The eDiscovery Market is expected to grow from USD 10.76 Billion in 2018 to USD 17.32 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.0% during the forecast period, owing to the existing market offerings and increasing focus on data security and privacy. The major players in the eDiscovery market include OpenText (Canada), Nuix (Australia), Microsoft (US), IBM (US), and Micro Focus (UK). These players have adopted various growth strategies, such as acquisitions, partnerships, mergers, and new product launches. They have adopted the major strategy of partnerships to sustain their positions in the global eDiscovery market.
The eDiscovery market has been segmented based on components into two categories, namely, software and services. The demand for eDiscovery services is expected to increase, due to their significant benefits, such as huge cost-savings, trained resources, 24X7 availability of customer services, and support for legal research using the eDiscovery software. Among components, the services segment is expected to hold a larger market size, as eDiscovery services span the entire Electronic Discovery Reference Model (EDRM) that offers end users hands-on expertise for efficiently performing their core business functions.
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Cloud deployment type to grow at a higher CAGR in the eDiscovery market during the forecast period
The cloud technology is being widely adopted by businesses, as it offers various benefits, including increased storage, scalability, flexibility, security, portability, and compliance. Small and Medium-sized Enterprises (SMEs) are adopting the cloud deployment model because it is cost-effective and provides detailed results. The cloud deployment type is projected to grow at a higher growth rate, as enterprises are finding cloud-deployed eDiscovery software attractive because it is easy to implement and offers agility in organizations and on-demand models.
North America to hold the largest market size in the eDiscovery market during the forecast period
North America is a matured market in terms of technology adoption, owing to various factors, including standardized regulations, advanced IT infrastructures, the presence of many enterprises, and availability of proficient technical experts. The region is an early adopter of eDiscovery services, as North American enterprises strictly adhere to regulations as compared to that of other regions. It is expected to hold the largest market size during the forecast period, as the countries in the region, especially the US and Canada, are rapidly adopting eDiscovery services to comply with various regulatory requirements and survive legal procedures.
E-Discovery can be broadly described as a process in which electronic data is sought, located, secured, and searched with the intent of using it as evidence in a civil or criminal legal case. An electronic document is data from an organization that has the critical business and financial information about the organization. E-Discovery comprises solutions such as legal hold, early case assessment, data processing, technology assisted review, and data production, which can be used according to the requirements of an organization. In 2016, E-Discovery solutions and services have become an important aspect of technologies such as Business Intelligence (BI), digital forensics, and analytics solutions. The adoption of E-Discovery solutions and services has increased since these solutions can be easily integrated with the existing architecture and can be deployed on the cloud.
The key players in the E-Discovery market include Xerox Corporation (U.S.), Hewlett Packard Enterprise (U.S.), IBM (U.S.), FTI Consulting (U.S.), Guidance Software (U.S.), kCura (U.S.), and others. These players have adopted various strategies such as partnerships, acquisitions, expansions, and new product launches & upgradations to achieve growth in the market. The year 2015–2016 witnessed many new product launches and partnerships by the market players, which were done to expand their product portfolio and customer base globally.
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Xerox introduced an analytics service to facilitate legal counsel with predictive analytics capability. This would enable legal teams to manage risk, automate workflows, and offer local eDiscovery knowledge and expertise across the globe. Additionally, Hewlett Packard Enterprise launched HPE Verity suite. It would enable organizations to perform big data analytics with information archiving, data protection, and eDiscovery to help organizations generate value and mitigate risk.
FTI Technology launched Ringtail Version 8.7 with 150 new features, which would help to increase productivity and reduce e-discovery costs. Furthermore, the company has expanded its Information Governance & Compliance Services Practice. This would enable the company to meet the growing regional demand and to offer its products and services globally.
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