Global eDiscovery Market Set for Rapid Growth, To Reach around USD 15.50 Billion by 2020
Deerfield Beach, FL -- (SBWIRE) -- 04/24/2017 -- According to the report, global demand for eDiscovery Market was valued at USD 6.25 billion in 2014, and is expected to generate revenue of USD 15.50 billion by end of 2020, growing at a CAGR of over 15% between 2015 and 2020.
Zion Market Research has published a new report titled "eDiscovery (Software; On-Premise Software & Off-Premise Software and Services) Market for Government and Regulatory Agencies, Enterprises (Small, Mid and Large-Size Enterprises) and Law Firms - Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020".
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eDiscovery is defined as a set of processes for the identification, preservation, collection, processing, review, analysis and production of electronically stored information (ESI). eDiscovery is usually done in the condition of criminal litigation procedures and for government investigations. eDiscovery documents can be produced in the form of photos, video, databases, and other file types. ESI is stored across an extensive range of corporate sources which may encompass databases, websites, and file stores, in addition to individual devices such as computers, smartphone and laptops.
The eDiscovery market is mainly driven by the increasing age group ratio and volume of electronically stored information (ESI) per year. Increasing use of eDiscovery solutions in government and leading agencies for investigation process is also expected to positively impact market growth. Additionally, increasing acceptance of predictive coding, growing danger mitigation activities in organizations, increase in litigation, need for proactive solutions and growth of record management across various trades are some of the important factors driving growth of eDiscovery market. Apart from this robust growth in smartphomes market and increasing use of social media networking sites such as LinkedIn, Instagram, and Facebook is also expected to fuel growth of eDiscovery market in the years to come. However, non favorable government policies and high cost of eDiscovery is expected to limit the growth of this industry to some extent.
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The eDiscovery market is segmented on the basis of components such as software and services. eDiscovery software market can be further classified as on-premise software & off-premise software. eDiscovery services was the leading segment of the eDiscovery market and accounted for over 65% of the total revenue generated by eDiscovery market in 2014. eDiscovery software segment was dominated by on-premise software in 2014. On-premise software segment held over 55% share of the global eDiscovery software market in 2014. However, the off-premise segment is expected to be the fastest growing segment during the forecast period. Growing demand for cloud computing and growing volume of digitally stored data are some of the key factors driving the off-premise software market segment.
On the basis of end-users, the eDiscovery market is segmented as government and regulatory agencies, enterprises (small, mid and large-sized), law firms. Government and regulatory agencies dominated the global eDiscovery market in 2014 and accounted for around 50% share of the total revenue generated in 2014. However, enterprise segment is estimated to exhibit rapid growth during the forecast period owing to increasing adoption of eDiscovery solutions in small as well as large companies across the world.
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North America dominated the global eDiscovery market in 2014. It is expected to retain its dominance during the forecast period due to increasing use of eDiscovery solutions in civil litigations and need to improve information governance in corporations of all sizes. However, the Asia Pacific region is expected to witness rapid growth of eDiscovery market in the years to come. Growth of eDiscovery market in Asia Pacific will be mainly stemmed from China, India, South Korea and Japan.
Some of the key players operating in global eDiscovery market include HP Autonomy, IBM Corporation, Daegis Inc., EMC Corporation, Symantec Corporation, Guidance Software Inc., Xerox Corporation, Epiq Systems Inc., FTI Consulting Inc., Navigant Consulting Inc., Integreon Managed Solutions Inc., and Catalyst Repository Systems Inc
eDiscovery Market: Component Segment Analysis
eDiscovery Market:End-users Segment Analysis
Government and Regulatory Agencies
Enterprises (Small, Mid and Large-Sized)
eDiscovery Market: Regional Segment Analysis
Middle East And Africa
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