eDiscovery Daily Blog
$2.9 Billion? Gartner Predicts eDiscovery Software Market to Double by 2017 – eDiscovery Trends
As reported by Evan Koblentz in Law Technology News, electronic data discovery software sales reached $1.4 billion worldwide in 2012 and will reach $2.9 billion by 2017 according to Gartner Inc. Their latest forecast for the eDiscovery industry is discussed in Forecast: Enterprise E-Discovery Software, Worldwide, 2012-2017, available here.
As noted in the summary to the report (not surprisingly), “[d]ouble-digit revenue growth is expected because of increased litigation and ever-expanding volumes of content and data that must be searched”. Some notable statistics:
- According to Gartner’s prediction, the eDiscovery software market is expected to grow by more than 15 percent annually over the next five years. This is more than twice the growth rate for overall business software, which is growing at less than 7 percent annually.
- Last year, Gartner forecasted $1.5 billion in eDiscovery software sales for 2013. That figure has been raised to $1.67 billion in the latest report.
- Part of the reason for increased growth is an increase in the international market. According to Gartner’s evaluation of 2011 data, 82 percent of eDiscovery software revenue came from North America, 12 percent from Europe, the Middle East, and Africa, 5 percent from the Asia-Pacific region, and 1 percent from Latin America. That’s a 5 percent rise in revenue in Europe, the Middle East, and Africa and a 3 percent rise in the Asia-Pacific region since 2008.
The report can be purchased here for $1,495.
Of course, the Gartner forecast is considerably different from this forecast from last August.
So, what do you think? Do you think the Gartner forecast is reasonable, or perhaps possibly even too conservative? Please share any comments you might have or if you’d like to know more about a particular topic.
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