Albany, NY, July 8, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research eDiscovery Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2022, the global eDiscovery market is forecast to reach US$ 21,089.1 Mn by 2022. The growth of eDiscovery market is driven by the increasing volume of ESI (electronically stored information) every year in organizations and the need to manage this huge data volume for civil litigation purpose. Emergence of social media such as Instagram, LinkedIn, and Facebook across organizations is resulting in the increasing demand for eDiscovery solutions that can be used for social media electronic discovery.
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Global eDiscovery market was valued at US$ 5,563.7 Mn in 2013 and is expected to grow at a CAGR of 16.2% from 2014 to 2022. Rising use of eDiscovery solutions in government and regulatory agencies and increasing government regulations favoring the adoption of eDiscovery solutions in government offices and organizations are some of the major factors driving the growth of eDiscovery market. Organizations are deploying eDiscovery solutions for efficient information governance and internal investigations. In addition, emergence of social media in organizations is fueling the growth of eDiscovery market. In government agencies, investigators and compliance officers use eDiscovery solutions to manage the increasing regulatory audits and investigations. Furthermore, legal and IT departments in large organizations have increased the usage of eDiscovery solutions. However, high cost associated with services such as collection, processing, and review is hindering the growth of eDiscovery market.
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The eDiscovery software segment is classified on the basis of type of software (deployment type) into on-premise software and off-premise software. On-premise software led the global eDiscovery software segment in 2013 accounting for around 61% of the total eDiscovery software market. However, with the increasing adoption of cloud computing services, the off-premise eDiscovery software segment is expected to witness high growth over the forecast period. Among various end-use sectors, government and regulatory agencies was the largest segment which accounted for around 51% of the eDiscovery market revenue share in 2013. This segment is expected to dominate the eDiscovery market over the forecast period due to increasing civil litigations and regulatory audits. In addition, governments of various countries such as Japan and South Africa are taking initiatives to implement eDiscovery process in their agencies and organizations.
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Geographically, North America is expected to remain the largest market for eDiscovery solutions due to the growth in demand for eDiscovery software and services in offices to meet regulatory compliances. North America is anticipated to dominate this market throughout the forecast period due to the increasing use of eDiscovery solutions, especially across enterprises and law firms for early case assessment. Increasing industrialization across Europe and Asia Pacific and eDiscovery regulations to preserve digital data for eDiscovery process is expected to support the growth of eDiscovery market.
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Global eDiscovery market is fragmented and highly competitive in nature. Major industry participants include HP Autonomy, IBM Corporation, Daegis Inc., EMC Corporation, Symantec Corporation, Epiq Systems Inc., Guidance Software Inc., FTI Consulting Inc., Integreon Managed Solutions Inc., and Navigant Consulting Inc. among others. It has been recently identified that the key players in the eDiscovery market have started following the strategy of acquisition and mergers. These players are acquiring small and mid-sized eDiscovery vendors to enter regional markets, which is expected to help eDiscovery market to become consolidated in near future. The report studies the global eDiscovery market, and provides estimates in terms of revenue from 2013 to 2022. Market estimates are provided on the basis of components, end-users, and geography. The market has been segmented as follows:
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Global eDiscovery Market Segmentation:
eDiscovery Market, by Component:
- Software
- On-premise software
- Off-premise software
- Services
eDiscovery Market, by End-users:
- Government and Regulatory Agencies
- Enterprises (Small, Mid and Large-Sized)
- Law Firms
eDiscovery Market, by Geography:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.