eDiscovery Market to Exceed $19 Billion by 2023: P&S Market Research
Article sourced from P&S Market Research via Global Newswire
According to a new market research report titled “eDiscovery Market by Component (Software, Service), by Solution (Legal Hold, Early Case Assessment, Data Processing, Technology Assisted Review, Data Production), by Deployment Type (On-Premise, Cloud, Hybrid), by Industry Vertical (Government, Legal, BFSI, Energy & Utilities, Healthcare, IT & Telecom, Media & Entertainment), by Geography (U.S., Canada, U.K., Germany, France, Japan, China, Brazil, S. Africa) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023” published by P&S Market Research, the eDiscovery Market is Forecast to Reach $19.8 billion by 2023.
On the basis of component, the eDiscovery market is categorized into software and services, where the market for services contributed a larger revenue during 2013-2016. The market for services was valued at nearly $6,000 million in 2016, and is expected to reach $13,000 million by 2023, growing at a CAGR of above 10% during the forecast period. 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.
The on-premise deployment segment generated a larger revenue than cloud deployment in 2016. However, the demand for cloud based deployments is expected to be high in near future. Cloud based deployment of solutions is a relatively younger technology than on-premises in the eDiscovery market, but it has speedily developed as the most preferred choice for resource establishments. Cloud migration and adoption promise many benefits to conventional on-premise deployments, such as infinite scalability, cross border eDiscovery (as it eliminates physical barriers), robust security, and cost savings.
The emergence of new tools has been revolutionizing the complete process of eDiscovery review over 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.
With the help of an iterative training process, predictive coding enables a lawyer with expert knowledge of the case, and reviews the small subset of documents through a series of document sets generated by the program. After each set, based on the designation of a lawyer, the predictive coding system refines the traits of relevant versus irrelevant documents until the system itself determines no more continued training. The smart and intelligent eDiscovery strategy acts as an alternative approach providing clients with the best possible value, by delivering higher review quality under a well-controlled cost framework. Such enablers are globally escalating the demand for such solutions among lawyers to a great extent.
Geographically, North America has been the largest eDiscovery market, accounting for more than 65% of the global revenue in 2016, 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.
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