The evolution of advanced technologies such as IoT, artificial intelligence, cloud, and analytics are playing a crucial role in driving the growth of eDiscovery solution market. Today, organizations use various sources such as enterprise application, social networks, web-based searches, and cloud-based application to generate data. Therefore, in order to analyse large amount of data on a daily basis, organizations have started to use advanced technology for data management. The increase in the volume of electronic data has tempted various enterprises to focus on using advanced data management and data discovery solutions such as eDiscovery. Furthermore, the rising trend of cloud-based solutions is compelling various organizations to adopt data management and data discovery solutions in coming years.
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eDiscovery is the electronic aspect of identifying, collecting and producing electronically stored information. The availability of database management and enterprise content management software has compelled organization to depend on digital media and adopt office document solutions to provide better information and to create engaging content. Thus, the increase use of content management software is further creating the increasing the demand for dynamic document solution. Moreover, the emergence of digital age and technology transformations is generating potential growth opportunities for the eDiscovery market.
Global eDiscovery solution Market: Drivers and Challenges
The increasing usage of various social media platforms, such as LinkedIn, Facebook, and twitter in enterprises is likely to spur the growth of the eDiscovery solution market. Moreover, the growth in electronic data volumes across the enterprises around the world, is creating an immediate need for eDiscovery solutions. Moreover, the increase in use of eDiscovery solutions in government and leading agencies for investigation process is further expected to fuel the growth of the market.
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Apart from this, the robust growth in smartphone market and the growth of mobile devices and apps has directly resulted in a massive increase in the amount of data generated and due to this, the demand for eDiscovery solutions has increased rapidly. Moreover, the emergence of digital commerce and increased technological investments such as cloud is supporting the rapid adoption of eDiscovery solutions in various enterprises.
Non favorable government policies and the high cost of eDiscovery solutions are some of the primary factors which are expected to limit the growth of eDiscovery market. Also, cross-border confidentiality issues and jurisdictional variances are some of the major challenges for the growth of eDiscovery solution market. Apart from this, the shortage of skilled and expert individuals that are needed to control and identify electronically stored information is also one of the major factor which hampers the growth of the market.
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Global eDiscovery solution Market: Competition Landscape
The prominent players in eDiscovery solution market are: FTI Technologies, kCura, IBM Corporation, Microsoft Corporation, Symantec Corporation, HPE, Epiq Systems, Inc., Exterro, Nuix, Ltd., Oracle, OpenText, ZyLAB Technologies, Xerox Corporation, AccessData, and Kroll, Inc.
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