DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "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" report to their offering.
The author estimates the global E-Discovery market 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%.
The E-Discovery market is growing rapidly as the business environment is getting increasingly litigious, due to global increase in difficult conditions for businesses. However, factors such as lack of awareness about E-Discovery is the major restraint in the overall growth of the market.
Data processing solutions segment is estimated to have the largest market size in 2021, owing to the increase in data production around the world. Massive data growth rates result in an increase in the amount of electronic documents being generated, which are used during litigations. The growth in data processing would also be due to the massive increase in social media communication resulting in data proliferation. Other factors responsible for its largest market share include benefits such as reduction in document maintenance costs, as well as simplification and consolidation of a variety of document formats.
Managed services provide end-to-end E-Discovery support to organizations, which is the main reason for its high adoption. The managed services type is gaining traction in the E-Discovery market as it helps organizations to leverage the advantages of technology-enabled E-Discovery solutions setup off-premises, which helps in reducing storage infrastructure costs. This segment is expected to witness the highest CAGR during the forecast period.
Market Dynamics
Drivers
- Focus on Decreasing Operational Budget of Legal Departments
- Global Increase in Litigations
- Stringent Compliance With Policy and Regulations Worldwide
- Increase in Mobile Device Penetration and Usage
Restraints
- High Cost Associated With E-Discovery Solutions and Services
- Contradiction Between Data Protection and E-Discovery
Opportunities
- Rise in Demand for Predictive Coding
- Increased Usage of Social Media Websites
Challenges
- Lack of Awareness About E-Discovery
- Increase in Cross Border E-Discovery
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 E-Discovery Market Overview
6 E-Discovery Market: Industry Trends
7 E-Discovery Market Analysis, By Solution
8 E-Discovery Market Analysis, By Deployment
9 E-Discovery Market Analysis, By Service Type
10 E-Discovery Market Analysis, By Industry
11 Geographic Analysis
12 Competitive Landscape
13 Company Profiles
- Accessdata
- Exterro, Inc.
- FTI Consulting, Inc.
- Guidance Software, Inc.
- Hewlett Packard Enterprise Development Lp
- IBM Corporation
- Kcura LLC
- Nuix
- Xerox Corporation
- Zylab
For more information about this report visit http://www.researchandmarkets.com/research/gswkcv/ediscovery
