eDiscovery Market to Observe Strong Development by 2025
eDiscovery solutions and services help organizations to facilitate their business procedures. eDiscovery solutions allow users to exchange, review, collect, and preserve information stored in electronic formats. These are used across various industrial segments such as education, manufacturing, retail, media and entertainment, transportation and logistics, travel and hospitality, energy and utilities, IT and telecom, healthcare, insurance (BFSI), financial services, banking, and legal. Increase in mobile device penetration and usage, stringent compliance with policies and regulations worldwide, global increase in litigations, and focus on decreasing operational budget of legal departments are few of the factors driving the global eDiscovery market.
To provide enhanced eDiscovery solutions, various players operating in this market are undertaking partnerships and are focusing on mergers and acquisition to expand their footprint. For instance in Feb 2017, Compliance Discovery Solutions, a prominent player providing integrated eDiscovery services, partnered with another CloudNine. This partnership was intended to integrate the technologies of both companies to provide improved solutions to the customers. Other prominent players in this market include FTI Consulting, Inc., Catalyst Repository Systems, Inc., Integreon Managed Solutions, Inc., Epiq Systems, Inc., Symantec Corporation, Guidance Software, Inc., EMC Corporation, IBM Corporation, Daegis, Inc., and HP Autonomy.
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Due to emergence of digitalization, organizations all over the world are adopting cloud deployment model for better performance of eDiscovery solutions. Cloud deployment allows companies to reduce cost associated with maintenance and required IT infrastructure. Furthermore, as cloud deployment allows players to provide solutions to any part of world, various players are focusing on developing this segment.
Global eDiscovery Market: Overview
eDiscovery is a set of interlinked processes consisting of preserving, collecting, reviewing, and exchanging information stored in electronic formats. These formats, universally known as electronically stored information (ESI), are used by parties to furnish evidence or in response to production in various legal proceedings such as litigations, government investigations, and right to information requests. Different types of ESI may include a wide spectrum of sources such as emails, documents, audio and video files, company-specific databases, social media content, encrypted data, and cloud-based storage.
With the proliferation of data from myriad sources, including cloud computing devices and platforms, the processes are rather complex. Since electronic documents essentially contain metadata, they may be the source of various information: the date and time the file was created, information on authors and recipients, and file properties.
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Global eDiscovery Market: Trends
The increasing application of eDiscovery solutions by several government agencies for conducting investigations, coupled with the worldwide rise in litigations that mandate the use of ESI as evidence, has propelled the global market. The soaring need for proactively using eDiscovery processes as part of risk mitigation strategies in numerous organizations is expected to fuel the market over the forecast period. The rapidly rising volume of data across enterprises has triggered the need for eDiscovery platforms and services.
In contrast, the high cost of eDiscovery services is likely to impede the market to an extent. However, the popularity of cost-effective on-premises services is anticipated to boost the market. The upsurge in the use of social media tools such as Twitter, Facebook, and LinkedIn in a large number of organizations is also expected to create ample opportunities for market players.
Global eDiscovery Market: Market Potential
An assessment of recent competitive dynamics indicates the emergence of automated solutions and advanced technologies aimed at simplifying the workflow of eDiscovery projects. Automation solutions are increasingly being demanded by several law firms and corporate users to accelerate eDiscovery processes.
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Recently, Compliance Discovery Solutions, a pioneer in offering integrated eDiscovery services, partnered with CloudNine, an eDiscovery automation software company, for technology integration. The agreement entails integration of CloudNine’s eDiscovery automation technology with the best-of-breed discovery-as-a-service (DaaS) offering provided by Compliance. The partnership is significant as CloudNine customers can conveniently access the intuitive DaaS environment. This will help them simplify eDiscovery workflows spanning across routine audits to complex technologies. Using the tool, the user can accelerate the uploading and processing of ESI without making any additional investment in dedicated servers, hardware, and software.
In yet another promising development, Veritas Technologies, a leading information management company, announced its plan to expand its partnership with Google to provide customers access to increased capabilities of its 360 Data Management capabilities. Furthermore, the partnership will ensure the clients’ readiness to eDiscovery solutions. In addition, the company has announced a set of innovative solutions with Google Cloud, which will offer users extensive eDiscovery support for its G Suite Enterprise offering.
Global eDiscovery Market: Regional Outlook
North America is a prominent market for eDiscovery solutions and platforms. The market is expected to witness impressive growth along the forecast period. The growth is attributed to stringent compliances across enterprises to preserve data and the rising inclination of various government agencies toward the adoption of eDiscovery solutions. In addition, the increasing emphasis of law enforcement agencies to make attorneys and lawyers familiar with ESI in the U.S. has spurred the demand for eDiscivery offerings. Furthermore, the launch of intuitive and interactive solutions on varied cloud models is expected to propel the regional market.
However, in the coming years, the regional market may lose some revenue to emerging markets such as Asia Pacific and South Africa. The rapid pace of industrialization in Asia Pacific has spurred the usage of mobile devices in enterprises, catapulting the need for managing ESI and boosting the regional market.
Global eDiscovery Market: Competitive Landscape
Leading vendors are making partnerships and entering into agreements with global technology companies to consolidate their market shares. Several players are offering cloud-based solutions to gain a stronghold in the market. Major companies operating in eDiscovery market include HP Autonomy, Daegis, Inc., IBM Corporation, EMC Corporation, Guidance Software, Inc., Symantec Corporation, Epiq Systems, Inc., Integreon Managed Solutions, Inc., Catalyst Repository Systems, Inc., and FTI Consulting, Inc.
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