eDiscovery Market (By Component - Software and Services; By Software Type - On-Premise Software and Off-Premise Software; By End-users - Government and Regulatory Agencies, Enterprises (Small, Mid and Large-Size Enterprises) and Law Firms) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022
The importance of litigation services in the domain of legal advisory has created fresh opportunities for growth within the global eDiscovery market. The value of the eDiscovery market is growing alongside sophistication of the field of law and legal services.
- The humongous amount of data stored on a daily basis across law chambers and firms has created fresh opportunities for market growth. In the contemporary times, electronic handling of information holds much more credibility than paper-based information. Therefore, the importance of eDiscovery procedures in the contemporary times cannot be underestimated. The total volume of revenues within the global eDiscovery market is expected to increase in the years to follow.
- The next decade would witness a surge in the number of legal proceedings pertaining to various industries. Furthermore, the need to stay informed about the dynamics of a legal case shall also bring electronic data storage under the spotlight of attention. Therefore, the global eDiscovery market has a wide playfield of opportunities to capitalise upon. It is a matter of integrity for law firms to institute ethical and effective eDiscovery procedures that can help in garnering the trust of the clients. The total value of the global eDiscovery market is poised to increase in the years to follow.
Global eDiscovery Market: Snapshot
The rising use of digitalization and advanced technologies have increased the amount of data stored per day in various type businesses and organizations. The large percentage of data is been stored through emails, social networking sites, cloud computing platforms and services, and internal communication systems. In addition, it has been estimated that in the coming years, the volume of ESI is expected to reach 65% per organization. Thus, looking at the stats the demand for eDiscovery has grown significantly and in turn is likely to benefit the market growth.
The tremendous use of social media has created huge growth opportunity for the eDiscovery services and platforms. Nowadays most of the companies are making use of various social media sites such as Twitter, Facebook, and other to expand their online presence that have also created the need for eDiscovery services. However, the cost of this service is high but companies do not have an alternative at present.
The increasing demand for eDiscovery services and platforms are projected to benefit the market growth on the coming years. The global eDiscovery market is expected to rise at healthy 16.2% of CAGR during the forecast period between 2014 and 2022. In terms of revenue, the market is projected to reach a valuation of US$21.08 bn by 2022
Low Cost of Off-Premise Solutions to lead eDiscovery Market in Near Future
The global eDiscovery market is classified on the basis of end users and component. Based on component, the market is divided into services and software which included on-permise software and off-permise software. On- premise eDiscovery solutions are highly preferred due to higher safety and simplicity they provide. Increasing concerns related to data security and integrity on-permise solutions have overpowered the off-permise solutions. However, this situation is likely to change within few years as off-permise solutions are expected to provide better security and services at a much lower cost than compared with on-premise solutions. The change in terms of their market values between both the solutions will be evident in the near future, where off-permise eDiscovery solutions is projected to reach a valuation of US$4.83bn by the end of 2022. Based on end users, the global eDiscovery market is categorized on the basis of law firms, government and regulatory agencies, and enterprises (small, medium, and large sized).
Increasing Demand for IT Infrastructure in Emerging Economies to Benefit Market Growth
Based on geography, North America is expected to lead the market and is projected to reach US$10.71 bn by the end of 2022 in eDiscovery services and platforms. The percentage at which North America is projected to rise with is lesser than is currently has. This is due to increasing demand for eDiscovery platforms in Asia Pacific. Rapid industrial revolution in China and India requires well-established IT infrastructure that is likely to benefit the market growth in this region.
However, demand for eDiscovery solutions is still very high in developed economies in Europe and North America. This is due to growing pressure by government authorities with electronic media governance policies that might help in keeping at par the deployment pace of eDiscovery solutions.
The vendor landscape of the global eDiscovery market includes names of various leading players present in the market. HP Autonomy, Daegis, Inc., EMC Corporation, IBM Corporation, Symantec Corporation, Epiq Systems, Inc., Guidance Software, Inc., and FTI Consulting, Inc., are some of the prominent players mentioned in the report.
