during the forecast period. The key factors that are expected to drive the growth of the market are focus on proactive governance with data analytics and the emergence of new content sources.
New York, Jan. 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "eDiscovery Market by Component, Deployment Type, Organization Size, Vertical And Region - Global Forecast to 2025" - https://www.reportlinker.com/p05123142/?utm_source=GNW
The solutions segment is expected to grow at a higher CAGR during the forecast period
eDiscovery solutions are used to find, manage, secure, and store relevant data to be presented as evidence during a legal or criminal case. It helps in solving various legal, constitutional, political, security, and personal privacy issues. The process of eDiscovery is done manually on paper or on a system. The growing data generation and litigations can be considered as a major reason for the adoption of eDiscovery solutions worldwide, as the need to manage and present this huge data can be easily achieved using the eDiscovery solutions
BFSI vertical to hold the highest market share in 2020
The advent of advanced technologies will play a crucial role in the growth of the BFSI vertical.Digital technologies have enabled banking customers to access real-time banking and financial information services on any device.
The BFSI vertical has a plethora of data gathered from various sources, including capital markets, insurance, asset management, Automated Teller Machines (ATMs), and online transactions.The BFSI vertical possess detailed data of different types and formats.
The stored data is used by banks for different purposes, such as regulatory compliance, customer behavior analysis, and other strategies.But this vertical is a litigation-intensive sector, which heavily requires the identification of relevant business and information.
Besides, the increasing volume of data generation and the use of old legacy systems are few factors that increase the difficulty of managing complex situations.
APAC to grow at the highest CAGR during the forecast period
The region is generating large volumes of data through smartphones, IoT, and connected devices.The increasing technology developments, such as advancements in telecommunication standards, from 3G to 4G, and the growing internet penetration are contributing toward data generation.
Due to these reasons, complying with data protection laws of foreign lands and the rising international litigations are expected to be leading to the adoption of eDiscovery solutions and services in the APAC region.The APAC region faces various challenges in maintaining data privacy and cross-border business relations, which makes it difficult for the region to gather and manage data for legal cases.
In addition, many firms are still using manual or paper documentation at a large scale, which creates complications during a legal case.
• By Company: Tier 1–22%, Tier 2–26%, and Tier 3–52%
• By Designation: C-Level Executives–45%, Director Level–25%, and Others–30%
• By Region: North America–35%, Europe–30%, APAC–20%, MEA – 10%, and Latin America – 5%
The eDiscovery market comprises major solution providers, such as Microsoft(US), IBM(US), OpenText(Canada), Deloitte(US), Micro Focus(UK), ZyLAB(The Netherlands), Relativity(US), Nuix(Australia), Logikcull(US), KLDiscovery(US), Exterro(US), Thomson Reuters(Canada), Knovos(US), Casepoint(US), Nextpoint(US), DISCO(US), Veritas(US), One Discovery(US), Congruity360(US), Onna(US), Everlaw(US), Texifter(US), Allegory(US), Evichat(Canada), and Reductech(UK). The study includes an in-depth competitive analysis of key players in the eDiscovery market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
The eDiscovery market revenue is primarily classified into revenues from solutions and services.Solutions revenue is associated with variety of solutions such as processing, review, and analysis, identification, preservation, and collection and production and presentation and services revenue is associated with services including managed services, maintenance and support and training, consulting, and integration.
The market is also segmented based on component, deployment type, organization size, vertical, and region.
Key benefits of the report
The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall eDiscovery market and the subsegments.This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
The report would help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, opportunities, and COVID-19 impact.
Read the full report: https://www.reportlinker.com/p05123142/?utm_source=GNW
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