Global eDiscovery Market
The GMI Research forecasts that the EDiscovery Market is witnessing an upsurge in demand over the forecast period. This is mainly due to various factors, including the reduced overall cost of data management, increased work efficiency, and work productivity.
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Introduction of the eDiscovery Market:
eDiscovery is a process in which information is collected, identified, and produced at the same time and is electronically stored. It can be carried out on a network or on a particular computer. Government sanctioned or court-ordered hacking for the purpose of obtaining any important evidence is also a type of eDiscovery.
Key Players of the Global eDiscovery Market:
- Terex Corporation
- Wacker Neuson Corporation
- United Rental Inc
- Olikara Lighting Towers Pvt. Ltd
- Generac Holding Inc
- Doosan Portable Power
- Atlas Copco Ltd
- Larson Electronic LLC
- Aska Equipments Limited
eDiscovery Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The augmenting acquisition of devices and digital technologies across enterprises for data storage in electronic format is enlarging. Huge organizations rely entirely on ESI (Electronically Stored Information) for enumerating mails, data storage, cloud computing resources, and social networking, which is stimulating the growth of the eDiscovery market. In accordance with the RAND Corporation, many prospective corporations like Microsoft, IBM, etc., disburses US$ 5 million to US$ 10 million per year on eDiscovery. Additionally, by the end of 2020, data copied and created is forecasted to touch approximately 50 zettabytes, which is further strengthening the eDiscovery market size. Furthermore, the need to increase the bar in data governance standards by the large and medium-sized organizations is contributing to the eDiscovery industry growth.
Also, the establishment of novel services of conventional eDiscovery solutions such as intelligent information platforms to supervise and apprehend new data helps to reach more effective outcomes. In addition, numerous beneficial features such as expanding work efficiency, work productivity, and decreased overall expenditure of data management have authorized the endorsement of these solutions, which promotes the market size.
However, the accelerating number of cyberattacks and violations will hamper market growth. For example, according to PurpleSec LLC, in the U.S., the number of cyber-attacks is rising by 27% annually on operational technology.
Service Segment Drivers
Based on the Service, managed service will account for the largest share in the near future. This is primarily because of its extensive demand by most of law firms. These firms normally don’t want to invest in the infrastructure and the software of eDiscovery, so they prefer services in which they are assigned with a manager, to assist them in execution with the data collection, production, and review. Thus, the firms do not need to invest in more capital, which supplements the market demand.
End-User Segment Drivers
Based on the End User, the government is projected to lead the market over the forecast period. This is because federal government agencies are proceeding towards the cloud for effective investigations, examinations, and litigation. Leading market players are providing products especially for fulfilling government demands. For instance, Logikcull is offering solutions for government investigation in tracking criminal conspiracies. The adoption of eDiscovery by the U.S. government is propelling market growth.
Regional Drivers
Based on the regional coverage, North America is predicted to dominate the market over the forecast period. This is primarily attributed to their acceptance by the U.S. government. Cases encountered by the government, such as accusations against 19 defendants participating in a criminal conspiracy, have been side-tracked. This was done by imparting 200 TB of data, out of which only 8TB was pertinent, and even 8TB was not suitable format to search, which proves the importance of eDiscovery for the government. Furthermore, with the widespread outbreak of the COVID-19, distance working has increased over time, which has bolstered the market demand.
EDiscovery Market Segmentation:
Segmentation by Service
- Professional Services
- Managed Services
Segmentation by End User
- Government
- IT and Telecommunication
- Healthcare
- Media and Entertainment
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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