eDiscovery Market - Popularity of Social Media Opening New Opportunities | Future Market Insights

VALLEY COTTAGE, N.Y., November 17, 2017 (Newswire.com) - A fresh business and commerce study by Future Market Insights (FMI) has detected that the shares in the global eDiscovery market are distributed among a large number of players who dominate either on on-premise solution, services, or cloud solutions. On the basis of on-premise solutions, companies such as IBM Corporation, kCura LLC, ZyLAB, and FTI Technology LLC are ahead of the curve whereas CloudNine, cicayda, LLC, Logikcull, and Lexbe are some of the leading cloud services providers. Currently, Ernst & Young Global Limited, D4 LLC, Navigant Consulting, Inc., and Advanced Discovery are some of the key service providers operating in the global eDiscovery market.

As per the projections of the report, the demand in the global eDiscovery market will increment at an impressive CAGR of 16.5 percent during the forecast period of 2015 to 2022. The opportunities in this market are estimated to produce a revenue of US$21,089.1 mn by the end of 2022, significantly up from its evaluated worth of US$7.230.6 mn in 2015. This FMI report on eDiscovery market has been developed by a group of professional research analysts and aspires to serve as a credible business tool for its targeted audiences such as on-premise solution providers, cloud solution providers, service providers, cloud-based application developers, law firms, and litigation services providers.

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Increased focus on decreasing operational budget of legal departments, escalation in litigations across the globe, strict policies and compliance regulations across various countries, growing ubiquity of smartphones, and increasing volume of ESI in organizations are some of the key factors augmenting the demand in the global eDiscovery market. On the other hand, high cost of eDiscovery processes, contradiction between data protection, lack of awareness regarding e-discovery, and increase in cross-border eDiscovery are a few factors obstructing the prosperity of this market. Nevertheless, rise in demand for predictive coding and increase in usage of social media websites are expected to open new opportunities in this market.

On the basis of component, the report segments the global eDiscovery market into on-premise software, off-premise software, and services. On-premise segment is expected to grow by 6.1 percent in 2016, whereas the off-premise segment is anticipated to witness an increase of 22.5 percent. On-premise segment currently accounts for the majority share of the market; however, on the back of rising demand for cloud computing and increasing volume of digitally stored data are driving the adoption of off-premise eDiscovery software market. Adoption of off-premise eDiscovery software is more pronounced in developed markets of the U.S., U.K, Japan, and South Korea. On the other hand, end use bifurcation of the market has been done into government and regulation agencies, enterprises including small, medium, and large-sized, and law firms. Currently, government and regulatory agencies are producing the maximum demand for eDiscovery software and services, accounting for 49.4 percent of the total demand in 2015. That being said, the segment of enterprise was valued at US$ 2,958.3 Mn in 2015, and is expected to grow by 16.8 percent in 2016.

Geographically, the report anticipates North America to maintain its position as the leading regional market for eDiscovery solutions, serving a demand worth share of 54.8 percent in 2016. Government & regulatory authorities in North America are increasingly preferring eDiscovery solutions over other data solutions for litigations and investigations. Growth of the eDiscovery market in Europe will remain steady in 2016, whereas Asia Pacific will increase at a robust pace. The Asia Pacific eDiscovery market is anticipated to increase at 17.4 percent in 2016, with high adoption from enterprises fuelling the growth of the market.

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Source: Future Market Insights