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eDiscovery Market Overview
The global eDiscovery market stood at $8.28 billion in 2016, and is expected to advance with a double digit CAGR during the forecast period (2017–2023). This is attributed to the fact that the demand for safe storage of critical data has risen due to the advent of the digital age and the rapid advancements in technologies. Increasing digitalization and technology transformation has enhanced the demand for safe storage of critical data and the need for transparent communication within an ecosystem.
The growth of the eDiscovery market is likely to thrive, due to a trend of increasing usage of social media platforms such as Facebook, Twitter, and LinkedIn. This trend has facilitated the evidence for legal matters, electronically. The significant growth in demand for eDiscovery solutions can be attributed to the fact that advanced techniques and tools are required to capture data from the social media platforms.
ASIA-PACIFIC EDISCOVERY MARKET, BY SOLUTION, $M (2013 – 2023)
Various industries, including banking, financial services, and insurance (BFSI); legal; IT & telecom; government; and media & entertainment, require applications of eDiscovery solutions. In 2016, more than 70% of the total market revenue was generated from the top three industries such as government, legal, and BFSI. The government sector led the eDiscovery market in 2016, and is further likely to contribute the highest to the market during the forecast period. This was followed by the legal sector, which accounted for more than 20% share in the market in 2016. Further, implementation of eDiscovery solutions is likely to increase in this sector as these solutions would find applications in investigations and legal proceedings.
North America dominated the global eDiscovery market, with roughly 70% share, in 2016. Throughout the forecast period, the North American market is expected to hold the largest share. This is due to the fact that advanced solutions have been chosen by authorities in the region for investigations and legal proceedings. However, the revenue share for the North American market would likely to fall during the forecast period, while shares of other regions would likely to increase.
eDiscovery Market Dynamics
With the rise in globalization, companies in the eDiscovery market are now planning to expand geographically and work in international locations. Such companies would require to deploy more resources that revolve around compliance, translation, and data security, as they would have to deal with regulations of various governments.
The legal marketplace is expected to receive a major push from client-specific services in the near future. While in the present scenario, the eDiscovery market is witnessing a trend of mergers & acquisitions, digitization, compliance, and globalization. Major players in the market have shown their intent to acquire similar businesses. For instance, OMERS Private Equity and Harvest Partners acquired EPIQ Systems Inc. in 2016 for a value of around $1 billion, which was the largest among acquisitions announced in 2016. Post-merger, EPIQ Systems Inc. merged with DTI to operate as a private entity, under the brand name EPIQ.
A significant demand for eDiscovery solutions is being noted across the globe, as the legal and IT departments are facing huge challenges due to the growing electronic data volumes across enterprises. Litigation has grown due to high volumes of electronic data. In the legal sector, this has led to an increase in the level of integration of newer technologies, resulting in an increased demand for these solutions across various industries. The growth of the eDiscovery market is further driven by organizations, which are using these solutions to retrieve information and delete similar copies across their data sets.
Factors such as jurisdictional differences and confidentiality issues across different countries are hindering the eDiscovery market growth. Companies are facing difficulties in collecting, processing, and reviewing the data from locations outside the U.S. A number of challenges are presented when requests, such as data demand or data discovery, cross international borders, which are negatively impacting the adoption as a mainstream legal practice.
eDiscovery Market Competitive Landscape
Technological advancements and hyper-specialization of skills have led to the significant evolution of the eDiscovery industry. There has been a shift in focus of companies to service-based offerings rather than product-based offerings to keep up in the varying ecosystem of data management and modification. For instance, FTI Technologies introduced Contract Intelligence Services practice in June 2017, in order to help legal advisors and enterprises to make key decisions, leverage negotiations, and to meet the standard regulatory requirements.
IBM Corporation, FTI Technology LLC, Guidance Software Inc., Xerox Corporation, KrolLDiscovery LLC, Relativity, LexisNexis, Symantec Corporation, and Dell EMC are some of the major players prevailing in the eDiscovery industry.
Key Questions Answered in This Report