eDiscovery Market Analysis - Global Industry Analysis and Opportunity Assessment for 2022
eDiscovery market by component, by software type, by end-users, by regions and key players. Global market for eDiscovery continues to grow owing to the increase in volume of ESI in organizations.
London, UK -- (SBWire) -- 09/07/2017 --Increasing dependence on digital information management for efficiencies and accuracy has led towards adoption of solutions such as eDiscovery especially among legal firms and enterprises.
Computer forensics, also known as cyber forensics, is a specific form of eDiscovery. Cyber forensics is carried out on contents stored in the hard drive of a particular computer system for the purpose of investigation. This enables investigators to make a digital copy of contents that can be produced in a law suit in response to a request. The global eDiscovery market is forecast to grow from US$ 7,230.6 Mn in 2015 to US$ 21,089.1Mn by 2022, at a CAGR of 16.5% from 2015 to 2022. eDiscovery solutions find widespread applications in government and regulatory agencies, small, mid and large-sized enterprises, and law firms.
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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 2015 which accounted for around 51% revenue share of global eDiscovery market. Use of eDiscovery solutions by government agencies is increasing due to rise in the number of civil cases. Moreover, these solutions enable government agencies to achieve significant cost savings. Major players in the global eDiscovery services market are emphasizing on the development of solutions and services to address the end to end eDiscovery needs of government agencies and organizations. Further, players are focusing on developing their capabilities to sell directly to government and law agencies. In North America, growing volume of ESI in organizations and increasing volume of government investigations due to rise in criminal cases has resulted in increased utilization of eDiscovery solutions in the region. In 2015, the government and regulatory agencies segment was the largest end-user in the North American eDiscovery market. In the U.S. and Canada, agencies such as CIA and FTC are using eDiscovery software and services for the purpose of investigation. However, the enterprise segment is likely to dominate the market by 2022, due to increasing adoption of eDiscovery solutions in organizations to meet increasing compliance requirements imposed by Federal Government agencies.
Enterprises was the second largest segment with around 40% share in 2015. Different enterprises including small, medium and large-sized enterprises use eDiscovery software and services to maintain eDiscovery documents with data mapping. In addition, organizations use eDiscovery solutions to mitigate risks associated with legal actions. Increase in adoption of eDiscovery solutions in organizations has been seen in recent years due to increasing electronically stored information (ESI) volume every year. Furthermore, regulations imposed by governments to preserve ESI in organizations for discovery of digital data are expected to drive growth of this market in the enterprise segment. Growing use of social media is creating huge amount of metadata (hidden data), which contains creation date, modification date, and name of author.
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This type of data is only discovered through eDiscovery solutions. In addition, increasing use of mobile devices for organizational operations is creating need of mobile eDiscovery, which will further drive the growth of the eDiscovery market over the forecast period. 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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