WILMINGTON, DE / ACCESSWIRE / December 8, 2022 / Transparency Market Research Inc. -According to a TMR study, the global e-discovery market is projected to grow at a CAGR of 8.9% during the forecast period between 2021 and 2031. Primary objective behind the deployment of e-discovery solutions in any end-use industry is to collect and examine electronically stored information that involves human interaction, such as spreadsheets, emails, and presentations from different locations such as servers, smartphones, and websites.
E-discovery solutions are also assisting companies in decreasing the possibility of data theft and ensuring quicker processing of documents. Some of the end-use industries that are using e-discovery solutions include healthcare, IT and telecom, manufacturing, and BFSI. Rise in digitization across various industries and increase in deployment of cloud computing and IoT systems are expected to enhance the potential use cases of e-discovery solutions for improving efficiency and reducing risk related to sensitive and confidential data. Expanding market reach and strengthening their brand presence would be among the prime focus areas for e-discovery solution providers in the next few years.
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Key Findings of Market Study
Increase in Government Focus on Digitalization Fueling E-discovery Market: Governments across the world have increased focus on digitalizing operations in order to decrease overhead expenditure in the past few years. Consequently, the need for e-discovery solutions has increased, which has contributed to the growth in the e-discovery market. Additionally, authorities strive to prevent confidential information from leaking and are deploying e-discovery solutions, which is boosting market growth.
Advantages to Facilitate Wide Scale Adoption fuels Demand for Cloud-based E-discovery Services: Demand for cloud-based e-discovery services has increased across different end-use industries in the past few years. Cloud-based e-discovery services have helped firms decrease the cost of IT infrastructure and maintenance, which has fueled product demand and stimulated market growth. Furthermore, rise in smartphone adoption and increase in usage of digital wallets among customers globally is expected to help the e-discovery market development during the forecast period.
E-discovery Market - Key Drivers
Increase in need to improve data governance in both large- and medium-scale enterprises globally is one of the key factors driving the global e-discovery market
Growing number of cyber threats across the world is triggering the demand for e-discovery solutions and stimulating industry growth
Rise in usage of different social media sites such as Facebook, Twitter, and LinkedIn is anticipated to help expand market size during the forecast period
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E-discovery Market - Regional Insights
North America is projected to lead the global e-discovery market during the forecast period due to rise in adoption of cloud services by end-use industries such as healthcare, BFSI, manufacturing, and IT & telecom in countries such as the U.S. and Canada
Asia Pacific is expected to witness substantial growth in the global market during the forecast period owing to rise in investment in modernization in order to decrease dependency on human labor and lower operational expenditure in countries such as China and India
E-discovery Market - Key Players
The global market for e-discovery is competitive, with the presence of large number players accounting for a large market share. New players entering the market during the forecast period are likely to intensify competition. Prominent market players are investing significantly in research & development in order to develop improved solutions.
Key players include Deloitte, IBM Corporation, Thomson Reuters, Veritas, Microsoft, Open Text Corporation, and Relativity.
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The global E-discovery market is segmented as follows:
Maintenance and Support
Training and Consulting
Small and Medium Enterprise Sizes (SMEs)
Large Enterprise Sizes
Government and Public Sector
Energy and Utilities
Healthcare and Life Sciences
Retail and Consumer Goods
IT and Telecommunications
Middle East & Africa
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