The global eDiscovery market is estimated to grow USD 10.76 Billion in 2018 and expected to reach USD 17.32 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.0% during the forecast period.
The focus on decreasing the operational budget of legal departments and increasing number of litigations are expected to drive the market across all regions. The need to adhere to regulatory policies and laws worldwide, and increase in the usage and penetration of mobile devices are other factors expected to drive the growth of the market. The rise in demand for predictive coding and increase in the usage of social media are expected to offer great opportunities for eDiscovery vendors.
The eDiscovery market report has been broadly classified on the basis of software into processing, review, and analysis, identification, preservation, and collection, and production and presentation. On the basis of services, the market has been classified into managed services, support and maintenance, and training, consulting, and integration. By deployment type, the market has been categorized into on-premises and cloud. On the basis of verticals, the market has been divided into Banking, Financial Services, and Insurance (BFSI), government and public sector, healthcare and life sciences, legal, IT and telecommunications, energy and utilities, retail and consumer goods, manufacturing, and others (education, media and entertainment, travel and hospitality, and transport and logistics). By region, the market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
Among software, the identification, preservation, and collection segment is expected to grow at the fastest rate during the forecast period. The key reason for the high growth is due to easy identification, preservation, and collection of data during legal cases. Identification is the first phase of the eDiscovery Electronic Discovery Reference Model (EDRM). eDiscovery software helps locate potential sources of information, such as emails, websites, or word documents of Electronically Stored Information (ESI). Further, the legal hold feature of eDiscovery enables the preservation of data by ensuring that no alteration or destruction has been performed on the data. This enables companies to protect their data from misuse. eDiscovery enables gathering or collection of ESI for further processing. Digital forensic tools and techniques help in ensuring the credibility of data.
Under the deployment type, the cloud deployment type is expected to grow at a significant rate during the forecast period. The cloud technology is being widely adopted by businesses, due to its various benefits, such as increased storage, scalability, flexibility, security, portability, and compliance. Especially, Small and Medium-sized Enterprises (SMEs) are adopting the cloud deployment mainly due to its cost-effectiveness and advanced results. The growing data generation and use of advanced technologies, such as IoT and analytics, are expected to lead to the greater adoption of the cloud deployment due to its benefits such as enhanced and organized storage, and ready availability of data when required.
In regions, Asia Pacific (APAC) is expected to witness the highest CAGR during the forecast period. SMEs are adopting digital technologies at a rapid pace, which is leading to huge data generation. The increasing adoption would lead to the rising demand for handling digital data efficiently for the faster availability of relevant data during legal cases. Moreover, the adoption of cloud-based solutions by various vendors in APAC is expected to increase the demand for eDiscovery solutions. However, the higher cost of eDiscovery platforms and services and lack of technical expertise among staff are expected to pose challenges for the market growth. Additionally, these factors may also restrain the growth of the market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Growth Opportunities in the eDiscovery Market 4.2 Market By Component, 2018 4.3 Market By Deployment Type, 2018 4.4 Market By Software, 2018 4.5 Market By Vertical, 2018 4.6 Market Investment Scenario, 2018-2023 4.7 Electronic Discovery Reference Model
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Regulatory Landscape 5.2.1 Introduction 5.2.2 Federal Rules of Civil Procedure 5.2.3 General Data Protection Regulation 5.2.4 Electronic Communications Privacy Act 5.2.5 Health Insurance Portability and Accountability Act 5.2.6 Dodd-Frank Wall Street Reform and Consumer Protection Act 5.3 Market Dynamics 5.3.1 Drivers 18.104.22.168 Focus on Proactive Governance With Data Analytics and Emergence of New Content Sources 22.214.171.124 Need to Decrease Operational Budget of Legal Departments 126.96.36.199 Increase in Number of Litigations Across the Globe 188.8.131.52 Proliferation of IoT Devices Across Various Verticals and Overabundance of Stored Data 184.108.40.206 Growth in Compliance Requirements and Data Protection Regulations 5.3.2 Restraints 220.127.116.11 Higher Cost of eDiscovery Platforms and Services 18.104.22.168 Contradiction Between Data Protection and eDiscovery 5.3.3 Opportunities 22.214.171.124 Increased Demand for Predictive Coding to Simplify and Shorten Document Review Process 126.96.36.199 Higher Demand for Cloud-Based E-Discovery Among SMEs 188.8.131.52 Collaboration With Social Media Platforms Simplifies Litigation Processes 5.3.4 Challenges 184.108.40.206 Limited Technical Expertise for Managing the Advanced eDiscovery Mechanism 220.127.116.11 Integration of Saas-Based eDiscovery With Traditional Platforms 18.104.22.168 Lack of Awareness of eDiscovery
6 eDiscovery Market Analysis, By Component 6.1 Introduction 6.2 Software 6.2.1 Identification, Preservation, and Collection 6.2.2 Processing, Review, and Analysis 6.2.3 Production and Presentation 6.3 Services 6.3.1 Training, Consulting, and Integration 6.3.2 Managed Services 6.3.3 Support and Maintenance
7 Market Analysis, By Deployment Type 7.1 Introduction 7.2 Cloud 7.3 On-Premises
8 Market Analysis, By Organization Size 8.1 Introduction 8.2 Large Enterprises 8.3 Small and Medium-Sized Enterprises
9 eDiscovery Market Analysis, By Vertical 9.1 Introduction 9.2 Government and Public Sector 9.3 Legal 9.4 Banking, Financial Services, and Insurance 9.5 Energy and Utilities 9.6 Healthcare and Life Sciences 9.7 Retail and Consumer Goods 9.8 Manufacturing 9.9 IT and Telecommunications 9.10 Others