The global eDiscovery market is classified into software and service, on the basis of component. The service category was larger contributor to the market revenue, with a value of $6 billion, in 2016. The category is further projected to reach $13 billion by 2023, accelerating at a CAGR of more than 10.0% during the forecast period. The enormous progress in electronically stored information (ESI) and increase in number of legal proceedings are the key factors responsible for the growth of the market. Other driving forces behind the growth are constant pressure to reduce functional costs of legal departments, stringent compliance of rules and regulations, and significantly increasing usage of mobile devices.
Based on deployment type, the cloud deployment category held larger revenue share as compared to on-premise deployment category. This is due to the fact that cloud-based solutions are becoming the preferred choice for resource allocation, though it is a recent technology. Infinite scalability, robust security, cost savings, and cross border eDiscovery are some of the advantages of using cloud-based deployment over on-premise deployment, resulting in its greater demand prospects.
Predictive coding boosting the market growth
The entire process of eDiscovery is being revolutionized with the emergence of new tools. The new tools are based on a process called predictive coding, which is a cultured statistical algorithm that categorizes the attributes of relevant and irrelevant documents, during the review of a small subset of documents.
Predictive coding allows a lawyer with an expertise of the case and through a series of documents to reviews the small subset of documents, with the support of a frequent training process. On the basis of designation of the lawyer, after each set, the traits of relevant versus irrelevant documents are refined by the predictive coding system, until the system itself determines that training is not to be continued. By providing a better review quality and the highest possible value to clients, eDiscovery acts as an alternative strategy. Therefore, the demand for these solutions has escalated among lawyers up to at a great extent.
North America held the largest share in the eDiscovery market
The total contribution of North America in the global eDiscovery market was roughly 70%, owing to the changes in government policies and high-paced technological environment. Whereas, Asia-Pacific (APAC) is projected to be the fastest growing market during the forecast period, due to the advancement in new data analytics and retrieving technologies by local players, growth in investment for eDiscovery solutions, and surge in digitization within the legal sector.
eDiscovery industry heading toward consolidation
International Business Machines (IBM) Corporation, Dell EMC, and Symantec were the leading players in the eDiscovery market in 2016. Other companies operating in the market include Hewlett Packard Enterprises (HPE), KrolLDiscovery, and FTI Consulting. The structure of the industry is consolidated, where a majority of the players are competing to expand their market shares through acquisitions and product launches. Furthermore, few acquisitions in the industry were noted, where the major acquirers were OpenText, L Discovery, and Dell.
Access Report Summary with Detailed TOC on "eDiscovery Market by Component (Software, Service), by Solution (Legal Hold, Early Case Assessment, Data Processing, Technology Assisted Review, Data Production), by Deployment Type (On-Premise, Cloud, Hybrid), by Industry Vertical (Government, Legal, BFSI, Energy & Utilities, Healthcare, IT & Telecom, Media & Entertainment), by Geography (U.S., Canada, U.K., Germany, France, Japan, China, Brazil, S. Africa) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023" at: https://www.psmarketresearch.com/market-analysis/ediscovery-market
eDiscovery Market Segmentation
Market Segmentation by Component
Market Segmentation by Solution
Market Segmentation by Deployment Type
Market Segmentation by Industry Vertical
Market Segmentation by Region