In a newly released study, International Data Corporation (IDC) forecasts that worldwide e-discovery services reached $8,2-billion at the end of 2015. Combined with an e-discovery software market of just over $2-billion, the global e-discovery market has eclipsed the $10-billion threshold.
The total e-discovery market is forecast to grow at a 9,8% compound annual growth rate (CAGR) pushing combined software and services over $14,7-billion by 2019.
Additional key research findings include:
* International growth is finally beginning to take off – a bit. The Americas region continues to be (and will continue to be) the largest region; however, both Europe and Asia are seeing an uptick in demand for eDiscovery services. By 2019, Europe is expected to comprise almost 23% of the market and Asia just over 7%.
* Market consolidation. Service providers and technology solution companies are pairing off at a steady rate. Solution providers continue to buy capabilities as bolt-on functionality for existing products or services in an effort to gain or merely retain market share. This is especially true with regard to analytics companies. Nearly every software and service provider understands that analytics companies pose the largest threat to existing market opportunity.
“Increased litigation and regulation coupled with expanding use cases for e-discovery software will continue to drive moderate growth in the worldwide e-discovery market,” says Sean Pike, programme director: e-discovery, information governance and next-generation data security at IDC. The data solution market, however, is maturing rapidly as buyers search for automation to solve well-defined problems.
“To meet maturing needs, e-discovery solution and service providers are already creating robust strategies to use existing search and analytics competencies to compete in the white hot content analytics and cognitive solution markets.”