eDiscovery Market Research & Forecast: Market Size Estimated to Gain USD 25.2 Billion by 2031, Growing at CAGR of 8.9%
Increasing data volumes, regulatory compliance, litigation complexity, and adoption of AI-driven solutions drive the eDiscovery market.
PORTLAND, OREGON, UNITED STATES, July 27, 2023/EINPresswire.com/ — The size of the Global eDiscovery Market, which was anticipated to be worth $10.9 billion in 2021, is expected to increase to $25.2 billion by 2031, with a CAGR of 8.9% from 2022 to 2031.
The discovery of information in digital form through legal processes including litigation, government investigations, or information rights requests is known as electronic discovery (also known as e-discovery or eDiscovery). Civil procedural rules and accepted practices regulate electronic discovery, which usually include a review for privilege and relevance before material is provided to the seeking side of a dispute.
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The exponential growth of digital data, including emails, documents, social media content, and more, presents a significant challenge for eDiscovery. As data becomes more diverse and dispersed across various platforms, eDiscovery solutions must adapt to handle different data types efficiently.
The integration of AI and ML technologies is revolutionizing eDiscovery practices. These advanced technologies can quickly sift through vast amounts of data, classify documents, and identify relevant information with greater accuracy, reducing the time and costs associated with manual review.
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Cloud computing is transforming how eDiscovery is conducted. Cloud-based eDiscovery solutions offer scalable, cost-effective, and secure options for managing large volumes of data, providing more flexibility and accessibility to legal teams working on cases from various locations.
With the increasing importance of data privacy regulations like GDPR and CCPA, organizations and eDiscovery providers must ensure stringent data protection measures. Data security and compliance have become critical considerations in eDiscovery processes to safeguard sensitive information during legal proceedings.
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The rise of remote work due to global events has posed new challenges for eDiscovery. Legal teams need to adapt their processes to handle data located in diverse home environments, ensuring that data collection and preservation remain robust even in distributed work settings.
The key players profiled in the report include CloudNine, CS DISCO Inc., Deloitte Touché Tohmatsu Limited, International Business Machines Corporation, KLDiscovery Limited, Lighthouse eDiscovery Inc., Microsoft Corporation, Nuix Limited, Onna Technologies Inc. and ZyLAB Technologies. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the eDiscovery market.
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Allied Analytics LLP
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