Penetrative Coding Technology Adoption Leading to Growth of eDiscovery Market
The
global (electronic discovery) eDiscovery market was valued at
$8,285.0 million in 2016, and it is expected to grow significantly during the
forecast period (2017–2023). eDiscovery refers to the electronic aspect of collecting,
identifying, and producing electronically stored information (ESI), when a
request for data is made as part of a lawsuit or investigation. The key factors
responsible for the growth of the market are the advent of predictive coding,
increasing demand for eDiscovery from government agencies, and rapid growth in
ESI and social media penetration.
In
terms of industry vertical, the eDiscovery market is categorized into
legal, government, healthcare, media & entertainment, energy & utilities,
IT & telecom, banking, financial services, and insurance (BFSI), and
others. More than 70.0% revenue to the market in 2016 was contributed by the
BFSI, government, and legal sectors. The government sector held the largest
market share during the historical period (2013–2016) and is predicted to hold
its position during the forecast period as well.
Geographically,
North America contributed the largest revenue (nearly 70.0%) to the
eDiscovery market in 2016. The region is further projected to stand as the
largest market during the forecast period. This is attributed to the increasing
usage of eDiscovery components for litigation and investigations over other
data solutions by the government and controlling authorities. The fastest
growing market during the forecast period, however, would be that of the Asia-Pacific
(APAC) region due to the requirement for a judicial framework to manage large
volumes of ESI and growing emphasis on digitization.
Other Related Report on this category @ https://www.psmarketresearch.com/industry-report/software-services
One
of the major factors driving the growth of the eDiscovery market is the
advent of predictive coding. It is an algorithm that determines the attributes
of the irrelevant and relevant documents during the review of a small subset of
documents. The algorithm provides lawyers with expert knowledge of the case
through an iterative training process. The smart eDiscovery strategy also
offers clients higher review quality, as it includes different reviews by
experienced trial lawyers and an automated analysis, which makes predictive
coding cost-effective as well as reliable.
Thus,
as an ever-increasing amount of data is stored online, the requirement for
eDiscovery would further rise across the world.
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