With increased adoption of advanced technologies and surge in digitalization across many developed as well as developing countries around the world, there is significant growth in the amount of data generated by different organizations as well as business on daily basis.
Cloud computing platforms and services, social networking sites, internal communication systems, and emails are some of the methods through which this data is stored. The huge data generation across the globe is pushing the demand opportunities in the global eDiscovery market. There is notable growth in the inclination toward the use of on-premise eDiscovery solutions owing to their simplicity and ability to offer superior levels of safety.
Some of the key players operating in the global eDiscovery market are Daegis, Inc., HP Autonomy, IBM Corporation, EMC Corporation, Epiq Systems, Inc., Symantec Corporation, FTI Consulting, Inc., and Guidance Software, Inc. Due to existence of many enterprises, the market experiences intense competition levels. Moreover, the nature of this market is highly consolidated.
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Major players in the global eDiscovery market are increasing their cash in-flow toward the R & D activities. The prime motive of these research projects is the development of technologically advanced solutions. Moreover, many enterprises are focused on strategic alliances. These activities are projected to help in the expansion of the global eDiscovery market in the years to come.
Increased Social Media Use by Companies from Varied Industries Creates Prominent Opportunities in Market
Organizations from varied industrial sectors are utilizing different social media sites including Facebook and Twitter in order to strengthen their online presence. This factor is creating tremendous need for eDiscovery services, and thereby serves as one of the key drivers for the market expansion.
Asia Pacific: Fastest Growing Market Region
In terms of region, the global eDiscovery market is divided into many sections such as North America, Asia Pacific, Middle East and Africa, Europe, and Latin America. Among all regions, Asia Pacific is one of the fastest growing regions.
The Asia Pacific eDiscovery market is expected to expand on the back of many factors such as swift industrial evolution in many developing countries such as India and China, who need sturdy IT infrastructure.
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Based on geography, North America is expected to lead the market and is projected to reach US$10.71 bn by the end of 2022 in eDiscovery services and platforms. The percentage at which North America is projected to rise with is lesser than is currently has. This is due to increasing demand for eDiscovery platforms in Asia Pacific. Rapid industrial revolution in China and India requires well-established IT infrastructure that is likely to benefit the market growth in this region.
However, demand for eDiscovery solutions is still very high in developed economies in Europe and North America. This is due to growing pressure by government authorities with electronic media governance policies that might help in keeping at par the deployment pace of eDiscovery solutions.
The vendor landscape of the global eDiscovery market includes names of various leading players present in the market. HP Autonomy, Daegis, Inc., EMC Corporation, IBM Corporation, Symantec Corporation, Epiq Systems, Inc., Guidance Software, Inc., and FTI Consulting, Inc., are some of the prominent players mentioned in the report.
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