eDiscovery Trends: The Growth of eDiscovery is Transparent
August 09, 2012
With data in the world doubling every two years or so and the variety of issues that organizations need to address to manage that data from an eDiscovery standpoint, it would probably surprise none of you that the eDiscovery market is growing. But, do you know how quickly the market is growing?
According to a new market report published by Transparency Market Research (and reported by BetaNews), the global eDiscovery market is expected to rise 275% from 2010 to 2017. Their report eDiscovery (Software and Service) Market - Global Scenario, Trends, Industry Analysis, Size, Share and Forecast, 2010 – 2017 indicates that the global eDiscovery market was worth $3.6 billion in 2010 and is expected to reach $9.9 billion by 2017, growing at a Compound Annual Growth Rate (CAGR) of 15.4% during that time. Here are some other noteworthy stats that they report and forecast:
- The U.S. portion of the eDiscovery market was valued at $3.0 billion in 2010, and is estimated to grow at a CAGR of 13.3% from 2010 to 2017 to reach $7.2 billion by 2017 (240% total growth);
- The eDiscovery market in the rest of the world was valued at $600 million in 2010, and is estimated to grow at a CAGR of 23.2% from 2010 to 2017 to reach $2.7 billion by 2017 (450% total growth – wow!);
- Not surprisingly, the U.S. is expected to continue to be the leader in terms of revenue with 73% of global eDiscovery market share in 2017;
- The report also breaks the market into software based eDiscovery and services based eDiscovery, with the global software based eDiscovery market valued at $1.1 billion in 2010 and expected to grow at a CAGR of 11.5% to reach $2.5 billion by 2017 (227% total growth) and the global services based eDiscovery market valued at $2.5 billion in 2010 and expected to grow at a CAGR of 17.0% to reach $7.4 billion by 2017 (296% total growth).
According to the report, key factors driving the global eDiscovery market include “increasing adoption of predictive coding, growing risk mitigation activities in organizations, increase in criminal prosecutions and civil litigation and growth of record management across various industries”. They predict that “[i]n the next five years, the e-discovery industry growth will get further support from increasing automatic enterprise information archiving applications, growth in multi-media search for sound and visual data, next generation technology growth for cloud computing i.e. virtualization and increasing involvement of organizations in the social media space.”
The report also discusses topics such as pricing trends, competitor analysis, growth drivers, opportunities and inhibitors and provides company profiles of several big players in the industry. The 96 page report is available in a single user license for $4,395 up to a corporate license for $10,395.
So, what do you think? Do those growth numbers surprise you? 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 Discovery. eDiscoveryDaily is made available by CloudNine Discovery solely for educational purposes to provide general information about general eDiscovery principles and not to provide specific legal advice applicable to any particular circumstance. eDiscoveryDaily should not be used as a substitute for competent legal advice from a lawyer you have retained and who has agreed to represent you.