eDiscovery Daily Blog
Here’s a New eDiscovery Market Projection That’s Absolutely Rad(icati) – eDiscovery Trends
The Radicati Group, Inc. has just released its latest study, eDiscovery Market, 2013-2017, that offers an in-depth analysis of the worldwide market for eDiscovery software solutions. According to their study, the market for eDiscovery solutions will grow from over $1.4 billion in 2013 to over $3.7 billion in 2017. That’s a 164% total increase, representing an average annual growth rate of over 28% over the next four years!
As they note in their Executive Summary, the information in the report is primarily derived from three primary sources:
- Their Worldwide Database which tracks user population, seat count, enterprise adoption and IT use from 1993 onwards.
- Surveys conducted on an on-going basis in all market areas that they cover.
- Market share, revenue, sales and customer demand information derived from vendor briefings.
The Radicati Group predicts that in the next 2-3 years “most corporations in the US will have deployed an eDiscovery solution (either on-premises, hosted, or hybrid). These solutions will of course be capable of interfacing with other eDiscovery solutions in use by outside legal firms, but they will serve as the first line of corporate response to litigation.” They list five key drivers for deployment of eDiscovery solutions by corporate organizations, as follows:
- Increasing Litigation
- Growth in Compliance Requirements
- Need for Proactive eDiscovery
- Emergence of New Content Sources
- Overabundance of Stored Data
Their specific eDiscovery software market revenue estimates by year are as follows (in millions):
- 2013: $1,418
- 2014: $1,773
- 2015: $2,251
- 2016: $2,904
- 2017: $3,775
The Radicati Group also provides a brochure containing the Table of Contents for the report, which covers Market Analysis, which includes definition, segmentation, key drivers, eDiscovery solutions trends and pricing models for the market, as well as a review of key players in the eDiscovery software market. Clearly, they simply copied the TOC to a new document to provide the brochure, as it is filled with “Error! Bookmark not defined” messages. Nonetheless, the brochure does give a sense of what the report covers.
The cost for the report is $3,000 by company PO, or $2,500 by credit card. You can buy it via the credit card route here.
Curious about other eDiscovery industry growth predictions and analysis? Take a look at some of the ones we’ve recently covered – here, here and here.
So, what do you think? How big do you think the eDiscovery software market will be by 2017? 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.