eDiscovery Software Market Key Drivers That Are Impacting the Demand worldwide

Posted by Grace on December 21st, 2017

The global eDiscovery software market is projected to attain a noteworthy size in terms of revenue by the end of 2022. eDiscovery refers to discovery in legal proceedings such as investigations and litigations, where information sought, located, and secured is in electronic format. Rising volumes of electronically stored information (ESI) are compelling enterprises to implement data management and data discovery solutions, which in turn can stoke the growth of the market.

Market players are focusing on inorganic growth strategies such as mergers and partnerships in order to stay ahead in the market. Such strategies lead to mutual collaboration in R&D, which in turn results in advancements in their offering. For instance, in August 2017, FTI Consulting, Inc. partnered with Exterro Inc. to provide users of the Exterro Orchestrated eDiscovery Suite with reliable services and consulting related to eDiscovery from the Technology segment at FTI Consulting. These consulting and services include eDiscovery workflow optimization, software implementation and process optimization, data migration and remediation, and legal reviews and inventory of legal holds. The partnership will allow joint clients to protect sensitive materials, cut down legal and IT costs, and extract organizational data to create business value.

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High competitive rivalry in the market is compelling players to up their game by launching innovative products. To put this in perspective, in April 2017, ONE Discovery launched a unified eDiscovery platform that offers high-performance, flexible, and user-friendly solutions. This platform offers workflow automation, infinite scalability, real-time resource management capabilities, and tools for early case assessment (ECA) and technology assisted review (TAR). Therefore, increasing partnerships among players along with growing focus on launch of advanced products can provide a fillip to the market.

Massive volumes of electronic data generated every day are making it challenging for enterprise IT and legal departments to efficiently handle and manage data for use in internal investigations and/or active litigations. Increasing emphasis on internal investigations for regulatory and compliance purposes is, therefore, expected to augment the market. On the other hand, high cost of eDiscovery software can adversely affect the growth of the market.

According to a report added by Radiant Insights Inc., Japan and Southeast Asia will be promising destinations for key players in the global arena. Technological advancements in the field of cloud and analytics can propel the market in these regions.

Some of the key players in the market are Xerox Corporation, Guidance Software, Accessdata, IBM Corporation, and Hewlett Packard Enterprise Development.

Radiant Insights, Inc. offers a plethora of tailor-made and syndicated reports for various domains, including healthcare, chemicals, medical devices, energy, materials, and technology. Each report is collated using data from both primary and secondary types of research.

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