eDiscovery solutions mechanize and facilitate the electronic discovery (e-discovery) process that involves identification, preservation, collection, processing, review, analysis and production of digital data in support of the c common law discovery process in litigation or other investigative proceedings.
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Cloud eDiscovery solutions are picking momentum in the market as they are ease of use, and more competitively priced.
The dominant use of eDiscovery solutions in government and leading agencies for investigation process is expected to positively impact market growth. By solution, this market is segmented into early case assessment, data processing, data production, technology-assisted review and legal hold.
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In this segmentation, the data production and technology assisted review segments are anticipated to show substantial adoption rate in the eDiscovery market. Both the segments are gaining traction among eDiscovery solutions because these solutions entitle organizations by reducing risk and saving the time and money spent on managing & reviewing large sets of documents effectively as well as efficiently.
Based on its deployment, global eDiscovery market is segmented into on- premise, and cloud. In this segmentation, the cloud deployment segment is estimated to be the largest contributor to this global market over the forecast period.
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As the cloud deployment concept or model is rapidly rising as an attractive option for the delivery of eDiscovery solutions because it enables organizations to decrease the cost allied with IT infrastructure and maintenance. It is also predicted that this segment can be a major business driver for the eDiscovery market, as it empowers organizations to increase their business by offering solutions across the world.
Classified by components, this market is segmented into service and software. The Service segment is sub-segmented into Consulting, Training, Implementation, Training, and support, and Managed services.
Further, the software segment is again sub-segmented into on premise and off-premise software. Global eDiscovery Market is also segmented by verticals, such as Banking, Financial Services & Insurance (BFSI), Healthcare, Telecommunication & IT, Energy and Utilities, Travel and Hospitality, Transportation and Logistics, Media, Entertainment, Legal Sector, Government, and Others.
By its end- user, the market is segmented into law firms, enterprises, government, and regulatory agencies.
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The eDiscovery market is primarily driven by the increasing age group ratio and volume of electronically stored information (ESI) per year. Moreover, swelling smartphones market and increasing use of social media networking platforms such as LinkedIn, Instagram, and Facebook is fueling the growth of the eDiscovery market and is anticipated to propel during the forecast period.
However, high-cost and non-favorable government policies is expected to hamper the growth of this market. Divided by region, this market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
North America is anticipated to contribute the major share of this market globally. The major reason for the continuous adoption of cloud technology in this region is due to the adoption of eDiscovery solutions and service by the end-users.
APAC is estimated as the emerging region for eDiscovery. Global eDiscovery Market is expected to flourish at a CAGR of 23.8% during the forecast period.
Some of the major key players of Global eDiscovery Market are KPMG, Recommind Inc., Veritas, Navigant, PwC, Ricoh, Lighthouse eDiscovery, Thomson Reuters, FTI Technology, Deloitte, Symantec Corporation, IBM Corporation, Xerox Corporation, and Hewlett Packard Enterprise among others.
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