E-Discovery is also referred to as electronic discovery and is a method of discovery in applications such as litigation, legal proceedings, and government investigations among some others where an electronic format of the information is required.
According to the report, the EDiscovery Market is estimated to grow at a CAGR of 11.12% over the forecast period 2019 to 2025.
The rising penetration of the internet and the growing adoption of IoT in various end-user applications
The rising penetration of internet services and the availability of high-speed internet has led to digitalization, which has facilitated a rise in the adoption of the Internet of Things (IoT), in various applications in different end-user industries, which include Law Firms and Law Enforcement Agencies. The growing adoption is stemming from an increase in the amount of data being generated by the various law firms and other law agencies, which has led to a requirement of effectively streamlining the data in order to effectively control and manage different operations, and reduce the costs that are being incurred by them. Hence, these factors are leading to a surge in the demand for E-Discovery solutions and services, thereby, leading to market growth.
Cloud to increase its share over the forecast period
By deployment model, the cloud is expected to increase its market share over the forecast period owing to the fact that the cloud model provides a host of benefits that aid in overcoming challenges such as data loss and the easy access to data and providing increased storage space and other significant costs that might burden the different organizations.
The North American region holds a significant market share due to the increasing investments in research and development and the Asia Pacific region to show growth at a noteworthy pace owing to a rise in the number of initiatives by the government
The North American region is expected to hold a significant share over the forecast period owing to the fact that there are a good number of investments in order to enhance and make the different IoT solutions more accessible and easily available. In addition, there is faster adoption of solutions such as E-Discovery to manage the burden of increasing costs and effectively streamlining operations.
Moreover, the Asia Pacific region is expected to grow at a noteworthy pace over the forecast period, which is attributable to the fact that the number of number of initiatives being taken by the government and market players are increasing so as to provide advanced solutions such as E-Discovery in order to facilitate the faster development of end-user industries.
The major players covered as part of the report are Opentext, Nuix, IBM, Micro Focus, Catalyst Repository Systems, FTI Consulting, Inc., AccessData, ZyLAB, EPIQ, Fronteo, Conduent, Relativity, Logikcull, Advanced Discovery, and CloudNine among others.
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This report has segmented the E-Discovery marketon the basis following terms.