PUNE, India, November 8, 2016 /PRNewswire/ --
According to a new market research report "E-Discovery Market by Solution (Legal Hold, Early Case Assessment, Data Processing, Data Production), Service (Consulting, Implementation, Training & Support, Managed), Deployment Type (Cloud, On-premises), and Vertical - Global Forecast to 2021", published by MarketsandMarkets, the market is estimated to grow from USD 7.89 Billion in 2016 to USD 22.62 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 23.4% from 2016 to 2021.
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Browse 78 market data Tables and 51 Figures spread through 135 Pages and in-depth TOC on "E-Discovery Market"
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E-Discovery solutions and services empower organizations to streamline their business processes. E-Discovery solutions facilitate organizations to obtain, secure, search, and process any electronic data effectively and efficiently. E-Discovery solutions and services are used across diverse industrial verticals such as government, legal sector, Banking, Financial Services, and Insurance (BFSI), healthcare, IT & telecom, energy & utilities, travel & hospitality, transportation & logistics, media & entertainment, and other industries such as retail, manufacturing, and education sector. The major forces driving this market include focus on decreasing operational budget of legal departments, global increase in litigations, stringent compliance with policies and regulations worldwide, increase in mobile device penetration and usage.
Technology assisted review and data production is expected to show significant adoption rate in the E-Discovery Market
Technology assisted review and data production is gaining traction among E-Discovery solutions as these solutions empower organizations by reducing risk and saving the time and money spent on managing & reviewing large sets of documents effectively and efficiently.
Cloud deployment type is expected to be the largest contributor in the global E-Discovery Market during the forecast period
The cloud deployment model is fast becoming an attractive option for the delivery of E-Discovery solutions, as it enables organizations to decrease the cost associated with IT infrastructure and its maintenance. Furthermore, cloud deployment is a major business driver for the E-Discovery Market, as it empowers organizations to increase their business by offering solutions across the world.
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The North American region is expected to contribute the maximum market share to the overall E-Discovery Market
The high adoption of cloud technology in North America, particularly in the U.S. and Canada, is the major reason for the continuous adoption of E-Discovery solutions and services by end users. Furthermore, the market is in the emerging stage in the regions of Asia-Pacific (APAC), Latin America, and Middle East and Africa (MEA) owing to the growing technological developments in the field of cloud and analytics and the emergence of mobile technologies.
The major vendors in the E-Discovery Market include Xerox Corporation (U.S.), Hewlett Packard Enterprise (U.S.), IBM (U.S.), FTI Technology (U.S.), kCura (U.S.), and others.
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