|Status : Published||Published On : Jan, 2021||Report Code : VRICT5033||Industry : ICT & Media||Available Format :||Page : 134|
The global eDiscovery market is projected to reach USD 22.8 billion by 2027, registering a CAGR of 10.5% during the forecast period. Increasing regulatory compliance requirements, rapid exploration of IoT solutions and services providers across different verticals, and digitalization of government functionary utilizing data analytics for efficient governance, propelling the growth of the market.
Insight by Solutions
Based on solution, the global eDiscovery market is categorized into data processing, legal hold, data production, early case assessment, and technology-assisted review, wherein data processing category accounted for largest share in 2020. The category is expected to lead throughout the forecast period as the amount of electronically stored data has increased manifold and therefore it becomes a key factor in efficiently managing services especially for litigation industry.
Data processing helps legal counsel access important or key information for the favorable legal proceedings. This category is also expected to witness the fastest growth during the forecast period.
Insight by Component
On the basis of component, the global eDiscovery market is divided into software and service. Among the two categories, the service is estimated to hold a larger share in the market in 2020. Increase in the number of litigation cases, and the huge progress in electronically stored information (ESI) are the major factor fuelling the growth of this category in the market. The services market is further sub-divided into professional and managed services, wherein managed services category accounted for larger share in 2020.
Insight by Deployment Type
Based on deployment type, the global eDiscovery market is categorized into hybrid, cloud-based, and on-premises. Of all, the on-premise deployment segment accounted for largest share in 2020 in comparison to other two categories. However, the cloud-based category is expected to witness the fastest the growth during the forecast period owing to the most preferred choice for resource establishments.
Insight by Industry Vertical
On the basis of industry vertical, the global eDiscovery market can be segmented into BFSI, government, energy and utilities, IT and telecom, legal, media and entertainment, and healthcare. Of all, the government sector is expected to continue holding the largest share during the forecast period. Government agencies require these solutions to make a right use of collected data from various sources such as social media, email communications, website content, IoT data, instant messages, text messages, government organization databases, workflow applications, and shared documents among others.
Global eDiscovery market has been driven by several key factors, predominantly increasing demand for better governance with data analytics, increase in electronically stored information, and increasing penetration of internet and social media. Discovery of electronically stored information in the digital age has become an effective tool to efficiently analyze discover and manage data in different verticals, thus creating demand for these solutions.
With the abundance of data stored in different form in the digital platforms, different industry verticals such as litigation industry, healthcare, BFSI require discovery of certain data to establish certain facts. This is very cumbersome task for these organizations by themselves, however, with the use of eDiscovery solutions, it becomes simple and efficient for them, thus driving the growth of the eDiscovery market. Another key factor driving the growth of the industry is the increasing adoption of IoT solutions across different industries.
Key factors hindering the growth of the eDiscovery market are high cost of the services and solutions offered by the key players and concern related to data protection. eDiscovery solutions or services mine the data from different private and public platform for legal, government or other entities. This creates concern of data protection among different organizations, for instance, EU have stringent data protection regulations which hamper the transfer of cross border data from any EU nation to others.
North America has been one of the largest consumers of eDiscovery during the forecast period. The region is home to a large number of industry players and also have been in forefront of utilizing these platforms by different organizations such U.S. Federal Government, Litigation Industry and others. Asia-Pacific is observed to witness significant growth in the global eDiscovery market during the forecast period. A large number of enterprises in the region are opting eDiscovery solutions and services to efficiently manage the stored data through different platforms.
GLOBAL EDISCOVERY MARKET SHARE, BY REGION, 2020
Market players in the global eDiscovery industry are investing capital to develop technologically advanced systems for data processing, legal hold, data production, early case assessment, among others. These players are also entering into partnerships, collaboration, acquisitions and also launching new products to cater to the demand of different organizations.
Some of the key players operating in the global eDiscovery market are KrolLDiscovery LLC, AccessData Group LLC, Guidance Software, Inc., LexisNexis Group, Dell EMC, FTI Technology LLC, Microsoft Corporation, Symantec Corporation, IBM Corporation, Relativity, and Conduent Inc.
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