The task of identifying valuable information, collecting it, processing and preserving it in an electronically storable format is known as eDiscovery. The task can be carried out on or even off premises. Tools offered by the global eDiscovery market help a company collate, archive, and retrieve vital information from texts, spreadsheets, websites, audio files, databases, and even images. The information may be used when required to create a legal case or to fight an existing one. The major users in the global eDiscovery market currently are government bodies and regulatory agencies. They need the processed information to improve the chances of resolving internal investigation processes.
The global eDiscovery market is progressing at a greatly optimistic CAGR of 16.20% within the period from 2014 to 2022. The global eDiscovery market was evaluated to be worth US$5.5 bn in 2013 and is expected to keep growing at a rapid pace, owing to the widening scope of use for eDiscovery solutions in regulatory agencies, law firms, government representatives, and corporates. The dominant players in the global eDiscovery market are Guidance Software Inc. and HP Autonomy Corporation Plc. Other key players in the global eDiscovery market are Catalyst Repository Systems Inc., Integreon Managed Solutions Inc., Xerox Corporation, Navigant Consulting Inc., FTI Consulting Inc., Epiq Systems, Symantec Corporation, EMC Corporation, Daegis Inc., and IBM Corporation.
Growing rate of ESI Generation Drives Global eDiscovery Market
The primary reason for the rapid rate of growth of the global eDiscovery market is the vast caches of electronically stored information, which needs to be filtered efficiently in order to find valuable data. The rate at which ESI is growing in major corporate environments is directly responsible for the growth of the global eDiscovery market. The global eDiscovery market is also driven by the massive amounts of social media data created through portals such as Facebook, Twitter, LinkedIn, and Instagram. Organizations use data compiled from social media using eDiscovery solutions for marketing purposes. The data generated through social media is expected to increase at a faster rate as the global number of smartphone users increases, which is also giving way to a new component of the global eDiscovery market: mobile eDiscovery.
Services Segment Dominates Global eDiscovery Market
Nearly 67% of the global eDiscovery market was taken up by the services segment in 2013, in terms of components. The eDiscovery services segment’s growth is directly attributed to the growing number of litigations and investigations that have occurred in recent years. This has led to companies preemptively collecting, identifying, and storing data that might be useful later. The global eDiscovery market can also be segmented according to the type of software, into on-premise and off-premise software. The global eDiscovery market for 2013 was dominated by the on-premise software segment. The global eDiscovery market, however, is expected to be dominated by the off-premise software segment in the near future, as this segment is being used increasingly to enhance services rendered and the utility of time. The off-premise software segment is driven by the increasing demand for cloud computing.
Browse the full Global eDiscovery Market report at http://www.mrrse.com/ediscovery-market
With government and regulatory agencies being the largest end users in the global eDiscovery market in 2013, it can be assumed that the segment, which the market earned 51% of its revenue from, will continue to use eDiscovery solutions on a large scale in the coming years.