Overview of e-Discovery (Software and Service) Market and Its Significance
Published On : Jul 28, 2014
Electronic discovery (also known as e-Discovery) is a system that refers to data location, data search, and other securing processes which are used as evidence in criminal or civil court. The e-Discovery (software and service) market is in a phase of a major transformation from a service-based delivery representation to a software-dominated model. The market continues to grow with evaluations on predictive coding, early criminal case assessment, information dominance, and data reduction.
E-Discovery’s existence is especially intense in the United States and the Western European countries, but is also rapidly emerging in other regions as many countries are inducing data volumes and types, as well as increasing other activities related to business and legal consequences. The e-Discovery market is comprised of assorted professionals belonging to the fields of forensics, law, information technology, compliance, records management, and more. In addition, with the rising use of the Internet, computers, and a growing amount of electronic information, the requirement for e-Discovery services has been in demand since the past several years, and is further expected to expand in the near future. Legal services and corporations in particular highlight the pressing need for e-Discovery services.
Significance of e-Discovery Services
Today, it is not entirely viable to have litigation practices without any amount of e-Discovery. The shift from discovery to e-Discovery services has prodded significance on the practice and business of law, and has provided vendors numerous profitable opportunities in general. Irrespective of the economy, these services have also helped some lawyers in different ways. The need for e-Discovery services at some point of cooperative business undoubtedly occurs, and involves several e-Discovery software and/or vendors essential to accomplish the task.
Market Drivers
Some of the key factors that stoke growth in the e-Discovery services sector include growing risk-mitigation activities in organizations, an increasing adoption of predictive coding, civil litigation, criminal prosecutions, and a rise in record management across different industries.
This market is also growing due to the addition of more corporate organizations that regard e-Discovery capabilities in-house as a part of governance mandate. In addition, some of the key drivers for the deployment of e-Discovery solutions include:
- Need for proactive eDiscovery
- Growth in compliance requirements
- Overabundance of stored data
- Emergence of new content sources
The market for e-Discovery is liable to witness double-digit growth because of the ever-expanding volumes of data, and its uses in litigation. The market still holds great opportunities for small, medium, as well as emerging players. Initially, e-Discovery solutions were targeted at the legal firms for accomplishing basic needs; however, with corporations growing in every shape, size and space, e-Discovery services are frequently deployed as in-house forms.
Market Size
The global e-Discovery market was worth USD 3.6 billion in 2010, and is expected to reach USD 9.9 billion in 2017, growing at a CAGR of 15.4% from 2010 to 2017.
In terms of revenue, the U.S. market is expected to maintain its commanding position with 73% of the global e-Discovery market share in 2017. The U.S. e-Discovery market was valued at USD 3.0 billion in 2010, and is estimated to grow at a CAGR of 13.3% over the forecast period 2010 to 2017. It is projected to reach USD 7.2 billion by 2017. The rest of the world (RoW) e-Discovery market is expected to grow at a CAGR of 23.2% to reach USD 2.7 billion by 2017.
The e-Discovery market is segmented into two categories, namely, software-based e-Discovery and services-based e-Discovery. The market value for global e-Discovery software segment was measured at USD 1.1 billion in 2010, and is expected to grow at a CAGR of 11.5% to reach USD 2.5 billion by 2017. On the other hand, the global e-Discovery services market is expected to grow at a CAGR of 17.0% through the forecast period of 2011 to 2017.
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