Xerox, IBM, Others Top as E-Discovery Market Edges to $22Bn

E-Discovery Market by solution-legal hold, early case assessment, data processing, data production), service; consulting, implementation, training & support, managed), deployment type (cloud, on-premises), and Vertical - Global Forecast to 2021", shows the market is estimated to grow from USD 7.89 billion in 2016 to USD 22.62 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 23.4% from 2016 to 2021.

The major forces driving this market include focus on decreasing operational budget of legal departments, global increase in litigations, stringent compliance with policies and regulations worldwide, increase in mobile device penetration and usage.

The major vendors in the E-Discovery Market are: Xerox Corporation (U.S.); Hewlett Packard Enterprise (U.S.); IBM (U.S.); FTI Technology (U.S.) and kCura (U.S.).

E-Discovery solutions and services empower organizations to streamline their business processes.

The solutions facilitate organizations to obtain, secure, search, and process any electronic data effectively and efficiently.

E-Discovery solutions and services are used across diverse industrial verticals such as government, legal sector, Banking, Financial Services, and Insurance (BFSI), healthcare, IT & telecom, energy & utilities, travel & hospitality, transportation & logistics, media & entertainment, and other industries such as retail, manufacturing, and education sector.

The managed services segment is expected to witness the fastest CAGR during the forecast period from 2016 to 2021, owing to organizations’ focus on decreasing costs associated with E-Discovery document storage infrastructure maintenance.

With the help of managed services, users become free from establishing and maintaining infrastructure, uncertainty over compliance adherence, and developing scalable and capable technologies for E-Discovery use, owing to which, this service type has the highest adoption rate.

The cloud deployment type is expected to grow at the highest CAGR during the forecast period; the cloud deployment type is also projected to witness the highest demand due to increased cost reduction as compared to on-premises solution deployment, as cloud E-Discovery solutions help customers to maintain a conservative legal department budget by slashing costs associated with data storage infrastructure maintenance.

The government vertical is expected to have the largest market share in the global E-Discovery market in 2016, as this industry essentially stores and deals with large volumes of critical citizen and commercial data residing across different agencies.

The rise of the digital age has forced increased demand for secure storage as well as transparent communication of information, resulting in rising adoption of effective E-Discovery solutions and services in this industry globally. IT and telecom accounted for the highest CAGR for the period of 2016–2021.

The global market has been segmented on the basis of regions into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report.

The North American region is expected to be the largest revenue generating region for E-Discovery solution and service providers in 2016. This is mainly because there is high focus on innovations obtained from research & development and technology adoption, especially in the developed economies of North America.

The APAC region is expected to be the fastest growing region in the E-Discovery market. This growth will be driven by potential growth opportunities, as social media has been emerging as a potentially relevant source of information in litigation discovery, which is producing huge amounts of data and electronic evidence, used in E-Discovery.