The importance of litigation services in the domain of legal advisory has created fresh opportunities for growth within the global eDiscovery market. The value of the eDiscovery market is growing alongside sophistication of the field of law and legal services.
- The humongous amount of data stored on a daily basis across law chambers and firms has created fresh opportunities for market growth. In the contemporary times, electronic handling of information holds much more credibility than paper-based information. Therefore, the importance of eDiscovery procedures in the contemporary times cannot be underestimated. The total volume of revenues within the global eDiscovery market is expected to increase in the years to follow.
- The next decade would witness a surge in the number of legal proceedings pertaining to various industries. Furthermore, the need to stay informed about the dynamics of a legal case shall also bring electronic data storage under the spotlight of attention. Therefore, the global eDiscovery market has a wide playfield of opportunities to capitalise upon. It is a matter of integrity for law firms to institute ethical and effective eDiscovery procedures that can help in garnering the trust of the clients. The total value of the global eDiscovery market is poised to increase in the years to follow.
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Global eDiscovery Market: Snapshot
The rising use of digitalization and advanced technologies have increased the amount of data stored per day in various type businesses and organizations. The large percentage of data is been stored through emails, social networking sites, cloud computing platforms and services, and internal communication systems. In addition, it has been estimated that in the coming years, the volume of ESI is expected to reach 65% per organization. Thus, looking at the stats the demand for eDiscovery has grown significantly and in turn is likely to benefit the market growth.
The tremendous use of social media has created huge growth opportunity for the eDiscovery services and platforms. Nowadays most of the companies are making use of various social media sites such as Twitter, Facebook, and other to expand their online presence that have also created the need for eDiscovery services. However, the cost of this service is high but companies do not have an alternative at present.
The increasing demand for eDiscovery services and platforms are projected to benefit the market growth on the coming years. The global eDiscovery market is expected to rise at healthy 16.2% of CAGR during the forecast period between 2014 and 2024. In terms of revenue, the market is projected to reach a valuation of US$21.08 bn by 2024
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Low Cost of Off-Premise Solutions to lead eDiscovery Market in Near Future
The global eDiscovery market is classified on the basis of end users and component. Based on component, the market is divided into services and software which included on-permise software and off-permise software. On- premise eDiscovery solutions are highly preferred due to higher safety and simplicity they provide. Increasing concerns related to data security and integrity on-permise solutions have overpowered the off-permise solutions. However, this situation is likely to change within few years as off-permise solutions are expected to provide better security and services at a much lower cost than compared with on-premise solutions. The change in terms of their market values between both the solutions will be evident in the near future, where off-permise eDiscovery solutions is projected to reach a valuation of US$4.83bn by the end of 2024. Based on end users, the global eDiscovery market is categorized on the basis of law firms, government and regulatory agencies, and enterprises (small, medium, and large sized).
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Increasing Demand for IT Infrastructure in Emerging Economies to Benefit Market Growth
Based on geography, North America is expected to lead the market and is projected to reach US$10.71 bn by the end of 2024 in eDiscovery services and platforms. The percentage at which North America is projected to rise with is lesser than is currently has. This is due to increasing demand for eDiscovery platforms in Asia Pacific. Rapid industrial revolution in China and India requires well-established IT infrastructure that is likely to benefit the market growth in this region.
However, demand for eDiscovery solutions is still very high in developed economies in Europe and North America. This is due to growing pressure by government authorities with electronic media governance policies that might help in keeping at par the deployment pace of eDiscovery solutions.
The vendor landscape of the global eDiscovery market includes names of various leading players present in the market. HP Autonomy, Daegis, Inc., EMC Corporation, IBM Corporation, Symantec Corporation, Epiq Systems, Inc., Guidance Software, Inc., and FTI Consulting, Inc., are some of the prominent players mentioned in the report.
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