will drive the eDiscovery industry in the future.

 

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How is Increasing Amount of Electronically Stored Information Driving Demand for eDiscovery?

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.

ediscovery market overview
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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.


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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