Global Social Discovery Software Market Overview:
Social discovery software collects and stores data from social media websites like Twitter, Facebook, Reddit, and LinkedIn for legal purposes. The software is similar to regular social media monitoring software, but solutions in this category are specifically aimed at the legal industry. Occasionally, these solutions are used by law enforcement agencies to predict and monitor potential crimes. In addition, law firms use social discovery software to find, collect, collect, and retain content posted on social media websites for future use in legal proceedings. These solutions use APIs and other tools to connect to these websites, collect data, present it in preformatted reports, and enable users to search for specific records using a search tool. Social discovery software solves the problem of sifting through and finding valuable metadata in unstructured web environments and makes it easier for lawyers to analyze the results. Legal professionals typically use these solutions in the discovery phase of legal proceedings and rely on the technology to save hours that would otherwise be wasted carefully digging through social websites. Social Discovery software is used as a complement to eDiscovery software and provides an additional tool for collecting the necessary forensic data that is valid in legal proceedings.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
The Proliferation of IoT Devices across Various Verticals and The Adoption of Cloud-Based Social Discovery Solutions
Market Growth Drivers:
The Rise in Demand for Predictive Coding, Increase in the Usage of Social Media and Increase in the Usage and Penetration of Mobile Devices
Challenges:
Lack of Technical Expertise among Staff
Restraints:
The Contradiction between Data Protection and Social Discovery
Opportunities:
The Rising Demand for Handling Digital Data Efficiently For the Faster Availability of Relevant Data during Legal Cases
Competitive Landscape:
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are X1 (United States), Page Vault (United States), LexisNexis (United States), BabelX (United States), Hanzo (United States), Media Sonar (United Kingdom) and Navigator (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Social Discovery Software market by 2028. Considering Market by Deployment Type, the sub-segment i.e. Windows will boost the Social Discovery Software market. Considering Market by Subscription Type, the sub-segment i.e. Quarterly Subscription will boost the Social Discovery Software market. Considering Market by Features, the sub-segment i.e. Audience Segmentation will boost the Social Discovery Software market. Considering Market by End-Use, the sub-segment i.e. Media will boost the Social Discovery Software market.
Latest Market Insights:
In March 2019, LexisNexis Legal & Professional, the world's leading provider of information and analytics, and CloudNine, a leader in simplifying and automating legal discovery, sold the LexisNexis eDiscovery suite to CloudNine. At the same time, CloudNine announced a significant investment from an affiliate of Peak Rock Capital. Sales include LAW PreDiscovery, Early Discovery Analyzer (EDA), and Concordance products.
In February 2023, Hanzo joined Asana Partners as a technology partner to provide enterprise-grade e-discovery, investigation and compliance solutions to Asana applications. Hanzo's intelligent e-discovery collection and early case assessment solutions enable corporate legal teams to defensively capture, process, and present searchable data in Asana for litigation, investigation, and audit. Using an API+ approach to ingestion, Hanzo provides a more contextual, near-native format of ingested data along with extended metadata.
What Can be Explored with the Social Discovery Software Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Social Discovery Software Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Social Discovery Software
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Social Discovery Software market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Social Discovery Software market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Providers of Social Discovery Software, End-Users, Potential Investors, Market Research Firms, Regulatory Bodies and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.