The global eDiscovery market will reach $19.8 billion by 2023 and is growing in double digit during 2018 – 2023. On the basis of component, the eDiscovery market is categorized into software and services, where the market for services contributed a larger revenue. The market for services will reach $13.0 million by 2023. growing at a CAGR of above 10% during the forecast period.
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Factors responsible for the growth of service market include the gigantic progress in electronically stored information (ESI) and increase in the number of litigation cases. Further, the continuous thrust on bringing down functional costs of legal departments, stringent necessities to comply with rules and regulations, and raised usage of mobile devices have been the driving force behind the eDiscovery market growth.
Emergence of new tools has been revolutionizing the complete process of eDiscovery review, from the past few years. The new technology tools rely on a process called predictive coding, which is a cultured statistical algorithm that categorizes the attributes of relevant and irrelevant documents, during the review of a small subset of documents. Such solutions are completely revolutionizing the eDiscovery industry.
Geographically, North America has been the largest eDiscovery market, accounting for more than 65% of the global revenue, whereas the sales in Asia-Pacific are expected to witness the fastest growth, during the forecast period. Various factors that have influenced the eDiscovery market in North America in the recent past include change in policies after the election of Donald Trump as the President, high-paced technological advancements, and various other policy changes related to antitrust law. The growth in Asia-Pacific market will be led by factors such as surge in digitalization within the legal sector, advancement in new data analytics and retrieving technologies by regional players, and the growth in investment in eDiscovery solutions.
The global eDiscovery industry had a fragmented structure, where IBM, Dell EMC, and Symantec were the leading contenders. The other major companies operating in the market include HP, FTI Consulting and KrolLDiscovery. There are large number of players in this market, who are fighting to expand their market share. The industry is also witnessing number of acquisitions, where the major acquirers have been Dell, L Discovery and OpenText.