eDiscovery refers to discovery in legal proceedings such as investigations and litigations, where information sought, located, and secured is in electronic format. eDiscovery software is emerging as an important tool for organizations aiming to resourcefully respond to regulatory, legal, and investigational requirements. Burgeoning need for predictive coding is estimated to fuel the demand for the software.
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IT and Telecom to Offer Immense Potential to Manufacturers
eDiscovery software is widely used in sectors, including healthcare, travel and hospitality, IT and telecom, government and legal, energy and utilities, and BFSI. The government and legal sectors will be one of the key end users of the software. Government agencies store and deal with a large volume of critical data associated with citizens, which is escalating the demand for the software in the sector. In addition, government agencies in countries such as South Africa and Japan are taking initiatives to implement eDiscovery solutions on a wide scale.
Growing number of civil litigations and regulatory audits is triggering the adoption of eDiscovery software for legal applications. Rising acceptance of digital data in investigation proceedings is supplementing the growth of the segment. Various organizations are utilizing the software to verify investigations and convictions. For instance, in October 2017, the American Bar Association (ABA) Center of Innovation announced its project— Distributed Forensic Expert Network Delegating Review (DFENDR) — to identify wrongful conviction trends with the help of eDiscovery software.
Demand for the software in the IT and telecom software is expected to witness a tremendous growth in coming years. Use of eDiscovery software aids in efficiently handling and managing data for use in internal investigations and/or active litigations, which is otherwise a challenging task for enterprise IT departments due to massive data generation.
Market Insights
The global eDiscovery software market is anticipated to exhibit phenomenal growth through 2022, finds a report available of Radiant Insights, Inc. Every day, staggering volumes of electronically stored information (ESI) are being generated in enterprises due to rising inclination towards big data; increasing electronic business-to-consumer (B2C) and business-to-business (B2B) communication; and growing penetration of tablets, smartphones, and other internet-enabled devices for enterprise communication. This is prompting organizations to implement data management and data discovery solutions, which in turn, is poised to provide an upthrust to the market.
The U.S. will be a key revenue contributor in the global market. Continual technological improvements and high acceptance of advanced data discovery technologies may contribute to the growth of the market in this region. Some of the prominent companies operating in the market are Accessdata, FTI Consulting, IBM Corporation, Hewlett Packard Enterprise Development, and Exterro.
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