Westford USA, July 06, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the eDiscovery software market is crucial in reducing the complexity and time associated with legal cases by facilitating efficient document review processes. The eDiscovery process is inherently IT-centric, involving identifying, preserving, and collecting vast amounts of structured and unstructured information. This information needs to be transferred in a compliant manner to the opposing party for further processing, review, and analysis.
Browse in-depth TOC on the “eDiscovery Software Market”
- Pages – 242
- Tables – 126
- Figures – 77
The eDiscovery software market is experiencing significant growth due to the rapid digitization of various industries and the increasing utilization of Internet of Things (IoT)-enabled devices. There is a substantial increase in digital data generation and storage as organizations across sectors undergo digital transformation. This surge in data creation has created a need for robust eDiscovery solutions that can effectively access, analyze, and recover relevant information for legal and compliance purposes.
Report Scope & Segmentation:
|Market Size in 2022||USD 11.74 Billion|
|2030 Value Projection||USD 23.45 Billion|
Prominent Players in the eDiscovery Software Market
- Symantec Corporation
- Hewlett-Packard Enterprise (HPE)
- Dell Technologies
- Veritas Technologies LLC
- Kroll Ontrack
- Exterro Inc.
- FTI Consulting, Inc.
- Catalyst Repository Systems, Inc.
- Recommend Inc.
- Epiq Systems
- iPro Tech
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Government Segment is Expected to Grow in the Market Due to Rise in the Importance of Electronic Records
The government segment is anticipated to hold a significant share of the global eDiscovery software market during the forecast period. Government agencies worldwide have recognized the importance of electronic records in conducting various investigations and legal proceedings. It is widely acknowledged that electronic records, such as emails, documents, and digital communications, hold crucial information and evidence that can be vital in solving cases and ensuring justice.
The markets in North America currently hold the dominant position in the global eDiscovery software market. North America accounted for a significant share in terms of market value. This trend is expected to continue during the forecast period, with North America projected to contribute around 44% of the market’s growth.
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Cloud Segment is Expected to Dominate the Market Due to Increase in Remote Work Arrangements
The cloud segment holds a significant market share in the eDiscovery software market and is expected to grow at a high CAGR during the forecast period. This growth is attributed primarily to several key factors. The COVID-19 pandemic has substantially increased remote work arrangements and the need for secure and accessible data storage and collaboration platforms.
Regional markets in Asia Pacific are expected to exhibit a higher CAGR in the eDiscovery software market during the forecast period. This growth can be attributed to several factors, including regional organizations’ increasing adoption of cloud platforms. Many businesses are migrating from traditional on-premises infrastructure to cloud-based platforms to focus on data governance and improve operational efficiency.
A comprehensive analysis of the major players in the eDiscovery software market has recently been conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in the eDiscovery Software Market
- KLDiscovery recently launched Nebula Enterprise, an extensible appliance designed to address various security and compliance challenges. Nebula Enterprise offers a plug-and-play solution easily integrated into clients’ data centers, providing enhanced strength, adaptability, and an improved feature set. This launch allows KLDiscovery to provide clients with a comprehensive solution for managing security and compliance issues effectively, bolstering their data protection measures and regulatory compliance efforts.
- Relativity and Proofpoint recently announced a strategic alliance combining their strengths in business preservation, compliance services, and AI-enabled communications monitoring. The collaboration aims to integrate Proofpoint’s expertise in preserving and ensuring compliance in business communications with Relativity’s advanced AI-powered product, Relativity Trace.
Key Questions Answered in eDiscovery Software Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market’s future growth?
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SkyQuest Technology is a leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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