Social Media Usage in Companies Propels Global eDiscovery Market at 16.20% CAGR from 2014 to 2022

  • Posted by Pragati P
  • June 2, 2016 7:08 AM BST

The global eDiscovery market is exhibiting a 16.20% CAGR between 2014 and 2022. The market’s value in 2013 was recorded to be US$5.5 bn, according to a research report released by Transparency Market Research. The report, titled “eDiscovery Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022”, has been created to impart accurate market descriptions to a user in order for a company to formulate their next successful strategic deployment.

According to the report, the primary driver for the global eDiscovery market is the increasing generation rate and volume of electronically stored information (ESI) per year. This is mostly carried out by organizations that require ESI for better management of resources and infrastructure purposes, as well as maintenance of the large volume of data for purposes related to civil litigation.

Another driving factor for the global eDiscovery market, as discussed in the report, is the increasing acceptance of social media across organizations. This includes multiple social media platforms such as Facebook, LinkedIn, Twitter, and Instagram. This has created a high demand for eDiscovery solutions for discovery of digital data. The report includes segmentations of the global eDiscovery market according to component, end user, and geography. In the field of components, the global eDiscovery market was led by on-premise software in 2013, when the segment held 61.0% of the global eDiscovery market.

The report contains explanations and statistical representations on how off-premise software is expected to experience a high growth rate and eventually supersede on-premise discovery to become the leading segment of the overall market. This will happen due to the increasing implementation of cloud computing solutions. Among end users, the global eDiscovery market in 2013 was dominated by governments and regulatory agencies. The segment held nearly 51.05% of the global eDiscovery market at the time and is expected to continue its market leadership due to the growing number of regulatory audits and civil litigations. The segment is especially expected to witness a high grow rate due to the high level of adoption by the governments of Japan and South Africa.

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Geographically, the global eDiscovery market is led by North America, which is expected to remain the dominant region in the report’s forecast period. North America is expected to keep leading the global eDiscovery market due to a large requirement for services and software in offices to comply with regulations.Key players in the global eDiscovery market are Integreon Managed Solutions, Inc., FTI Consulting, Inc., Guidance Software, Inc., Epiq Systems, Inc., Symantec Corporation, EMC Corporation, Daegis, Inc., IBM Corporation, and HP Autonomy. The report elaborates upon the extremely fragmented and highly competitive nature of the global eDiscovery market. It is speculated that future mergers and acquisitions by key players will help consolidate the global eDiscovery market.