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eDiscovery Market Share, Strategies, Emerging Technologies, Growth Rate Analysis, Trends and Forecast

eDiscovery Market
eDiscovery Market
Press Release

eDiscovery Market Forecasted to Reach $19.8 billion by 2023, P&S Intelligence

Insights on market segments

On the basis of component, the eDiscovery market is categorized into software and services, where the market for services contributed a larger revenue during 2013-2016. The market for services was valued at nearly $6,000 million in 2016, and is expected to reach $13,000 million by 2023, growing at a CAGR of above 10% during the forecast period. Factors responsible for the growth of service market include the gigantic progress in electronically stored information (ESI) and increase in the number of litigation cases. Further, the continuous thrust on bringing down functional costs of legal departments, stringent necessities to comply with rules and regulations, and raised usage of mobile devices have been the driving force behind the eDiscovery market growth.

The on-premise deployment segment generated a larger revenue than cloud deployment in 2016. However, the demand for cloud based deployments is expected to be high in near future. Cloud based deployment of solutions is relatively a younger technology than on-premises in the eDiscovery market, but it has speedily developed as the most preferred choice for resource establishments. Cloud migration and adoption promise many benefits to conventional on-premise deployments, such as infinite scalability, cross border eDiscovery (as it eliminates physical barriers), robust security, and cost savings.

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Predictive coding fueling the global market growth

Emergence of new tools has been revolutionizing the complete process of eDiscovery review, from the past few years. The new technology tools rely on a process called predictive coding, which is a cultured statistical algorithm that categorizes the attributes of relevant and irrelevant documents, during the review of a small subset of documents. Such solutions are completely revolutionizing the eDiscovery industry.

North America stands as the largest eDiscovery market

Geographically, North America has been the largest eDiscovery market, accounting for more than 65% of the global revenue in 2016, whereas the sales in Asia-Pacific are expected to witness the fastest growth, during the forecast period. Various factors that have influenced the eDiscovery market in North America in the recent past include change in policies after the election of Donald Trump as the President, high-paced technological advancements, and various other policy changes related to antitrust law. The growth in Asia-Pacific market will be led by factors such as surge in digitalization within the legal sector, advancement in new data analytics and retrieving technologies by regional players, and the growth in investment in eDiscovery solutions.

eDiscovery Industry heading towards consolidation

The global eDiscovery industry had a fragmented structure in 2016, where IBM, Dell EMC, and Symantec were the leading contenders. The other major companies operating in the market include HP, FTI Consulting, and KrolLDiscovery. There are large number of players in this market, who are fighting to expand their market share. The industry is also witnessing number of acquisitions, where the major acquirers have been Dell, L Discovery, and OpenText.

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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