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According To This New Report, eDiscovery Market Expected to Nearly Triple in Five Years: eDiscovery Trends
According to a new market research report, the eDiscovery market is estimated to grow from $7.89 Billion (US) in 2016 to $22.62 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 23.4% from 2016 to 2021.
The report titled 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 is published by MarketsandMarkets (who apparently did not have a title size limit when determining the report title).
Here are a couple of notable trends in the report over the forecast period with respect to TAR and cloud adoption:
- TAR Adoption: Technology assisted review and data production is expected to show significant adoption rate in the E-Discovery Market. Technology assisted review and data production is “gaining traction among E-Discovery solutions as these solutions empower organizations by reducing risk and saving the time and money spent on managing & reviewing large sets of documents effectively and efficiently”.
- Managed Services Growth: The managed services segment is expected to witness the fastest CAGR during the forecast period from 2016 to 2021, owing to organizations’ focus on decreasing costs associated with E-Discovery document storage infrastructure maintenance. With the help of managed services, users become free from establishing and maintaining infrastructure, uncertainty over compliance adherence, and developing scalable and capable technologies for E-Discovery use, owing to which, this service type has the highest adoption rate.
- Cloud Deployment: The cloud deployment type is expected to grow at the highest CAGR during the forecast period; the cloud deployment type is also projected to witness the highest demand due to increased cost reduction as compared to on-premises solution deployment, as cloud E-Discovery solutions help customers to maintain a conservative legal department budget by slashing costs associated with data storage infrastructure maintenance.
As noted in the report description, the ecosystem of the E-Discovery market consists of on-premises solution providers such as IBM Corporation, FTI Technology LLC, kCura LLC, and ZyLAB; cloud solution providers such as cicayda,LLC, CloudNine, Logikcull, and Lexbe; and service providers such as Ernst & Young Global Limited, Advanced Discovery, D4 LLC, and Navigant Consulting, Inc. Stakeholders of the market include litigation service providers, legal analytics vendors & consultants, and law firms.
Click on this link here for more information about the report, including pricing and how to buy a single-user or corporate license.
So, what do you think? Are you feeling “bullish” about the eDiscovery market? Please share any comments you might have or if you’d like to know more about a particular topic.
Disclaimer: The views represented herein are exclusively the views of the author, and do not necessarily represent the views held by CloudNine. eDiscovery Daily is made available by CloudNine solely for educational purposes to provide general information about general eDiscovery principles and not to provide specific legal advice applicable to any particular circumstance. eDiscovery Daily should not be used as a substitute for competent legal advice from a lawyer you have retained and who has agreed to represent you.