The eDiscovery 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%
LONDON, June 19, 2018 /PRNewswire/ -- The need to decrease operational budget of legal departments and increase in number of litigations across the globe are expected to drive the eDiscovery market
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The eDiscovery 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. Increase in number of litigations across the globe and need to decrease operational budget of legal departments are expected to drive the growth of the market. However, the high cost of eDiscovery software and services and limited technical expertise for managing the advanced eDiscovery mechanism are expected to affect the growth of the eDiscovery market.
The software segment of the component segmentation is expected to grow at a higher CAGR during the forecast period
Software is an important component of eDiscovery offerings.The growing data generation and litigations are expected to be major reasons for the adoption of eDiscovery software worldwide.
The eDiscovery software helps in managing and presenting large volumes of data.Moreover, eDiscovery software enables the easy and efficient implementation of the Electronic Discovery Reference Model (EDRM) model that includes identification, preservation, collection, processing, review, production, and presentation of relevant data during legal cases, thereby leading to reduced time, costs, and manual intervention.
Various software offered in the eDiscovery market include identification, preservation, and collection, processing, review, and analysis, and production and presentation.
In terms of deployment types, the cloud deployment type is expected to grow at a higher CAGR during the forecast period
Cloud-based eDiscovery software offers various benefits, such as enhanced security, improved scalability, better flexibility, and lower costs.They also provide other advantages, such as increased storage, scalability, flexibility, security, portability, and compliance.
The cloud deployment offers high-end performance and greater security. Moreover, it is highly scalable, flexible, and cost-efficient as compared to the on-premises deployment.
Among regions, North America is expected to hold the largest market size, whereas Asia Pacific (APAC) is expected to grow at the fastest rate during the forecast period
North America is expected to hold the largest market size during the forecast period, as organizations are shifting toward new and upgraded technologies, and are rapidly adopting digital business strategies.Furthermore, the organizations have invested in advanced technologies to gain a competitive advantage and improve their business operations.
Due to the positive economic outlook and heavy spending on Information Technology (IT) infrastructure, APAC is expected to be the fastest-growing region in the global eDiscovery market. In addition to this, the growing focus of governments in the APAC region on new regulations and policies is expected to further drive the growth of the market.
The break-up of the profiles of the primary participants is given below:
• By company: Tier 1 – 24%, Tier 2 – 32%, and Tier 3 – 44%
• By designation: C-level – 24%, Director level – 33%, and Others – 43%
• By region: North America – 41%, Europe – 26%, APAC – 21%, and RoW – 12%
The following key players in the eDiscovery market are profiled in the report:
1. AccessData (US)
2. Advanced Discovery (US)
3. Catalyst (US)
4. CloudNine (US)
5. Commvault (US)
6. Conduent (US)
7. Deloitte (US)
8. Driven (US)
9. Epiq (US)
10. FRONTEO (Japan)
11. FTI (US)
12. IBM (US)
13. Ipro (US)
14. KLDiscovery (US)
15. Lighthouse (US)
16. Logikcull (US)
17. Micro Focus (UK)
18. Microsoft (US)
19. Nuix (Australia)
20. OpenText (Canada)
21. Relativity (US)
22. Ricoh (Japan)
23. Thomson Reuters (Canada)
24. Veritas (US)
25. ZyLAB (Netherlands)
Research Coverage
The eDiscovery market has been segmented on the basis of components, deployment types, organization size, software, services, verticals, and regions. A detailed analysis of the key industry players has been done to provide key insights into their business overviews, services, key strategies, new service launches, partnerships, agreements and collaborations, business expansions, and competitive landscape associated with the eDiscovery market.
The report would help the market leaders/new entrants in this market in the following ways:
• This report segments the eDiscovery market comprehensively and provides the closest approximations of the revenue numbers for the overall market and its subsegments across major regions.
• This report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
• This report helps stakeholders in better understanding their competitors and gaining more insights for improving their positions in the market. The competitive landscape section includes the comparison of the major players in the eDiscovery market.
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