eDiscovery Market Worth 17.32 Billion USD by 2023
PUNE, India, June 11, 2018 /PRNewswire/ --
According to a new market research report "eDiscovery Market by Component (Software (Processing, Review and Analysis, Identification, Preservation and Collection, and Production and Presentation) and Services), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market size 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.
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Browse 66 market data Tables and 36 Figures spread through 141 Pages and in-depth TOC on "eDiscovery Market"
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The growth of the eDiscovery Market is expected to be driven by many factors, such as focus on proactive governance with data analytics and emergence of new content sources, need to decrease operational budget of legal departments, increase in number of litigations across the globe, growth in compliance requirements and data protection regulations, and the proliferation of Internet of Things (IoT) devices across verticals and overabundance of stored data. With the increasing adoption rate of IoT and big data among enterprises, the eDiscovery Market is expected to gain major traction during the forecast period.
Among components, the services segment is expected to hold the larger market size during the forecast period
The demand for eDiscovery services is expected to increase due to their significant benefits that include huge cost savings, trained resources, 24X7 availability of customer service, and support for legal research using eDiscovery software. With the increasing penetration of big data, IoT, edge computing, analytics cloud, and related technologies, the demand for eDiscovery services among enterprises is expected to gain a huge traction.
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Under the deployment type, the on-premises deployment type is estimated to hold the larger market size in 2018
On-premises solutions help organizations manage legal hold, facilitate compliance requirements, and analyze remotely collected data cost-efficiently. The on-premises deployment is one of the oldest and traditional approaches of deploying eDiscovery software; however, it is preferred by many organizations due to various factors such as storage of data in companies' premises only, availability of security measures, and no third-party involvement for data management.
The large enterprises segment is expected to hold the larger market size during the forecast period
The growing demand for the security of legal data during the process of legal cases is expected to increase the demand for eDiscovery software among large enterprises. The integration of existing systems with advanced eDiscovery software is a challenge faced by the large enterprises, which can now be easily resolved due to robust integration, training, and support services provided by eDiscovery vendors. These factors are expected to contribute to the adoption of eDiscovery software among the large enterprises. The large enterprises generate a huge amount of data on a daily basis, which needs to be cut down to relevant information during legal cases. Mining the relevant data is a time-consuming process, because it is done manually. These challenges can be addressed with the help of eDiscovery software.
In verticals, the government and public sector vertical is estimated to hold the largest market size in 2018
The public sector vertical is interested in adopting these technologies to improve their internal communications and external reach. Additionally, the rising requests for Freedom of Information Act (FOIA) followed by the exponential growth of data in this sector have increased the need to have transparent information. This is expected to have led to the rising adoption of eDiscovery solutions among government agencies, so that they can cost-efficiently handle congressional inquiries, seamlessly perform civil and criminal investigations, perfectly manage litigation processes, and accurately maintain data records.
Among regions, North America is estimated to hold the largest market size in 2018
North America is estimated to hold the largest market size in the global eDiscovery Market in 2018, while Asia Pacific (APAC) is expected to grow at the fastest rate during the forecast period. North America is a matured market in terms of technology adoption due to various factors, such as standardized regulations, advanced IT infrastructure, the presence of many enterprises, and the availability of proficient technical experts. The US and Canada are expected to contribute significantly to the growth of the eDiscovery Market in North America.
Major vendors who provide eDiscovery software and services include AccessData (US), Advanced Discovery (US), Catalyst (US), CloudNine (US), Commvault (US), Conduent (US), Deloitte (US), Driven (US), Epiq (US), FRONTEO (Japan), FTI (US), IBM (US), Ipro (US), KLDiscovery (US), Lighthouse (US), Logikcull (US), Micro Focus (UK), Microsoft (US), Nuix (Australia), OpenText (Canada), Relativity (US), Ricoh (Japan), Thomson Reuters (Canada), Veritas (US), and ZyLAB (Netherlands).
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