Global e-Discovery market expected to grow at a CAGR of 16% owing to the continued growth of electronically stored information (ESI).
Dallas, USA – March 31, 2021 /MarketersMedia/ —
The global eDiscovery market is estimated to reach almost USD 30 billion by 2025 owing to the rapid growth of digital information through computers, mobile devices and storage media. eDiscovery is considered of a prime importance by the business and IT decision makers because, the organizations are constantly involved in litigation either as defendants or as involved third parties. Any digital information that contains business record, regardless of the tool that was used to create it, will potentially be subject to eDiscovery.
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The geographic analysis of eDiscovery market explores into the segments of solution, application and product across four regional segments namely, North America, Europe, Asia-Pacific and rest of the world. APAC region has been the fastest growing market in terms of rapid adoption of eDiscovery solutions. Many countries in the APAC region are generating a lot of data due to the move towards digitalization of processes. Along with adoption of new technologies for generating data, communication and their storage, regulations in this region are continuously getting upgraded and becoming more stringent. This eventually will drive the overall eDiscovery market.
The key market players in the eDiscovery market are Symantec, IBM, Exterro, EMC, Epiq systems, HPE and others. These prominent players have always looked forward to implement eminent strategies through partnerships, agreements, collaborations and business expansions. For instance, in May 2018, Exterro announced their strategic investment from Leeds Equity Partners, who is a pioneer in private investing in knowledge industries. This partnership will enable Exterro to accelerate development in the eDiscovery market.
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A legal hold is a process which is used by organizations to protect all forms of significant information from being lost, tampered or deleted when litigation is practically awaited. Hence, implementing an effective legal hold strategy is vital for accurate data preservation and efficient downstream collection and review. The legal hold management segment of the global eDiscovery market is expected to grow with the second-highest CAGR in the forecast period.
Forensic data collection is the process of collecting electronically stored information (ESI) that could be possibly relevant to an e-discovery matter regardless of where the data resides. This service ranges from ability to collect information from various data sources such as email, documents, storage media (server, hard drive, cloud and others). Collected data is mostly placed in a virtual repository, tagged in place or copied to a separate repository. The forensic data collection segment was valued more than a billion US dollars in 2017 within the overall eDiscovery market.
Global eDiscovery Market Share, by Region, 2025 (%)
The eDiscovery market in Europe had a lot of growth in recent years as many players were familiar with market space in Europe. Meanwhile, the market in Asia is comparatively less but expected to grow in the coming years as most of the MNCs have their subsidiary offices in Asia with much of the economic activity going on there. Hence, more companies would be subject to investigation or have litigation. Also, just as data privacy laws have become a bigger focus in the US and Europe, Asia has also been doing the same, especially with the proclamation of nationalized data privacy laws. Thus, the eDiscovery market for Asia is expected to grow with highest CAGR in the forecast period among all the regions in the world.
Symantec, IBM, HPE, Dell EMC, Navigant and Epiq systems are the leading players present within the global eDiscovery market. These companies are focusing on expanding their presence in the global eDiscovery market over the next few years by adopting strategies such as mergers & acquisitions and product standardization. For instance, in May 2018, Epiq announced acquisition of Soliton Systems to expand their presence in the Japanese legal market.
Key segments of the global eDiscovery market
Solution Overview, 2015-2025 (USD million)
Application Overview, 2015-2025 (USD million)
Government and regulatory agencies
Product Overview, 2015-2025 (USD million)
Forensic data collection
Legal hold management
Regional Overview, 2015-2025 (USD million)
Rest of the world
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