Global EDiscovery Market Size, Share, Development, Growth And Demand Forecast To 2023
Jun 21st, 2017
The increasing use of eDiscovery resolutions in the regulatory and government agencies, and the rising government regulations, supporting the implementation of eDiscovery solutions in the government organizations and offices, are some of the major factors driving the growth of the global eDiscovery market. Administrations are deploying eDiscovery solutions for effective information governance and internal research. Other factors boosting the global e-discovery market involves, growing risk modification activities in organizations, increasing adoption of predictive coding, growth of record supervision across various industries, and increase in civil hearings and criminal prosecutions.
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The global eDiscovery market can be categorized, on the basis of component (deployment type), industry verticals, and by solution. On the basis of deployment type, the global eDiscovery market can be categorized, into software and services deployment. The software deployment sector can be further divided into on premises, and off-premises deployment. The services deployment is further divided into consulting, implementation, training and support, and managed services. Based upon industry verticals the global eDiscovery market can be segmented into government, legal sector, banking financial services and insurance (BFSI), energy and utilities, education, travel and hospitability, IT and telecom, media and entertainment, transportation and logistics, and others. Based on solutions, the global eDiscovery market can be categorized as legal hold, early case assessment, data processing, technology assisted review, and data production.
With the increasing acceptance of cloud computing facilities, the off-premise software segment is anticipated to witness extraordinary growth in the global eDiscovery market in the near future. In 2014, the government and regulatory organizations segment dominated the eDiscovery market end-use sectors, and accounted for approximately 50% of the total eDiscovery market revenue. This segment is expected to lead the eDiscovery market over the forecast period, owing to increasing civil proceedings and regulatory inspections. In addition, governments of various countries such as South Africa and Japan are also taking measures to implement eDiscovery development in their organizations and agencies.
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Geographically, North America dominates the global eDiscovery market. The growing use of eDiscovery resolutions, especially across law firms and enterprises for early case assessment are responsible for the extraordinary growth of the North American region. Owing to the growth in demand of eDiscovery services and software in offices to encounter regulatory compliances, North America is estimated to remain the major market for eDiscovery resolutions. Increasing regulations across the eDiscovery market and growing industrialization across Asia-Pacific and Europe to reserve digital data for eDiscovery development are expected to influence the growth of the eDiscovery market.
However, high cost associated with facilities such as processing, collection, and review is hampering the growth of the global eDiscovery market.
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