Latest News- eDiscovery Software Market: Solution is expected to lead the Component segment during 2024-2028

The eDiscovery Software Market is being driven by Rising volume of electronic data

The eDiscovery Software Market is expected to grow at a CAGR of 15.7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 13574.5 million. In today's digital business landscape, social media has become a primary channel for organizations to engage with their customers and stakeholders. However, this open communication comes with the risk of data leakage and non-compliance with corporate policies. To mitigate these risks, it is essential for businesses to invest in eDiscovery software solutions that automate adherence to social media policies. These tools enable continuous monitoring, enforcement, and notifications of business rules regarding sensitive data usage and potential data loss. Moreover, the increasing adoption of collaborative tools and platforms has led to an exponential increase in discovery requests for Electronically Stored Information (ESI) from these sources. To address this challenge, advanced eDiscovery software platforms are being developed, featuring sophisticated analytics capabilities to extract data from these collaborative tools effectively. By implementing such solutions, organizations can ensure compliance with regulatory requirements, protect their intellectual property, and maintain a strong brand reputation. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Solution
  • Services
• Deployment
  • On-premises
  • Off-premises
• Geography
  • North America
    • US
    • Canada
  • Europe
    • France
    • Germany
  • APAC
    • China
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising volume of electronic data
• Need to establish regulatory compliances
• Mobile and application flexibility

However, the market also witnesses some limitations, which are as follows:

• Risk of security breach and rising data volumes
• Lack of skilled employees
• Challenges in information governance and IT sector transformation

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Market Scope in eDiscovery Software Market Research Report

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Research Analysis Overview

The eDiscovery software market is experiencing significant growth as enterprises increasingly rely on electronic information for business operations and face the challenges of regulatory processes, litigation, and data protection. The market for eDiscovery solutions includes storage, collection, and data analysis tools for managing and preserving electronic documents and other forms of electronic information. Bulk storage devices are essential for handling the large volumes of data involved in eDiscovery. However, the security of this data is paramount, with concerns around data theft and cyber security attacks increasing. Industries such as media & entertainment, information technology, government, healthcare, travel & hospitality, and finance are major consumers of eDiscovery software. These industries generate vast amounts of data and must comply with strict regulatory requirements. eDiscovery solutions enable document classification, organization, and data analysis, including social media and messaging platforms. Cloud-based solutions and remote work capabilities have become increasingly important in the wake of the COVID-19 pandemic. As the volume of electronic information continues to grow, the demand for eDiscovery software will only increase. The market is expected to grow at a compound annual growth rate of over 15% through 2026.

Market Research Overview

The IT software market encompasses businesses specializing in the creation and distribution of application and system software. This sector comprises enterprises involved in developing software for specific business or consumer applications, encompassing enterprise and technical software, as well as cloud-based solutions. Notably, it excludes companies engaged in interactive home entertainment software and those producing database or systems software. According to Technavio, the IT software market size is determined by the consolidated revenue of all software providers, including those offering cloud-based applications.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/