According to a new market research report, “E-Discovery Market by Solution (Legal Hold, Early Case Assessment, Data Processing, Technology Assisted Review, Data Production), Service (Consulting, Implementation, Training and Support, Managed), Deployment, Industry, & Region - Global Forecast to 2020” , published by MarketsandMarkets ,defines the global E-Discovery market based on various solutions, deployment modes, service types, industries, and regions with an in-depth analysis and forecast of market sizes. The report also identifies the factors driving this market, various restraints, and opportunities impacting it along with the adoption trends.
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E-Discovery solutions offer a unified and precise view of the entire electronic data in an organization. E-Discovery is defined as “a process in which electronic data is sought, located, secured, and searched with the intent of using it as evidence in a civil or criminal legal case.” The increase data volume of an organization, supplemented with the incorporation of diverse technologies, has extensively redefined its structural patterns.
E-Discovery has been evolving and is set to grow in the next five years, and thus has also allowed stakeholders to retain their privileged customers, allure new clients, and enhance business value for its users. Users such as licensees and subscribers are adopting E-Discovery solutions to analyze, process, and production of the electronic data. This is accomplished through competent solutions, which provide channelization of their organizational structure, strengthening the data security, accurately manage vendor accounts, customized view of their electronic data. E-Discovery services are largely provided by the service vendors across various industry verticals to help users maintain their deployed E-Discovery software solutions.
The major vendors of the global E-Discovery market include Symantec Corporation (U.S.), Hewlett-Packard Development Company (U.S.), Xerox Corporation (U.S.), IBM Corporation (U.S.), Recommind, Inc. (U.S.), and Guidance Software, Inc. (U.S.). The major factors driving growth in this market include rising litigation cost among the organizations, increasing demand for growth in compliance requirements, indispensable need for proactive E-Discovery solutions, rising emergence of new content sources and reducing overabundance of stored data.
MarketsandMarkets broadly segments the E-Discovery market by regions into: North America (NA), Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and Latin America (LA); by solutions are into: Legal Hold, Early Case Assessment, Data Processing, Technology Assisted Review, and Data Production; by deployment mode into: Cloud, and On-Premises; by service type into: consulting, implementation, training and support and managed services; by industries into: government, legal sector, healthcare, BFSI, energy & utilities, IT & telecom, manufacturing, transportation & logistics, media & entertainment, and travel & hospitality among others.
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MarketsandMarkets forecasts the global E-Discovery market comprising software and services to grow from $7010.1 Million in 2015 to $14,260.2 Million by 2020, at a CAGR of 15.3%. In terms of regions, NA is expected to be the biggest market in terms of value and volume, whereas APAC and Europe are expected to experience increased market traction, during the forecast period.
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