The global eDiscovery market size is expected to grow from USD 9.3 billion in 2020 to USD 12.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.6% 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.
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, increase in the number of litigations across the globe, increase in ESI and social media penetration, and varying structure of regulatory policies. However, increasing chances of cyberattacks and data theft activities during the COVID-19 pandemic and the lack of a skilled professional workforce are expected to limit the market growth. Apart from the drivers and restraints, there are a few lucrative opportunities for eDiscovery solution providers. The emergence of AI-based analytics for eDiscovery and increased demand for predictive coding to simplify and shorten the document review process are some of the opportunities for the vendors in the eDiscovery market.
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Services segment to hold a larger market size during the forecast period
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The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements; and geographic expansion, partnerships, merger and acquisitions and agreements, have been the most dominating strategies adopted by the major players from 2018 to 2020, which helped them strengthen their offerings and broaden their customer base.
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To view the original version on ABNewswire visit: eDiscovery Market Growing at a CAGR 6.6% | Key Player Microsoft, IBM, OpenText, Deloitte, Micro Focus
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