Albany, NY -- (SBWIRE) -- 10/18/2016 -- As per a recent research report released by Transparency Market Research, the global market for eDiscovery is expected to notice a very high degree of competition due to its largely fragmented nature. Meanwhile, the threat from new entrants is expected to remain medium due to the significantly large entry barriers.
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.
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By the end of 2022, eDiscovery services are expected to generate a revenue of US$14.57 bn, thereby consistently holding the leading share in components against eDiscovery software. A large number of companies find it extremely convenient and fruitful to adopt eDiscovery services rather than play in-house software.
Off-premise eDiscovery solutions are expected to surpass on-premise eDiscovery solutions, due to the growing provision of secure and encrypted services and software provided by third-party service providers. As a software type segment, off-premise eDiscovery software is expected to generate a revenue of US$4.83 bn.
North America to Continue Dominating eDiscovery Volume Shares
The tremendous amount of electronically generated information in the developed nations by itself is enough to create a massive demand for eDiscovery software and solutions, especially in North America. This region additionally faces the pressure exerted by government bodies with regard to electronic media governance policies.
There is an increasing number of regulations that are being implemented that require companies and organizations to back up their ESI in high volumes. Corporate litigation and investigations forming the crux of these stringent regulatory norms, enterprises need to comply, therefore creating a staggering demand for eDiscovery services and software.
Massive ESI Volumes to Spur Corporate Need for eDiscovery Solutions
"A primary factor driving the necessity for eDiscovery today is the sheer volume of ESI being generated on a daily basis. Companies are taking to cloud computing activities and implementing social media platforms for development and progress. These are creating large volumes of data that – for internal and on government regulatory prompting – need to be saved in an organized manner," states a TMR analyst.
The growing presence of companies on social media platforms is especially generating a high demand for eDiscovery solutions. An enterprise's social media presence can be used or held accountable in the event of corporate litigation as a form of evidence. This has caused companies of all sizes to adopt eDiscovery solutions.
Hugh eDiscovery Solutions Cost Hinders Smaller Companies from Adopting Them
The total expense of implementing eDiscovery solutions or services include a list of activities, with services and consultation expenses at the foundation of this list. Other expenses include the implementation of eDiscovery solutions in organizational assets and internal staff. These expenses can be quite high for small and even some medium-scale companies, as the cost can also increase on the basis of the number of reviews, and the speed of collection and processing.
"Meanwhile, providers of eDiscovery solutions can look to the growing trend of bring-your-own-device to the workplace, along with a greater scope of mobile device management. With an increasing corporate social media presence and work-related emails, eDiscovery solutions can be modified to incorporate these trends," adds the analyst.