eDiscovery Market- Popular Trends & Technological Advancements to Watch Out for Near Future 2023

eDiscovery Market by Component (Software, Service), by Solution (Legal Hold, Early Case Assessment, Data Processing, Technology Assisted Review, Data Production), Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023"

New York, United States - December 5, 2017 /MarketersMedia/ —

On the basis of component, the eDiscovery market is categorized into software and services, where the market for services contributed 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.

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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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The global eDiscovery industry had a fragmented structure in 2016, 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 numbers 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.

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