The evolution of advanced technologies such as IoT, artificial intelligence, cloud, and analytics are playing a crucial role in driving the growth of eDiscovery solution market. Today, organizations use various sources such as enterprise application, social networks, web-based searches, and cloud-based application to generate data.
Therefore, in order to analyse large amount of data on a daily basis, organizations have started to use advanced technology for data management. The increase in the volume of electronic data has tempted various enterprises to focus on using advanced data management and data discovery solutions such as eDiscovery.
Furthermore, the rising trend of cloud-based solutions is compelling various organizations to adopt data management and data discovery solutions in coming years.
eDiscovery is the electronic aspect of identifying, collecting and producing electronically stored information.
The availability of database management and enterprise content management software has compelled organization to depend on digital media and adopt office document solutions to provide better information and to create engaging content.
Thus, the increase use of content management software is further creating the increasing the demand for dynamic document solution. Moreover, the emergence of digital age and technology transformations is generating potential growth opportunities for the eDiscovery market.
Drivers
The increasing usage of various social media platforms, such as LinkedIn, Facebook, and twitter in enterprises is likely to spur the growth of the eDiscovery solution market. Moreover, the growth in electronic data volumes across the enterprises around the world, is creating an immediate need for eDiscovery solutions.
Moreover, the increase in use of eDiscovery solutions in government and leading agencies for investigation process is further expected to fuel the growth of the market.
Apart from this, the robust growth in smartphone market and the growth of mobile devices and apps has directly resulted in a massive increase in the amount of data generated and due to this, the demand for eDiscovery solutions has increased rapidly.
Moreover, the emergence of digital commerce and increased technological investments such as cloud is supporting the rapid adoption of eDiscovery solutions in various enterprises.
Non favorable government policies and the high cost of eDiscovery solutions are some of the primary factors which are expected to limit the growth of eDiscovery market. Also, cross-border confidentiality issues and jurisdictional variances are some of the major challenges for the growth of eDiscovery solution market.
Apart from this, the shortage of skilled and expert individuals that are needed to control and identify electronically stored information is also one of the major factor which hampers the growth of the market.
Key Players
The prominent players in eDiscovery solution market are: FTI Technologies, kCura, IBM Corporation, Microsoft Corporation, Symantec Corporation, HPE, Epiq Systems, Inc., Exterro, Nuix, Ltd., Oracle, OpenText, ZyLAB Technologies, Xerox Corporation, AccessData, and Kroll, Inc.
On the geographic basis, North America is anticipated to capture largest market share, owing to the high-paced technological developments and the presence of various key players in the region.
Europe and APAC are expected to grow rapidly in coming years due to the advancements in technology and the rising focus of Government and controlling authorities in the region to choose advanced components for investigations and litigations.
Latin America & MEA region also offers potential opportunities for the growth of eDiscovery market in coming years due to rising trend of digitalization in various countries of the region.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Segmentation of eDiscovery solution market on the basis of component:
Segmentation of eDiscovery solution market on the basis of deployment:
Segmentation of eDiscovery solution market on the basis of vertical:
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