eDiscovery Market to Grow at 13.1% CAGR till 2023: P&S Market Research
NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) — According to the market research report published by P&S Market Research, the eDiscovery market size is projected to cross $19.8 billion by 2023, growing at a CAGR of 13.1% during 2018-2023. The rapid growth in ESI and social media penetration, the process of predictive coding and the rising demand for eDiscovery from the government agencies are the major growth drivers of the market.
Clients demand for comprehensive service packages is a major trend witnessed in the eDiscovery market. Although there is a little scope of advancements for the eDiscovery players, vendors have been focusing on rolling out specific offerings, including document review, data storage, project management, information parsing and analytics. This has been forcing buyers in the legal space to keep a large base of vendor networks to chain together different services. Further, eDiscovery buyers are also hopeful to move away from fragmented eDiscovery solution approach to their combined projects and pushing eDiscovery companies to provide one-stop shop offerings. Also, the global eDiscovery market is observing many joint offerings and partnerships among small eDiscovery vendors.
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The ongoing explosion of personal smart devices such as smartphones and tablets, which are outside the range of an organization’s centralized IT infrastructure, is a challenge faced by organizations, which is creating a space for the global eDiscovery market growth. Organizations currently, are not likely able to escape themselves from the need of collecting and preserving data that resides on an employee mobile device such as text messages, emails, instant messaging, websites, photos, and social media interactions. While many employees are increasingly using personal devices during work hours and not uncommonly for work purposes, the data stored on these devices can be relevant, particularly if an employee is recognized as a custodian in a discovery matter.
The eDiscovery market in Europe will exhibit a steady growth during the forecast period, to reach $3.2 billion by 2023. In Europe, many authorized tools are used for data privacy and protection across a variety of policy domains, such as personal information usage by commercial bodies and intrusions into individual’s rights. As these tools are based on litigation norms of a particular country, for the production of documents in electronic format (or eDiscovery), the laws of eDiscovery differ among the different countries of Europe. This factor has been an impediment to the growth of the European eDiscovery market.
The key players in the global eDiscovery market are launching new products to improve their position in the market. For instance, in August 2017, KrolLDiscovery introduced Nebula, which provides end-to-end eDiscovery solutions for cloud. It also offers a user-friendly approach for eDiscovery processes.
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Some of the major players prevailing in the eDiscovery market include FTI Technology LLC, IBM Corporation, Xerox Corporation, Guidance Software Inc., LexisNexis, Relativity, Dell EMC and Symantec Corporation.
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