eDiscovery (or electronic discovery) outlines discoveries in government investigations. The term mainly focuses on the exchange of data in ESI (or electronically stored information). The emergence of electronic discovery tools has empowered enterprises to return information results fast, in response to the investigations. However, regulatory compliance is not the only factor favoring the eDiscovery market here, as internal governance and diligence electronic requirements also figure robustly in this market. Furthermore, collection based electronic discovery innovations influence information technology in two ways. Firstly, it enables GRC, gather and review huge electronically stored information. Secondly, it aids information technology to manage storage operations by automatizing retention schedules.
Besides this, increasing cost of litigation among companies, rising compliance needs, indispensable demand for more proactive services, emergence of content sources as well as lowering the overabundance of stored information are few of the many drivers of the eDiscovery market. On the other hand, existing apprehensions over high costs in electronic discovery and lack of knowledge about the influences of the solutions are the major restraining factors of the market. Moreover, with litigants producing electronic data along with paper documents have created greater opportunities for market. Amendments made to FRCP in 2006 made all electronically stored information including voicemails, graphics, emails etc. on handheld devices or smartphones discoverable in legal action.
The eDiscovery market is segmented in terms of components, end user and geography. Some of the major components of the market consists of on-premises software, off premise software and services. The prominent end users of the market includes regulatory and government agencies, law firms, small and medium enterprises (or SMEs) among others. Regions such as Europe, Asia Pacific and North America experience the highest adoption rate and utilization of eDiscovery solutions. On contrary, other regions including Middle East, Africa as well as Latin America are giving a serious thought to the eDiscovery products and solutions.
A closer look at the competitive landscape reveals that major IT brands are busy launching eDiscovery platforms and generating clients in the same month itself. Prominent market players are also seen acquiring new companies or local market players to maintain their competitive edge. Other business strategies favored by the companies include constant upgradation, joint ventures and collaborations. Brands such as Symantec Corporation, Xerox Corporation, HP Autonomy, Guidance Software Inc., FTI Consulting Inc., EMC Corporation, Navigant Consulting, Integreon Managed Solutions Inc., Catalyst Repository Systems Inc. and more are believed to occupy a major market share.
KEY BENEFITS FOR STAKEHOLDERS
- The market research report provides an integrated information on the major drivers, restraints and opportunities influencing the industry growth, during the forecast period 2014 2020.
- The study further drills down to produce data volume by components, end customers and demography.
- SWOT analysis of major brands, highlights weaknesses, strengths, opportunities and threats. The data proves effective for business owners planning on designing their marketing and branding strategies.
- Region wise business performance discussed in the market research report would be valuable for enterprises planning to explore new areas.
- The report not only examines the market dynamics but also takes a closer look at the growth rate and industrial chain structure.
- Study further weigh up on the prominent market players and what they are doing different to position their product in the already crowded marketplace.
- Assessment of upstream and downstream market also forms an important part of the report.
KEY MARKET SEGMENTS
Market by Solution By Component
- Solution/ Service
- Software (On Premise and Off Premise Software)
Market by Solution End Customer
- Regulatory or Government Agencies
- Legal/ Law Firms
- Small & Medium Size Enterprises
Market by Solution Geography
- North America
- Latin America
- Middle East & Africa
- Asia Pacific