Adroit Market Research launched a study titled, “Global eDiscovery Market Size 2017 by solution (Software and service), by application (Government & regulatory agencies, enterprises and law firms), by product (ECA, processing, review, forensic data collection, legal hold management and others), by region and forecast 2018 to 2025”. The study covers the global eDiscovery market value and volume for a period ranging from 2015 to 2025, where 2015 to 2017 imply the actual annual consumption with forecast between 2018 and 2025. The global eDiscovery market report also includes qualitative insights of the market such as drivers, restraints and regulatory framework. Additionally, we have provided a glimpse of the global text analytics market. The global eDiscovery market 2018 gives a holistic view encompassing production, consumption, import and export for key regions and countries.
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The global eDiscovery market is estimated to reach almost USD 30 billion by 2025 owing to the rapid growth of digital information through computers, mobile devices and storage media. eDiscovery is considered of a prime importance by the business and IT decision makers because, the organizations are constantly involved in litigation either as defendants or as involved third parties. Any digital information that contains business record, regardless of the tool that was used to create it, will potentially be subject to eDiscovery.
A legal hold is a process which is used by organizations to protect all forms of significant information from being lost, tampered or deleted when litigation is practically awaited. Hence, implementing an effective legal hold strategy is vital for accurate data preservation and efficient downstream collection and review. The legal hold management segment of the global eDiscovery market is expected to grow with the second-highest CAGR in the forecast period.
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Forensic data collection is the process of collecting electronically stored information (ESI) that could be possibly relevant to an e-discovery matter regardless of where the data resides. This service ranges from ability to collect information from various data sources such as email, documents, storage media (server, hard drive, cloud and others). Collected data is mostly placed in a virtual repository, tagged in place or copied to a separate repository. The forensic data collection segment was valued more than a billion US dollars in 2017 within the overall eDiscovery market.
Global eDiscovery Market Share, by Region, 2025 (%)
The eDiscovery market in Europe had a lot of growth in recent years as many players were familiar with market space in Europe. Meanwhile, the market in Asia is comparatively less but expected to grow in the coming years as most of the MNCs have their subsidiary offices in Asia with much of the economic activity going on there. Hence, more companies would be subject to investigation or have litigation. Also, just as data privacy laws have become a bigger focus in the US and Europe, Asia has also been doing the same, especially with the proclamation of nationalized data privacy laws. Thus, the eDiscovery market for Asia is expected to grow with highest CAGR in the forecast period among all the regions in the world.
Symantec, IBM, HPE, Dell EMC, Navigant and Epiq systems are the leading players present within the global eDiscovery market. These companies are focusing on expanding their presence in the global eDiscovery market over the next few years by adopting strategies such as mergers & acquisitions and product standardization. For instance, in May 2018, Epiq announced acquisition of Soliton Systems to expand their presence in the Japanese legal market.
Key segments of the global eDiscovery market
Solution Overview, 2015-2025 (USD million)
Application Overview, 2015-2025 (USD million)
- Government and regulatory agencies
- Law firms
Product Overview, 2015-2025 (USD million)
- Forensic data collection
- Legal hold management
Regional Overview, 2015-2025 (USD million)
- North America
- Rest of the world
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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
This post was originally published on Technology Trend