eDiscovery is one of the most intriguing topics of discussion when examining the use of technology by the legal profession. It is clear that the act of finding and collecting potentially relevant evidence has morphed into a massive operation that involves large amounts of money, time, and other resources.
eDiscovery never fails to surprise and has constantly challenged legal professionals as new sources of data continually arise. Initially, eDiscovery started with emails and computer files, but today, it has reached IoT and collaborative data types with their collection and processing challenges. Additionally, ephemeral forms of data create new preservation challenges for organizations.
Isn’t this interesting?
Increasingly corporate organizations are taking steps to gain greater awareness and control of the data within their disparate data landscape, and are taking steps to store data systematically so that when the need arises, eDiscovery can be addressed with greater efficiency and more predictable costs. According to the Facts & Factors report, the global eDiscovery market size & share will reach USD 24.12 billion by 2026.
Here are some interesting facts about the eDiscovery showing the importance of the topic for the use of technology by the legal profession:
eDiscovery solutions market is getting tougher with increasing digitalization. To survive in this competitive market, eDiscovery solution providers have to be on top of their game. In the future, it is expected systems that support remote collaboration, communication technologies, and aggressive migration into the cloud will only be in demand.
eDiscovery requires advanced technology and expertise to process, analyze, review and produce evidence within a limited time from large volumes of data. The eDiscovery process is akin to looking for a needle in a haystack and can be overly costly if not properly managed.
As per recent statistics, the number of IoT devices will reach up to 25.1 billion by 2025. Internet of things (IoT) data has been found helpful in solving cases in the recent past. Also, people are relying more on smart devices for their day-to-day activities like booking appointments, taking notes, making calls, home security, etc. The world is already flooded with IoT data and this trend will only increase.
When going for eDiscovery, nobody opts for traditional methods anymore; Technology Assisted Review (TAR) is the new normal. According to Rand Corporation, 73% of total eDiscovery cost is spent on Document Review, and TAR is definitely helpful in saving time and money without compromising the quality.
Metadata is crucial for eDiscovery. Various forms of metadata are readily attainable from disparate data formats, and the extracted metadata provides vital information to the attorneys involved in any litigation. Metadata’s importance has been acknowledged by courts and FRCP and is considered to be part of any document. Metadata gives us insight into the history of an individual record, and reveals who authored and made edits to a document, and when those revisions were made, thus proving very useful when examining electronic records.
Above mentioned are the few undeniable facts about eDiscovery. Even though it is a complex process, one cannot deny its impact on the legal profession. It has become a profitable industry since existing in a world where 2.5 quintillion bytes of data are produced every day, eDiscovery is the only way to find relevant information in most modern litigation matters. Knovos has over two decades of experience in the eDiscovery industry, and after all these years we are proud to say that our Knovos Discovery technology is one of the most advanced eDiscovery solutions in the market.