LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘E-Discovery Consulting Services Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the professional services industry. This report breaks down the data and analysis behind the procurement of e-discovery consulting services and acts as an all-inclusive guide for making smart purchasing decisions.
“The demand for e-discovery consulting services is expected to increase tremendously due to evolving compliance requirements across geographies as well as to avoid hefty non-compliance costs,” says SpendEdge procurement analyst Tridib Bora. “Also, the increasing adoption of predictive coding and visual analytics will further drive the demand for service providers that are adept in providing these services,” added Tridib.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global E-Discovery Consulting Services Market:
- Growth in use of machine-learning assistants
- Rise in use and acceptance of predictive coding
- Emphasis on enhancing cybersecurity by enterprises
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Growth in use of machine-learning assistants:
The market is experiencing the emergence of machine-learning assistants such as IBM Watson and visual analytics to assist in the e-discovery consulting process. The use of analytics visualization along with email threading has helped paralegals and attorneys to decrease the time for reviewing e-mail content significantly. The use of machine-learning assistants has resulted in the discovery of the most relevant and important content quite easily. It also helps in reducing review time which in turn decreases the cost.
The rise in use and acceptance of predictive coding:
The market is experiencing an increase in acceptance of predictive coding for e-disclosure as a system to replace manual document reviews. Predictive coding is an effective tool and works by analyzing coding decisions that are made on sample size and then extrapolating the same to a large population. It is increasingly being used for review prioritization as well as for the automatic culling of non-responsive documents. Moreover, it also helps in reducing the costs of the e-disclosure process due to a decline in billable hours.
Emphasis on enhancing cybersecurity by enterprises:
The rise in digitization and number of electronic devices held by employees is considerably increasing technology-related risks such as data breach, hacking, and critical information leakage. As the volume of data grows and organizations adopt technologies, businesses have to manage several unanticipated data security and privacy threats. This has resulted in cybersecurity emerging as a top priority for both buyers and service providers. The increasing cybersecurity concerns will drive IT security spend and reliance on providers that offer security services.
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