Rigorous digitization initiatives have transformed the way organizations operate. Today, senior decision-makers and the C-suite rank digital transformation as one of their top business priorities. With the growing preference for digitally-enabled systems, the demand for e-discovery solutions has been on a steady rise. Factors such as rising litigation costs, cumbersome compliance obligations, and an increase in data volumes are strongly driving the demand for e-discovery solutions. During the forecast period, this demand is poised to be most evident in extensively regulated industries which include healthcare, oil and gas, and BFSI. Moreover, concerns around data safety, timely investigation of cases, and rising emphasis on good governance are projected to augment the demand for e-discovery solutions. This favorable business landscape is set to create novel opportunities for RD, and MA in the e-discovery market.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/e-discovery-market
Rising Preference for Cloud-powered Tools to Open New Revenue Streams in E-discovery Market
The ownership of smart devices has been consistently increasing. This trend runs parallel to the growth in social media users. The promising adoption of advanced technology, coupled with structural variations in regulatory frameworks, are expected to unleash fresh business opportunities in the e-discovery market. The use of intelligent e-discovery tools and digital forensics readily aids in finding patterns and saves time, thus improving the resolution of time-sensitive cases. Notably, the demand for cloud-enable e-discovery solutions is predicted to increase. This is owing to the benefits of using cloud-based services which include safer data transfers, shorter implementation times, lower infrastructure costs, and seamless integration with other functions. Additionally, the e-discovery market is poised to significantly expand due to the widespread popularity of ML and AI across a wide spectrum of end-use sectors.
E-discovery Solutions to Witness Higher Demand from Public Sector, in Turn Driving E-discovery Market
Electronic records are now a core element of government investigations. The overarching importance of e-records has dramatically increased the demand for e-discovery solutions in the public sector. Today, government leaders and officers in both emerging and developed countries are rapidly incorporating e-discovery services. This trend is set to bode well for the global e-discovery market. However, despite this promising business scenario, the e-discovery market is anticipated to register challenges due to the rise in the volume and sophistication of cyberattacks. Data theft, identity fraud, phishing, and malware attacks are expected to present difficulties to the e-discovery market. Industry leaders are projected to overcome these challenges with the help of cross-collaboration and robust RD endeavors.
North America Maintains Lead in E-discovery Market with Promising Government Support
North America is poised to sustain its leadership position in the global e-discovery market. In this region, most states have formulated sound regulations and laws to utilize e-discovery services. The region is also the hub of innovative technologies which is expected to support the development of advanced e-discovery solutions. All these factors are predicted to expand North America’s e-discovery market over the forecast period. On the other hand, in the Asia Pacific, China, Japan, and India are projected to register higher adoption of e-discovery solutions due to reliable government support and the presence of a flourishing IT industry.
Major Market Players
The key vendors of the global e-discovery market include KLDiscovery (US), IBM (US), ZyLAB (Netherlands), Microsoft (US), ONE Discovery (US), Nextpoint (US), Relativity (US), CloudNine (US), DISCO (US), and Texifter (US).
For More Information Visit: https://www.fairfieldmarketresearch.com/report/e-discovery-market
Other Trading Reports:
- Curcumin Market Global Industry Analysis (2017 - 2020) - Growth Trends and Market Forecast (2021 - 2025)
- Oat Milk Market Global Industry Analysis (2017 - 2020) - Growth Trends and Market Forecast (2021 - 2025)
- Last Mile Delivery Market Global Industry Analysis (2017 - 2020) - Growth Trends and Market Forecast (2021 - 2025)
- Recycled Plastics Market Global Industry Analysis (2018 - 2021) - Growth Trends and Market Forecast (2022 - 2026)
- Carbon Capture and Storage (CCS) Market Global Industry Analysis (2018 - 2020) - Growth Trends and Market Forecast (2021 - 2026)
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published updated to ensure the ever-changing needs of customers are met with absolute promptness.