The demand within the global eDiscovery market is expected to grow at a sturdy pace in the times of follow. Electronically stored information holds greater credibility as against paper-based information. The ability to transfer, secure, and store this information has helped several industries in fulfilling their requirements for critical information. The use of this information in legal proceedings comes under the ambit of eDiscovery, and this is an important driver of demand. Several rules of civil procedure and practices apply to the use of electronic information.
- Forensic analysis in criminal cases and investigations also involves the use of eDiscovery methods. It is expected that availability of large banks of electronic information would help in improving public services.
- The intangible nature of information used under eDiscovery has helped in popularising the latter. Furthermore, requests related to Freedom of Information acts are alos processed using electronic information. Therefore, several new providers of eDiscovery are expected to emerge on the digital landscape.
- There is no set procedure to access or exploit electronic information. Federal rules and regulations play a crucial role in deciding on the direction of eDiscovery procedures. This is an important factor that is responsible for increased demand in the eDiscovery market.
The global market for eDiscovery continues to grow owing to the increase in volume of ESI (electronically stored information) in organizations. eDiscovery is the process of identifying, collecting, processing, and preserving ESI. eDiscovery process can be carried out on-premise and off-premise. This enables data in the form of text, emails, images, databases, animations, audio files, websites, spreadsheets and computer programs to be presented as evidence in criminal cases. eDiscovery solutions are being increasingly used by government and regulatory agencies, and by all size of enterprises to enhance internal investigation process. In addition, growing use of social media portals such as LinkedIn, Instagram, and Facebook in organizations for marketing purpose is increasing the demand for eDiscovery solutions that can run on these portals for eDiscovery process. Furthermore, increasing use of smartphones and tablets in all types of organizations is expected to give rise to mobile eDiscovery.
This report analyzes the eDiscovery market on a global basis, with further breakdown into various sub-segments. It provides thorough analysis and forecast of the global eDiscovery market, based on its components, end-users, and geography for the period from 2014 to 2022. The market overview section of the report demonstrates the market dynamics and trends that influence the current nature and future status of this field. Impact factors such as Porter’s five forces and value chain analysis have also been explained in the market overview section of the report in order to give a thorough analysis of the overall competitive scenario in the global eDiscovery market.
The study emphasizes advancement in eDiscovery solutions as it has immense influence on the decision making process in almost all socioeconomic and business aspects. Furthermore, the report provides a detailed analysis of the global eDiscovery market along with the market forecast in terms of revenue growth (US$ Mn) for all segments from 2014 to 2022.
The global eDiscovery market is categorized on the basis of components and end-users. The component segment includes eDiscovery software and eDiscovery services. eDiscovery software market is further segmented on the basis of type (deployment type) into two broad categories, namely, on-premise and off-premise software. End-user segment can be classified into three major categories namely, government and regulatory agencies, enterprises (small, mid and large-sized), and law firm. A detailed market analysis and forecast for these segments has been provided in this study, in terms of market revenue for the period 2012 to 2022. The market revenue has been forecasted for the period 2014 to 2022, considering 2013 as the base year.
In terms of geographical distribution, the global eDiscovery market has been classified into five regions, namely, North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. This section includes market revenue (2012 - 2022) and forecast (2014 - 2022) for the components and end-user markets in each region, in terms of US$ Mn.
Apart from the detailed sub-segment analysis, this report also provides company profiles of the key market players. The competitive profiling of these players includes company and financial overview, business strategies adopted by them, and their recent developments which can help in assessing competition in the market. Some of the major companies included in this report are HP Autonomy, IBM Corporation, Daegis Inc., EMC Corporation, Symantec Corporation, Guidance Software Inc., Xerox Corporation, Epiq Systems Inc., FTI Consulting Inc., Navigant Consulting Inc., Integreon Managed Solutions Inc., and Catalyst Repository Systems Inc. among others.
Global eDiscovery Market Segmentation:
eDiscovery Market, by Component:
- On-premise software
- Off-premise software
eDiscovery Market, by End-users:
- Government and Regulatory Agencies
- Enterprises (Small, Mid and Large-Sized)
- Law Firms
eDiscovery Market, by Geography:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America