New York, NY, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “eDiscovery Market By Component (Software, Hardware), By Deployment Type (On-Premise, Cloud-Based), By Enterprise Size (SME, Large Enterprise) and By Vertical( BFSI, Retail Sector, Healthcare, Manufacturing, IT and Telecommunication, Energy & Utility, Government, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026”.
“According to the research study, the global eDiscovery Market was estimated at USD 12.61 Billion in 2019 and is expected to reach USD 24.12 Billion by 2026. The global eDiscovery Market is expected to grow at a compound annual growth rate (CAGR) of 9.7%% from 2019 to 2026”.
The electronic discovery or eDiscovery is a process where electronic data is pursued, traced, acquired, and reviewed with an intention of evidence legal case or lawsuit. The eDiscovery software permits legal professionals to eDiscovery process to produce electronic documents for the lawsuit purpose. The eDiscovery is also used in assisting clients and their legal department informing legal arguments and defenses with the use of electronic documents and data.
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Key Questions Answered in this Report
1) What was the impact of COVID-19 on the eDiscovery Market?
2) What is the market size, share of the eDiscovery Market?
3) Who are the top market players in the eDiscovery Market?
4) What will be the future market of the eDiscovery Market?
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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The cost of legal proceedings is considerably higher. Major institutions are aiming for controlling and reducing the operational budget for the legal counsel. Additionally, the number of litigations is also rising. The rising legal activities are expected to drive the demand for eDiscovery software across the globe.
Top Market Players
- Catalyst
- ZyLAB
- AccessData
- CloudNine
- Advanced Discovery
- Conduent
- Deloitte
- Commvault
- Driven
- FRONTEO
- Epiq
- IBM
- FTI
- KLDiscovery
- Ipro
- Logikcull
- Micro Focus
- Lighthouse
- Nuix
- Microsoft
- Relativity
- Veritas
- OpenText
- Ricoh and Thomson Reuters
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Moreover, the adherence to the laws and regulatory policies is further expected to drive the market growth. The rising role of data analytics and predictive coding in the legal industry is anticipated to provide market growth opportunities for eDiscovery in the near future.
The proliferation of IoT devices has created concerns for security. The number of cyberattacks is gaining momentum with the price of stolen data skyrocketing. These growing concerns about cybersecurity have fuelled the requirement of the legal system supported by strong electronic documents and constructive legal arguments and defenses. This in turn has fuelled the demand for the eDiscovery market owing to its advantageous support.
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Among the component, the software is expected to continue dominance over the forecast period. The cloud-based deployment is expected to exhibit the highest growth among the deployment type. The cloud-based eDiscovery platform is experiencing a spike in demand. The primary benefits provided by the cloud-based platform include higher storage, flexibility, compliance, and portability. The demand can be for cloud-based systems can be primarily observed in SMEs.
The rising focus on reducing the operational cost of legal departments has been the primary catalyst for the growth of the eDiscovery market. The eDiscovery platform is expected to play a key role in controlling the rise in legal operational expenses in wake of the rising litigations.
Additionally, the proliferation of IoT enabled devices and the necessity for adherence to regulatory policies and laws are expected to further boost the market growth in the foreseeable future. However, the hesitation towards data sharing and security is expected to have an impact on the expected market growth rate.
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The eDiscovery market research report delivers an acute valuation and taxonomy of the eDiscovery industry by practically splitting the market based on component, deployment, enterprise size, vertical, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.
The eDiscovery market is segmented based on component, deployment, enterprise size, vertical, and region. On the basis of components, the market is classified into hardware and software. On the basis of deployment segmentation, the market is classified into on-premise and cloud-based. On the basis of enterprise size, the market is segmented into SMEs and large enterprises. In terms of vertical, the market is bifurcated into BFSI, retail sector, healthcare, manufacturing, IT and telecommunication, government, energy and utility, others.
The North America region is expected to dominate the mobile phone insurance market share over the studied timeline. The European region is also expected to contribute heavily to the global market revenue. The Asia Pacific region is expected to grow at the highest rate during the forecast period. China, Japan, South Korea, Australia, and India are expected to contribute heavily to the market growth in the foreseeable future. The rising number of SME’s and increased adoption of digital technologies are propelling the market growth in the region.
Browse the full “eDiscovery Market By Component (Software, Hardware), By Deployment Type (On-Premise, Cloud-Based), By Enterprise Size (SME, Large Enterprise) and By Vertical( BFSI, Retail Sector, Healthcare, Manufacturing, IT and Telecommunication, Energy & Utility, Government, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" report at https://www.fnfresearch.com/ediscovery-market-by-component-software-hardware-by-deployment-1159
This report segments the global eDiscovery market as follows:-
Global eDiscovery Market: By Component Segmentation Analysis
- Hardware
- Software
Global eDiscovery Market: By Deployment Segmentation Analysis
- On-Premise
- Cloud-Based
Global eDiscovery Market: By Enterprise Size Segmentation Analysis
- SME’s
- Large Enterprises
Global eDiscovery Market: By End User Segmentation Analysis
- BFSI
- Retail Sector
- Healthcare
- Manufacturing
- IT And Telecommunication
- Government
- Energy and Utility
- Others
Key Insights from Primary Research
- Wide-ranging interviews with chief executives of the major companies operating in the global eDiscovery market, the primary research analysis concludes that the global eDiscovery market to witness exponential growth of nearly 9.7% over the forecast period.
- In the year 2019, the market was valued at approximately USD 12.61 Billion, 2019 and is expected to be valued at over USD 24.12 Billion by 2026.
- On the basis of the deployment segment, the on-premise segment is expected to hold maximum share in the market. The cloud-based deployment is expected to exhibit the highest growth rate in the global eDiscovery market during the forecast period.
- The large enterprises are expected to contribute heavily to the market growth whereas the demand from the BFSI is expected to grow at a significant rate.
- The North America region is expected to be the largest revenue-generating region for eDiscovery over the forecast period. The Europe market is also expected to contribute heavily to the global eDiscovery market. The Asia Pacific market is expected to exhibit the highest CAGR during the forecast timeline.
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