Albany, NY, Aug. 19, 2016 (GLOBE NEWSWIRE) -- Transparency Market Research announces the publication of a new market research study made available on the company website. The research report, titled “eDiscovery Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022,” provides a comprehensive analysis of the market. According to the research study, in 2013, the global eDiscovery market was worth US$5.5 bn and is estimated to register a significant 16.20% CAGR between 2014 and 2022.
eDiscovery refers to identifying, producing, and collecting electronically stored information. eDiscovery is widely used in government investigations or litigations that deal with the exchange of information in the electronic format. The increasing use of social media across organizations is estimated to augment the growth of the market in the near future.
On the basis of component, the global eDiscovery market has been segmented into services and software. In 2013, the services segment led the market, holding a 67% share in the global eDiscovery market, due to the growing number of litigations and investigations across the globe in the past few years. The software segment is further sub-segmented into off-premise software and on-premise software. In 2013, the on-premise software segment dominated the global eDiscovery software market. Nevertheless, the off-premise segment is anticipated to outpace the on-premise software segment in the next few years.
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On the basis of end use, the global eDiscovery market has been classified into law firms, enterprises, and government and regulatory agencies. In 2013, the government and regulatory agencies segment led the market, accounting for a 51.05% share in the global eDiscovery market. This segment is projected to remain in the leading position in the near future, owing to the increasing number of civil litigations and regulatory audits. In addition, the high growth rate of adoption of eDiscovery solutions by the government, especially in South Africa and Japan, is estimated to fuel the growth of the market in the forecast period.
On the basis of geography, the global eDiscovery market has been divided into Europe, Latin America, North America, the Middle East and Africa, and Asia Pacific. In 2013, North America dominated the global market for eDiscovery and is projected to remain in the leading position in the next few years. The rapid growth of this region can be attributed to the increasing need for software and services in offices to comply with regulations. In addition, the need to enhance data governance in diverse corporations in several countries such as Canada and the U.S. and the growing adoption of eDiscovery solutions in civil litigations are some of the other factors driving the global eDiscovery market. On the other hand, the Asia Pacific eDiscovery market is expected to grow at a fast pace throughout the forecast period.
The research report further studies the key players in the global eDiscovery market and throws light on the competitive scenario of the market. As per the study, the eDiscovery market is highly fragmented in nature and it is expected that mergers and acquisitions by the major players will consolidate the overall market in the next few years.
Some of the prominent players operating in the global eDiscovery market are EMC Corporation, Daegis, Inc., HP Autonomy, Guidance Software, Inc., FTI Consulting, Inc., Epiq Systems, Inc., Symantec Corporation, Integreon Managed Solutions, Inc., and IBM Corporation.
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Key Segments of the eDiscovery Market:
eDiscovery Market, by Component:
- On-premise software
- Off-premise software
eDiscovery Market, by End-users:
- Government and Regulatory Agencies
- Enterprises (Small, Mid and Large-Sized)
- Law Firms
eDiscovery Market, by Geography:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research