Global eDiscovery Market by 2025 - Opportunities, Forecast and Competitors Analysis
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Besides this, increasing cost of litigation among companies, rising compliance needs, indispensable demand for more proactive services, emergence of content sources as well as lowering the overabundance of stored information are few of the many drivers of the eDiscovery market. On the other hand, existing apprehensions over high costs in electronic discovery and lack of knowledge about the influences of the solutions are the major restraining factors of the market. Moreover, with litigants producing electronic data along with paper documents have created greater opportunities for market. Amendments made to FRCP in 2006 made all electronically stored information including voicemails, graphics, emails etc. on handheld devices or smartphones discoverable in legal action.
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The eDiscovery market is segmented in terms of components, end user and geography. Some of the major components of the market consists of on-premises software, off premise software and services. The prominent end users of the market includes regulatory and government agencies, law firms, small and medium enterprises (or SMEs) among others. Regions such as Europe, Asia Pacific and North America experience the highest adoption rate and utilization of eDiscovery solutions. On contrary, other regions including Middle East, Africa as well as Latin America are giving a serious thought to the eDiscovery products and solutions.
A closer look at the competitive landscape reveals that major IT brands are busy launching eDiscovery platforms and generating clients in the same month itself. Prominent market players are also seen acquiring new companies or local market players to maintain their competitive edge. Other business strategies favored by the companies include constant upgradation, joint ventures and collaborations. Brands such as Symantec Corporation, Xerox Corporation, HP Autonomy, Guidance Software Inc., FTI Consulting Inc., EMC Corporation, Navigant Consulting, Integreon Managed Solutions Inc., Catalyst Repository Systems Inc. and more are believed to occupy a major market share.
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