Scope of the Study
E-discovery or electronic discovery is the electronic aspect in which electronic data is discovered (located, secured and searched) with the purpose of exploiting these data in civil or criminal cases. It includes emails, video & audio files, social media, chats, docs or other data in electronic form that could be significant evidence in connection to a lawsuit. Moreover, the surging use of digitalization and advanced technologies have increased the amount of data stored per day in various type businesses and organizations.
The market study is being classified by Type (ECA, Processing, Review, Forensic Data Collection, Legal Hold Management and Other), by Application (Attorneys and Legal Supervisors, Government and Regulatory Agencies, IT and Telecommunications, Banking, Financial Services and Insurance (BFSI) and Others) and major geographies with country level break-up. According to AMA, the Global eDiscovery market is expected to see growth rate of 13.8% and may see market size of USD18.9 Billion by 2024.
Symantec Corporation (United States), IBM (United States), Xerox Legal Business Services (United States), Exterro (United States), EMC (United States), Epiq Systems (United States), HPE (United States), Kcura Corporation (United States), Accessdata (United States), Deloitte (United Kingdom), DTI Data (United States), Consilio (United States), Kroll Inc. (United States), Zylab (United States), Guidance Software (United States), Integreon (United States), KPMG (Netherlands), FRONTEO (United States), Recommind (United States) and Veritas (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Navigant (United States), Ricoh (Japan), UnitedLex (United States), LDiscovery (United States), Lighthouse eDiscovery (United States) and Thomson Reuters (Canada).
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global eDiscovery market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global eDiscovery market by Type, Application and Region.
On the basis of geography, the market of eDiscovery has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Component Type, the sub-segment i.e. Software will boost the eDiscovery market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment Type, the sub-segment i.e. Cloud will boost the eDiscovery market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Focus on proactive governance with data analytics and emergence of new content sources
- Increase in number of litigations across the globe
- Growth in compliance requirements and data protection regulations
- Proliferation of IoT devices across various verticals and overabundance of stored data
- Increasing Demand for IT Infrastructure in Emerging Economies
- Growing pressure by government authorities with electronic media governance policies
- Higher cost of eDiscovery platforms and services
- Contradiction between data protection and eDiscovery
- Higher Demand for Cloud-Based E-Discovery Among SMEs
- Collaboration With Social Media Platforms Simplifies Litigation Processes
- Increasing adoption for Predictive Coding to Simplify and Shorten Document Review Process
- Lack of Awareness of eDiscovery
- Limited Technical Expertise for Managing the Advanced eDiscovery Mechanism
- Integration of Saas Based eDiscovery With Traditional Platforms
Market Leaders and their expansionary development strategies
April 2018, Consilio and Advanced Discovery completed transaction to become one global services provider in eDiscovery, document review, risk management and legal consulting services have announced that the transaction to merge the companies is completed. In addition, Both companies have announced that the go-forward name for the combined organization will be Consilio.
California Consumer Privacy Act (CCPA) is passing a law for protection of data in United States which will be effective by January, 2020. It is expected to be country’s highest commendable security and privacy law. Also, SEC is taking risk prohibiting steps to overcome breaches in financial sectors specific to public listed companies to increase risk assurance. European Union laws (GDPR) is taking important measures to protect data privacy and is expected to impact ~4% of global annual sales.
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