Global eDiscovery Market: Asia Pacific to Pip North America Vis-à-vis Growth Rate due to Robust Industrialization

Electronic discovery, mostly referred to as eDiscovery, is a process in which electronic data is searched, located, procured, secured, and processed with various intents. Discovery solutions and services allow organizations to streamline their business processes and are leveraged in different industrial verticals such as healthcare, government, legal sector, banking, financial services, and insurance (BFSI), IT and telecom, transportation and logistics, energy and utilities, travel and hospitality, media and entertainment, and other industries such as retail, manufacturing, and education.

The massive growth in electronically stored data is one of the primary factors that has spawned the eDiscovery market. A report by Transparency Market Research forecasts the overall revenue in the global market for eDiscovery services and platforms to rise at a robust 16.2% CAGR from 2014 to 2022. At this rate, it predicts the revenue to reach a value of US$21.08 bn by 2022 from US$8.31 bn by the end of 2016.

Which factors are stoking the market?

With a mind-boggling proliferation of data in businesses of different sizes, ranging from fledging, small startups to big conglomerates, the global market for eDiscovery has received a major boost. The trend of using of social media such as LinkedIn, Twitter, and Facebook, by organizations also has boosted demand for eDiscovery platforms and services as the social media handles are important source of evidence for civil litigation.

Other crucial growth drivers in the global eDiscovery market are the constant thrust on bringing down operational costs of legal departments, the rise in the number of litigation cases worldwide, strict requirements to comply with policies and regulations worldwide, and an ever increasing use of mobile devices.

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Posing a hindrance to the global eDiscovery market is the steep costs of eDiscovery processes that companies have to shell out. Smaller companies are particularly affected by it.

Why on-premise eDiscovery solutions are sought after?

Due to their greater simplicity and enhanced security, on-premise eDiscovery solutions are preferred over off-premise eDiscovery solutions. This is because concerns over data integrity and security are of paramount importance for most entities. In the near future, off-premise eDiscovery solutions are predicted to become equally capable of according solid security and at a lesser cost than their on-premise counterparts.

Why will North America trim its market share in the foreseeable future?

From a geographical standpoint, North America accounts for a dominant share in the global eDiscovery service. In the next couple of years, the region will likely pare some of its share on account of Asia Pacific overtaking it in terms of growth rate. The rapid growth in the Asia Pacific market is being brought about by the massive scale of industrial development, particularly in the countries of India and China focused on a robust IT infrastructure.


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