Government and regulatory agencies, enterprises (small, mid and large), and law firms are the end-users of eDiscovery solutions.
Albany, NY -- (SBWIRE) -- 02/08/2017 -- Global eDiscovery market was valued at US$ 5,563.7 Mn in 2013 and is expected to grow at a CAGR of 16.2% from 2014 to 2022. eDiscovery solutions find widespread applications in government and regulatory agencies, small, mid and large-sized enterprises, and law firms.
The market is sub-segmented on basis of components, software type, end-users, and geography. Among all the components, the services segment dominated the eDiscovery market in 2013 and accounted for around 67% of total eDiscovery market. Increasing number of investigations and litigations in recent years has attributed to the growing market share of eDiscovery services. Collecting, storing, processing, and reviewing data required in investigations and litigations are some of the major eDiscovery services. Further, on the basis of type of software (deployment type), the eDiscovery software market is classified into on-premise software and off-premise software. In 2013, on-premise software segment dominated the eDiscovery software market; however, off-premise segment is expected to surpass the on-premise segment in coming years.
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Rising demand for cloud computing and increasing volume of digitally stored data are some of the major factors driving the off-premise eDiscovery software market segment. The U.S, UK, Japan, and South Korea are some of the major countries generating the demand for off-premise eDiscovery software. This growing demand for off-premise eDiscovery software is further expected to increase the demand for advanced eDiscovery solutions that can run on cloud based infrastructure.
Government and regulatory agencies, enterprises (small, mid and large), and law firms are the end-users of eDiscovery solutions. Among these end user segments, government and regulatory agencies was the largest segment in 2013 which accounted for around 51% revenue share of global eDiscovery market. However, enterprise segment is expected to exhibit fastest growth owing to the rising adoption of eDiscovery solutions across all sizes of organizations in countries such as the U.S., UK, South Africa, Brazil, China and South Korea. These organizations are implementing eDiscovery solutions to ensure efficient internal investigation related to corporate and human resource policies.
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Geographically, North America dominated the global eDiscovery market in 2013 and is anticipated to retain its dominance throughout the forecast period owing to the growing usage of eDiscovery solutions in civil litigations and need to enhance information governance in corporations across major countries such as the U.S and Canada. However, the Asia Pacific region is anticipated to be the fastest growing region over the forecast period.
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Global eDiscovery market comprises many renowned players such as HP Autonomy, IBM Corporation, Daegis Inc., EMC Corporation, Symantec Corporation, Guidance Software Inc., Epiq Systems, FTI Consulting Inc., Navigant Consulting Inc., Xerox Corporation, Integreon Managed Solutions Inc., and Catalyst Repository Systems Inc. among others. Of these, HP Autonomy Corporation Plc and Guidance Software Inc. are considered to have dominant position in the market. These players focus on product innovation, acquisition and strategic alliances which help them to maintain their leading position.
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