E-Discovery Market Overview
E-discovery, or electronic discovery, is the process of collecting, reviewing, and producing electronically stored information (ESI) for use in legal proceedings. With the increasing volume and complexity of digital data, e-discovery has become an important tool for corporations, law firms, and other organizations. The global e-discovery market size is expected to reach USD 26.88 billion by 2030, exhibiting a CAGR of 8.50% during the forecast period.
Market Opportunities
The exponential growth of digital data and the increasing use of cloud-based solutions is expected to drive the e-discovery market growth over the next few years. Organizations are increasingly deploying cloud-based solutions to store data, which provides them with better scalability and cost savings. In addition, the emergence of big data analytics is expected to open up new opportunities for e-discovery solutions, as they can be used to analyze large datasets.
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Market Segmentation
The global e-discovery market is segmented based on component, deployment model, organization size, application, and region. By component, the market is segmented into solutions and services. The solutions segment is further divided into document review, collection, processing, and analysis. The services segment is further divided into professional and managed services. By deployment model, the market is segmented into on-premise and cloud. By organization size, the market is segmented into large enterprises and small and medium-sized enterprises. By application, the market is segmented into legal, compliance, and investigation.
Industry Latest News
Major players in the e-discovery market are investing in research and development to develop innovative solutions and to gain a competitive edge in the market. For instance, in July 2020, OpenText announced the launch of OpenText Cloud Discovery, a cloud-based e-discovery solution for the legal industry. The solution is designed to streamline the e-discovery process and to reduce the time and cost associated with e-discovery.
Key Players
The key players in the e-discovery market are OpenText, FTI Consulting, Inc., Symantec Corporation, IBM Corporation, Epiq Systems, Inc., Catalyst Repository Systems, Inc., Kroll Ontrack LLC, Exterro, Inc., and Recommind, Inc.
Regional Insights
North America is expected to hold the largest share of the e-discovery market, due to the increasing number of legal proceedings in the region and the growing adoption of cloud-based solutions. Europe is expected to be the second-largest market, due to the increasing number of legal proceedings and the growing demand for advanced e-discovery solutions. The Asia Pacific is expected to be the fastest-growing market, due to the increasing adoption of cloud-based solutions and the rising number of legal proceedings in the region.
Conclusion
The global e-discovery market is expected to witness significant growth over the next few years, due to the increasing volume and complexity of digital data and the rising adoption of cloud-based solutions. Major players in the market are investing in research and development to develop innovative solutions and to gain a competitive edge. North America is expected to hold the largest share of the market, followed by Europe and Asia Pacific.
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