3 Ways the E-Discovery Industry Continues to Grow
The Electronic Discovery market is growing at a rapid pace. It is predicted to explode at 15.65 by the year 2021. The processes around eDiscovery are very complex, and that’s delaying many companies of the potential that it holds. eDisocvery is the technological discovery, identification and collection of electronically stored information (ESI) which can be used in various forms of investigation. EDiscovery professionals possess the most exquisite kind of skills to safely find, remove, copy, or recover data from different sources. Voicemails, documents, databases, emails, presentations and social media are a few examples of the kind of files sought in eDiscovery cases. This concept is usually used in legal cases but the potential of this field has led to growth into 3 new trends.
EDISCOVERY IN HEALTHCARE
The healthcare industry needs to comply with a number of regulations, like the HIPAA. The HIPPA (Health Insurance Portability and Accountability Act) sets the standard for protecting sensitive patient data. Any company that deals with protected health information (PHI) has to ensure that all the required physical, network and process security measures are in place and followed. The procedure to maintain privacy of data makes it more difficult to obtain and reproduce the data when needed in future. Medical records have become digitized. The databases used to collect and store patient information are flawed at storing data in a way that has made future discovery more difficult. It puts doctors and hospitals at a great disadvantage in the conditions of malpractice. EDiscovery helps bridge the gap between legal systems and hospitals and avoids their collision.
MANAGING THE EXPLOSION OF DATA
The era we live in compliments the trend of massive data creation and collection. It is an estimation that about 2.5 exabytes of data everyday. From the perspective of litigation, too much unmanaged data can be equally troublesome as too little data. EDiscovery software and professionals do the work of deleting irrelevant information, leaving the essential parts of data up for review. EDiscovery elements are pricey but the return on investment is great in terms of the time that is saved for the purpose that it is applied.
GLOBALISATION OF EDISCOVERY
In the year 2015, the United States continued to dominate the eDiscovery market. Its application in civil cases meant continued growth for the legal systems in the US. However, increasing amount of data required by startups in Asia Pacific has led to a massive increase of eDiscovery services. A large number of enterprises, both small and large have started to recognize many applications for data acquired from eDiscovery and major MNCs have taken note.
The significant growth of the eDiscovery industry is a consequence of the 2015 new amendments to the Federal Rules of Civil Procedures (FRCP) standards. These rules provide stronger support for the inclusion of data from eDiscovery in a wide array of legal proceedings. Still, a number of companies have started to become aware and are beginning to realize the power of extremely curated data for a number of uses. As the industry starts to bank on this resource and is expected to continue its impressive growth and there will be new and exciting changes to this field.