In 2014, the global eDiscovery market was mostly consolidated, with the top
three players – Guidance Software, Inc., HP Autonomy, and IBM Corporation –
taking up 39.3% of the market share in value.
The global market for
eDiscovery solutions, on the other hand, was rather fragmented, with the top
four players taking up only 41.3% of the total market share in 2014. The
remainder was taken up by a large number of regional players. These four key
eDiscovery solutions providers are FTI Consulting, Inc., Xerox Corporation,
Navigant Consulting, Inc., and Integreon Managed Solutions, Inc.
As per a research report
released by Transparency Market Research, the global market for eDiscovery is
expected to notice a very high degree of competition due to its largely
fragmented nature. Meanwhile, the threat from new entrants is expected to
remain medium due to the significantly large entry barriers.
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By the end of 2022,
eDiscovery services are expected to generate a revenue of US$14.57 bn, thereby
consistently holding the leading share in components against eDiscovery
software. A large number of companies find it extremely convenient and fruitful
to adopt eDiscovery services rather than play in-house software.
Off-premise eDiscovery
solutions are expected to surpass on-premise eDiscovery solutions, due to the
growing provision of secure and encrypted services and software provided by
third-party service providers. As a software type segment, off-premise
eDiscovery software is expected to generate a revenue of US$4.83 bn.
North
America to Continue Dominating eDiscovery Volume Shares
The tremendous amount of
electronically generated information in the developed nations by itself is
enough to create a massive demand for eDiscovery software and solutions,
especially in North America. This region additionally faces the pressure
exerted by government bodies with regard to electronic media governance
policies.
There is an increasing number
of regulations that are being implemented that require companies and
organizations to back up their ESI in high volumes. Corporate litigation and
investigations forming the crux of these stringent regulatory norms,
enterprises need to comply, therefore creating a staggering demand for
eDiscovery services and software.
Massive
ESI Volumes to Spur Corporate Need for eDiscovery Solutions
“A primary factor driving the
necessity for eDiscovery today is the sheer volume of ESI being generated on a
daily basis. Companies are taking to cloud computing activities and
implementing social media platforms for development and progress. These are
creating large volumes of data that – for internal and on government regulatory
prompting – need to be saved in an organized manner,” states a TMR analyst.
The growing presence of
companies on social media platforms is especially generating a high demand for
eDiscovery solutions. An enterprise’s social media presence can be used or held
accountable in the event of corporate litigation as a form of evidence. This
has caused companies of all sizes to adopt eDiscovery solutions.
Hugh
eDiscovery Solutions Cost Hinders Smaller Companies from Adopting Them
The total expense of
implementing eDiscovery solutions or services include a list of activities,
with services and consultation expenses at the foundation of this list. Other
expenses include the implementation of eDiscovery solutions in organizational
assets and internal staff. These expenses can be quite high for small and even
some medium-scale companies, as the cost can also increase on the basis of the
number of reviews, and the speed of collection and processing.
“Meanwhile, providers of eDiscovery
solutions can look to the growing trend of bring-your-own-device to the
workplace, along with a greater scope of mobile device management. With an
increasing corporate social media presence and work-related emails, eDiscovery
solutions can be modified to incorporate these trends,” adds the analyst.
The information presented in this review is based on a
Transparency Market Research report, titled, “eDiscovery Market - Global Industry
Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022.”