Some of the major companies working in the global eDiscovery market comprise IBM Corporation, HP Autonomy, EMC Corporation, Daegis Inc., Guidance Software Inc., Epiq Systems Inc., Symantec Corporation, Navigant Consulting Inc., Xerox Corporation, FTI Consulting Inc., Catalyst Repository Systems Inc., and Integreon Managed Solutions Inc. These players are set to propel the growth of the eDiscovery market in the years to come.
As per Zion Market Research, the requirement for the global eDiscovery market was capitalized at USD 7,827.25 Million in 2015 and is likely to create income of USD 18,496.60 Million by 2021, developing at a CAGR of 15.69% from 2016 to 2021.
Rising Danger Mitigation Activities In Organizations And Growing Acceptance Of Predictive Coding To Drive The eDiscovery Market In The Years To Come
“The eDiscovery market is majorly boosted by the rising volume of ESI (electronically stored information) each year and increasing age group ratio,” as per analysts at Zion Market Research. The surging employment of eDiscovery solutions in leading and government agencies for investigation procedure is also likely to positively affect eDiscovery market growth. In addition to this, rising danger mitigation activities in organizations, growing acceptance of predictive coding, need for proactive solutions, increase in litigation, and development of record management all over different trades are some of the major reasons acting as a catalyst for the eDiscovery market. In addition to this, strong development in smartphones market and rising employment use of social media networking platforms such as Instagram, LinkedIn, and Facebook is also likely to power the development of the eDiscovery market in the coming years. On the other hand, the high price of eDiscovery and non favorable government rules are likely to hinder the development of eDiscovery market to some degree.
However, some government policies also support the eDiscovery process and boost the eDiscovery market. For instance, in August 2017, the Texas Supreme Court set a structure for requesting access to ESI (Electronically Stored Information) such as comments and tracked changes in PowerPoint notes, Microsoft Word documents, and other dynamic information, boosting the eDiscovery market.
Need To Improve Information Governance In Corporations Of All Sizes Will Power The Growth Of eDiscovery Market In North America In The Forecast Period
In 2015, North America rules the global eDiscovery market. It is likely to retain its supremacy in the future on the back of need to improve information governance in corporations of all sizes and elevating employment of eDiscovery solutions in civil litigations. On the other hand, the Asia Pacific area is likely to witness the rapid development of the eDiscovery market in the coming years. The development of the eDiscovery market in Asia Pacific will be majorly originating from India, China, Japan, and South Korea.
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The global eDiscovery market is segmented as follows:
- On-premise software
- Off-premise software
- eDiscovery Market: End-users Segment Analysis
- Government and Regulatory Agencies
- Enterprises (Small, Mid and Large-Sized)
- Law Firms
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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