eDiscovery solutions find application in various industries, including government, legal sector, BFSI, healthcare, IT & telecom, energy & utilities, media & entertainment, and others. The top three industry verticals, including government, legal sector and BFSI, contributed more than 70% to the global eDiscovery revenue in 2016. In 2016, the largest demand of eDiscovery was from government industry vertical, and its contribution is projected to be the largest throughout the forecast period. Legal sector contributed the second largest revenue share, accounting for approximately 21% of the global eDiscovery market in 2016. Adoption of eDiscovery is expected to witness an uptick in legal sector, with the intent of using such solutions as evidence in legal records, such as government investigations and criminal trials.
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Geographically, North America has been the largest eDiscovery market, accounting for more than 65% of the global revenue in 2016, whereas the sales in Asia-Pacific are expected to witness the fastest growth, during the forecast period. Various factors that have influenced the eDiscovery market in North America in the recent past include change in policies after the election of Donald Trump as the President, high-paced technological advancements, and various other policy changes related to antitrust law. The growth in Asia-Pacific market will be led by factors such as surge in digitalization within the legal sector, advancement in new data analytics and retrieving technologies by regional players, and the growth in investment in eDiscovery solutions.
The government vertical has been the largest user of eDiscovery, driving the global sales in recent years. The governments and their adjacent industries principally deal with large volumes of critical citizen and commercial data, which is spanning across different agencies. The rapid rise of the digital age and technology transformations have been forced the increase in demand for secure storage of critical data, as well as completely transparent communication of information within the ecosystem. This has resulted in rising adoption of effective eDiscovery solutions and services from governments, globally. Apart from this, as the digital data stores of federal governments continue to rise exponentially with an increase in population, legal and records management teams are now becoming progressively dependent on new technologies to meet the rigorous demands of effective and efficient eDiscovery solutions. This has further made eDiscovery providers focus more on the integration of new technologies in their offerings, fulfilling the ongoing demand of reliable systems, and thus driving the eDiscovery market growth considerably.
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Some of the major players prevailing in the eDiscovery market include IBM Corporation, FTI Technology LLC, Guidance Software, Inc., Xerox Corporation, KrolLDiscovery LLC, Relativity, LexisNexis, Symantec Corporation, and Dell EMC.
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