The global market for eDiscovery software and solutions is expected to reach US$21.08 bn by the end of 2022. It is projected at a CAGR of 16.2% from 2014 to 2022 and is predicted to reach US$8.31 bn before the end of 2016.
Albany, NY -- (SBWIRE) -- 01/11/2018 -- In 2014, the global eDiscovery market was mostly consolidated, with the top three players – Guidance Software, Inc., HP Autonomy, and IBM Corporation – taking up 39.3% of the market share in value.
Global eDiscovery Market: Snapshot
The amount of electronically stored data for businesses of all sizes – from small startups to top conglomerates – is increasing at a very fast pace. Most companies make high volume usage of social networking portals, emails, internal communications systems, and cloud computing services and platforms. In fact, it is estimated that the volume of ESI for each organization is increased at more than 65% per year. This is a very significant marker from where clients derive their ever-growing need for eDiscovery platforms and services.
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The use of social media inside corporates, especially, has bolstered the need for eDiscovery platforms and services. Companies are making an increasing usage of social media tools including Twitter, Facebook, and LinkedIn to make the most of the online communities, which also makes it a high priority source of evidence for civil litigation.
There is, however, the high costs of eDiscovery processes that companies need to bear. The total amount spent on not just asset deployment, but also services, consultations, and deployment of internal staff, can become a severe hindrance for the adoption of eDiscovery services by small-scale companies.
With the above factors in effect, the global market for eDiscovery services and platforms is expected to expand at a CAGR of 16.2% from 2014 to 2022 on the basis of revenue. This revenue is expected to reach US$8.31 bn by the end of 2016 and approximately US$21.08 bn by 2022.
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North America to Retain Lead in eDiscovery Solutions Usage
Till recently, a majority of the market share in eDiscovery services was taken up by North America. By the end of 2022, North America is expected to generate a revenue of US$10.71 bn in eDiscovery platforms and services. Although this is a relative fall in percentage shares, North America still holds the leading share among all key regions. The drop in percentage is due to the extremely fast growing demand for eDiscovery platforms in Asia Pacific, where the rapid industrial evolution of India and China is making way for a well-developed IT infrastructure.
The need for eDiscovery solutions is much more in North America and Europe than other regions, owing to the government regulations that require an organization to preserve company data for sake of eDiscovery itself. This has created a staggering rise in the ESI volumes in the regions, further boosting the need for eDiscovery platforms and services.
Off-premise eDiscovery Software Solutions to Gain Lead Soon
On-premise eDiscovery solutions were highly sought after due to the greater simplicity and higher safety that they offered. They trumped off-premise eDiscovery solutions primarily due to the high concerns over data integrity and security. This is expected to change in the immediate future, as off-premise eDiscovery solutions are not only becoming capable of providing high level security, but also platforms and services of eDiscovery at considerably lesser costs than on-premise providers. By the end of 2022, a high difference in market values between on-premise and off-premise eDiscovery platforms is expected to be seen, with off-premise eDiscovery solutions taking up an estimated US$4.83 bn.
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The key providers of eDiscovery solutions from a global standpoint include HP Autonomy, IBM Corporation, Daegis, Inc., EMC Corporation, Symantec Corporation, Guidance Software, Inc., Epiq Systems, Inc., FTI Consulting, Inc., Integreon Managed Solutions, Inc., Catalyst Repository Systems, Inc., and Navigant Consulting, Inc.