26.02.2020 PR, реклама, маркетинг

eDiscovery Market Overview, Segment Analysis, Growth Opportunities and Forecast

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.

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Organizations require ESI for improved management of their substructure purposes and capital and for the maintenance of large volumes of data for civil litigation purposes. This surge in ESI and social media penetration is driving the demand for electronic discovery (eDiscovery) solutions to erase the exact copies of data, retrieve records from the huge data available with an enterprise, and to reduce the cost and efforts involved in reviewing the left-out content.

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.

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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. Along with this, the transparent communication of information within the ecosystem has become necessary.

To deal with these factors, governments across the world are increasingly adopting these solutions. Furthermore, these providers are trying to integrate new technologies in the solutions that they offer, as the digital data stores of federal governments keep rising exponentially. Effective and efficient eDiscovery solutions are being demanded more and more owing to the increasing population, due to which records and legal management teams are becoming dependent on new technologies.