Published: Dec, 2016
The global eDiscovery market mainly comprises of eDiscovery software and eDiscovery services. Based on value, the top five players - Guidance Software Inc., HP Autonomy Corporation Plc, IBM Corporation, Symantec Corporation, and EMC Corporation, held over 50% share in the global eDiscovery software market, rendering its vendor landscape fairly consolidated.
Meanwhile, with FTI Consulting, Inc., Xerox Corporation, Navigant Consulting, Inc., Hewlett-Packard Development Company. L.P., and Integreon Managed Solutions Inc. taking up almost 31.3% of the market by value in 2014, the global eDiscovery services market also exhibited a consolidation at the top order.
Spurred by the strategies of business expansion adopted by the companies aiming to gain stronghold, the global eDiscovery market is expected to exhibit a robust CAGR of 16.2% between 2014 and 2022, states Transparency Market Research (TMR) in a new study. At this pace, the market is projected to reach a valuation of US$21.08 bn by the end of 2022. In addition, the market is projected to reach US$8.31 bn before 2016 ends.
By component, the services segment is expected to emerge dominant in the market. Exhibiting a CAGR of 16.6% between 2014 and 2022, the segment is expected to continue leading the market through the course of the forecast period. Regionally, the market was dominated by North America with a share of 56.8% in 2013.
Need for Managing Staggering Volume of ESI Spurs Demand for eDiscovery Solutions
“The market is primarily driven by the need for effective managing the staggering volume of ESI being generated on a daily basis,” said a lead TMR analyst. Businesses around the world are compelled to implement social media strategies and taking to cloud computing activities to pace up with the latest developments. While jumping into the cloud-computing bandwagon could help businesses achieve their progress goals, it will also create the demand for saving and organizing the sheer volume of data generated.
This coupled with the growing presence of companies across social media platforms is fuelling the demand for eDiscovery solutions. Today, a company’s social media presence can be held accountable during corporate litigations as a viable evidence. This has impelled companies of all sized adopt advanced eDiscovery solutions.
High Initial Investment Inhibits Smaller Companies from adopting eDiscovery Solutions
The cost incurred on deploying eDiscovery solutions and services includes many activities, with consultation and services expenses at the foundation of the list. Other expenses incurred on the implementation of the technology include that of organizational assets and internal staffs. These expenses prove quite high in case of small and medium-scale businesses, as there is a likelihood of the cost increased based on the speed of collection and processing and the number of reviews.
While such increased expenses could hamper the market’s trajectory to an extent, providers of eDiscovery services and solutions are looking towards the trend of bring your own device (BYOD) to the workplace. This will provide improved scope for mobile device management. Furthermore, with the corporate presence increasing across social media, eDiscovery software can be update to incorporate the changing trends. This provides the global eDiscovery market with significant growth opportunities.
The study is based on information published by TMR in a report, titled “eDiscovery Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2022.”
The report segments the global eDiscovery market as:
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
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