The global eDiscovery market demonstrates a highly consolidated business landscape, led by HP Autonomy, Guidance Software Inc., and IBM Corp., notes a new research report by Transparency Market Research (TMR). In 2014, these players acquired nearly 40% of the overall market and the scenario is expected to remain almost same over the next few years. The main focus of these players is on introducing technologically advanced solutions in the global market in order to expand their customer base. They are also expected to involve increasingly into strategic collaborations to strengthen their position in this market, states the market report.
According to the research report’s estimations, the worldwide market for eDiscovery was worth US$8.31 bn in 2016. Rising at a CAGR of 16.20% during the period from 2014 to 2022, the market’s opportunity is likely to touch US$21.08 bn by the end of the period of the forecast. Among components, eDiscovery services have been reporting a comparatively higher demand than their software counterpart. Expanding at CAGR of 16.20% between 2014 and 2022, the segment is expected to remain dominant over the next few years.
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“The high volume of ESI being generated daily is the main factor behind this significant rise in the global market for eDiscovery,” states a researcher at TMR. Nowadays, enterprises are emphasizing on incorporating cloud computing into their day-to-day operations and deploying social media platforms for further development, which consequently, are generating massive volumes of data.
With the increasing number of government regulations that require companies and organizations to store their ESI in an organized manner, the demand for eDiscovery solutions is projected to increase significantly in the near future. However, companies are little dissuaded by the high costs associated with eDiscovery processes, which may reflect negatively on this market over the next few years, reports the market study.