Market Research Future (MRFR), in its latest the global e-discovery market report, states that the world e-discovery market 2020 is poised to value at USD 24 Bn. Through the forecast period 2017-2023, the E-discovery market is expected to rise at about 20% CAGR. The growing utility of electronic discovery or e-discovery to collect, identify, and produce ESI as a response to the production request for law suit and investigation can boost the growth of the e-discovery market. The electronically stored information contains social media, websites, voicemail, video and audio files, documents, databases, emails, presentations, and more. The performed of e-discovery on computer network can boost the e-discovery market growth.
There are different drivers of the e-discovery market. They are identified by Market Research Future (MRFR), including the penetration of Internet of Things into cash rich industries, plus the growing volume of digital assets in government agencies and other reputed enterprises. Initiatives and the support by various government to implement e-discovery process across enterprises of different size can boost the expansion of the market.
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The rise in the utility of social media platforms, such as LinkedIn, Twitter, and Facebook and increased implementation of data protection regulations can boost the expansion of the market. The high compliance need for the growing demand for forensic tools, analytics, and business intelligence (BI) can drive the expansion of the e-discovery market. The increased utility of social media platforms that provide electronic evidence that concern legal matters can drive the expansion of the global e-discovery market.
MRFR's segmental study of the world e-discovery market is based on deployment, solution, vertical, and service.
The solution based segments of the market are technology assisted review and early case assessment. The assisted review technology can secure the largest share of the world market in the predicted years.
The deployment based segments of the e-discovery market are on-cloud and on-premise. The on-cloud based segment can dominate the overall market in the study period. The growing influence of the technology across businesses due to benefits, such as portability, compliance, flexibility, security, increased storage, and scalability can prompt the expansion of the market in the years to come.
The service based segments of the e-discovery market are training, consultant, and support.
The vertical based segments of the e-discovery market are energy and utilities, IT and telecommunication, transportation and logistics, and legal sector. The IT and telecommunication based segment can drive the expansion of the market in the predicted years.
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MRFR profiled some lead players in the world e-discovery market. They are Ernst Young Global Limited (UK), Navigant Consulting (US), Logik (US), Lexbe (US), Xerox Corporation (US), Hewlett Packard Enterprise (US), Kcura LLC (US), Zylab Technologies (US) , IBM Corporation (US), FTI Technology LLC (US), and others.
The e-discovery market segment reveals growth opportunities and the latest trends of the market across Asia Pacific and Europe, followed by North America and the Rest of the World. In North America, the e-discovery market can generate considerable revenue due to the rise in technology implementation, better network infrastructure, and digitization. Digitization, and other technological advancements, plus economies can benefit the regional market. The presence of different key players can boost Asia Pacific e-discovery market in the assessment period. The rise in the implementation of software by small enterprises can boost the expansion of the e-discovery market. The high demand for e-discovery due to rise in the need for better productivity across organization can drive the expansion of the market.