The global eDiscovery software market is projected to attain a significant valuation by the end of 2022. Massive volumes of data generated every day due to social networks, cloud-based applications, and web-based searches are compelling organizations to analyze data on a daily basis. Proliferation of tablets, smartphones, and other Internet-enabled devices for enterprise communication, rising prominence of big data in day-to-day business operations, and growing electronic business-to-consumer (B2C) and business-to-business (B2B) communication are augmenting volumes of electronically stored information (ESI). This is impelling enterprises to deploy data management and data discovery solutions, which in turn is likely to propel the market.
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Data explosion is making it difficult for enterprise IT and legal departments to efficiently handle and manage data for use in internal investigations and/or active litigations. Soaring need for internal investigations for regulatory and compliance purposes is, therefore, anticipated to stoke the growth of the market. Increasing number of civil litigations and criminal prosecutions can fuel the demand for eDiscovery software in government agencies. In addition, rising acceptance of digital data in investigation proceedings is expected to work in favor of the market. Besides this, spiraling demand for predictive coding can trigger the growth of the market.
On the flip side, high cost of deployment of eDiscovery software can inhibit market growth. Moreover, low awareness levels regarding eDiscovery, especially in developing and less developed countries, can have a negative impact on the overall market. However, increasing reliance on enterprise content management and data management solutions will boost the demand for dynamic content solutions, which in turn will brighten the future of the market.
The global eDiscovery software market has been segmented based on deployment type, application, and geography. On the basis of deployment type, the market has been bifurcated into on-premise and cloud based. In terms of application, the market has been divided into healthcare, travel and hospitality, IT and telecom, government and legal sectors, energy and utilities, BFSI, and others.
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Geographically, the segments analyzed in the eDiscovery software market report are Europe, Southeast Asia, United States, China, Japan, and India. U.S. will be a prominent destination for key players in the market until 2022. The growth of the regional market can be attributed to rising inclination toward big data and rapid technological advancements along with high acceptance of innovative data discovery technologies.
Japan and Southeast Asia eDiscovery software market are poised to register noteworthy growth rates in the coming years. Emergence of social media as a potentially relevant source of information in investigational procedures and litigation discovery can provide a fillip to the market in the region. Furthermore, technological improvements in the field of analytics and cloud are fueling the demand for eDiscovery software in the region.
Market players are paying high attention to product innovation and launch to strengthen their foothold. For instance, in April 2017, ONE Discovery launched a unified eDiscovery platform, which offered high-performance, flexible, and user-friendly solutions.
Some of the key players in the global eDiscovery software market are Accessdata, FTI Consulting, IBM Corporation, Hewlett Packard Enterprise Development, and Exterro.
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