eDiscovery Market Revenues to expand $17.3 billion by 2023

Posted on 2019-11-21 by MarketsandMarkets in Technology // 0 Comments

Northbrook, IL 60062, USA, 2019-Nov-21 —

According to a research report “eDiscovery Market by Component (Software (Processing, Review and Analysis, Identification, Preservation and Collection, and Production and Presentation) and Services), Deployment Type, Organization Size, Vertical, and Region – Global Forecast to 2023″, published by MarketsandMarkets, the global eDiscovery market is expected to grow from USD 10.8 billion in 2018 to USD 17.3 billion by 2023, at a CAGR of 10.0% during the forecast period. The major factors expected to drive the growth of the eDiscovery market are the growing need for decreasing the operational budget of legal departments and rising number of litigations across the globe. Moreover, the increasing focus on proactive governance with data analytics and growing emergence of new content sources, increasing growth in compliance requirements and data protection regulations, and growing use of Internet of Things (IoT) devices across verticals are also expected to surge the growth of the market. With the increasing adoption rate of IoT and big data among enterprises, the eDiscovery market is expected to gain major traction during the forecast period.

Predictive coding is essentially a machine learning process that uses computer algorithms and software to determine which documents are relevant to litigations by self-learning. The self-learning of the logic required for eDiscovery is based upon a review of test documents by lawyers and attorneys. The eDiscovery software then applies the same algorithm to a larger document group, thus making the document review process less difficult and less complex. The predictive coding makes eDiscovery reviews more efficient, thereby resulting in cost savings and skilfully countering the explosive growth in digital data. Several courts across the world have already approved the use of predictive coding for the discovery of relevant electronic documents. The predictive coding is becoming one of the integral aspects of litigations. eDiscovery vendors are cashing in on the opportunity of increased demand for predictive coding, and are devising new eDiscovery solutions and services, which make the use of this technology.

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Key Market Players for eDiscovery Market

The major players in the eDiscovery market include OpenText (Canada), Nuix (Australia), Microsoft (US), IBM (US), and Micro Focus (UK). These players have adopted various growth strategies, such as acquisitions, partnerships, mergers, and new product launches. They have adopted the major strategy of partnerships to sustain their positions in the global eDiscovery market.

In the eDiscovery market, Nuix provides eDiscovery software and services through its Analytics and Intelligence software platform that supports end-to-end eDiscovery processes. Nuix’s eDiscovery solution helps in collecting and high-speed processing of large amounts of data from various sources. The solution is equipped with various capabilities, including targeted forensic collection of information, automated workload balancing, collaborative data reviews, and machine learning.

Another eDiscovery software provider, Catalyst offers eDiscovery capabilities through its Insight Enterprise eDiscovery Platform. This platform provides end-to-end eDiscovery capabilities to enable the efficient management of cases and provide regulatory compliances. Catalyst’s solutions mainly offer software such as processing, review, and analysis. In line with this, the company has made continuous efforts to diversify and expand its product portfolio and market by adopting inorganic growth strategies.

The eDiscovery market research report analyzes the global adoption trends, growth potentials, key drivers, vendor portfolio analysis, restraints, and opportunities in the market.

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