According
to a market research report "eDiscovery Market by Component (Software (Processing,
Review and Analysis, Identification, Preservation and Collection, and
Production and Presentation) and Services), Deployment Type, Organization Size,
Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets, the global eDiscovery
market is expected to grow from USD 10.8 billion in 2018 to USD 17.3 billion by
2023, at a CAGR of 10.0% during the forecast period.
The
major factors expected to drive the growth of the eDiscovery market are the
growing need for decreasing the operational budget of legal departments and
rising number of litigations across the globe. Moreover, the increasing focus
on proactive governance with data analytics and growing emergence of new
content sources, increasing growth in compliance requirements and data
protection regulations, and growing use of Internet of Things (IoT) devices
across verticals are also expected to surge the growth of the market. With the
increasing adoption rate of IoT and big data among enterprises, the eDiscovery
market is expected to gain major traction during the forecast period.
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Services segment to hold
a larger market size in the eDiscovery market during the forecast period
The eDiscovery market has
been segmented based on components into two categories, namely, software and
services. The demand for eDiscovery services is expected to increase, due to
their significant benefits, such as huge cost-savings, trained resources, 24X7
availability of customer services, and support for legal research using the
eDiscovery software. Among components, the services segment is expected to hold
a larger market size, as eDiscovery services span the entire Electronic
Discovery Reference Model (EDRM) that offers end users hands-on expertise for
efficiently performing their core business functions.
Cloud deployment type to
grow at a higher CAGR in the eDiscovery market during the forecast period
The cloud technology is
being widely adopted by businesses, as it offers various benefits, including
increased storage, scalability, flexibility, security, portability, and
compliance. Small and Medium-sized Enterprises (SMEs) are adopting the cloud
deployment model because it is cost-effective and provides detailed results.
The cloud deployment type is projected to grow at a higher growth rate, as
enterprises are finding cloud-deployed eDiscovery software attractive because
it is easy to implement and offers agility in organizations and on-demand
models.
North America
to hold the largest market size in the eDiscovery market during the
forecast period
North America is a
matured market in terms of technology adoption, owing to various factors,
including standardized regulations, advanced IT infrastructures, the presence
of many enterprises, and availability of proficient technical experts. The
region is an early adopter of eDiscovery services, as North American
enterprises strictly adhere to regulations as compared to that of other
regions. It is expected to hold the largest market size during the forecast
period, as the countries in the region, especially the US and Canada, are
rapidly adopting eDiscovery services to comply with various regulatory
requirements and survive legal procedures.
Major vendors in the
eDiscovery market include AccessData (US), Catalyst (US), Epiq (US), FTI (US),
IBM (US), Micro Focus (UK), Microsoft (US), Nuix (Australia), OpenText
(Canada), and ZyLAB (Netherlands).
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