Hold on to your e-discovery hats because things are about to get crazy. According to MarketsandMarkets (M&M), the global e-discovery market will grow from $7.89 billion in 2016 to $22.62 billion by 2021. This growth is expected to take place at a compound annual rate of 23.4%. The report points to the global increase in litigations as the impetus for market growth. M&M’s estimate is part of its recent report entitled “E-Discovery Market by Solution, Service, and Vertical – Global Forecast to 2021.”
Other Key E-Discovery Findings
M&M’s extensive report includes numerous estimates regarding the e-discovery and document review market. Some of the more important include:
- The North American region to have the largest e-discovery market share in 2021. This is primarily because the use of cloud technology has drastically increased in both the United States and Canada.
- Asia-Pacific (APAC) expected to have the highest growth rate during the forecast period. APAC includes such economies as India, China, Japan and Singapore. All of these economies are increasingly using e-discovery services mainly because of the investment in these services by India and China.
- Data processing solutions to have the largest market size in 2021. This estimate is largely due to the global increase in data production. This increase directly results in an increase in the amount of electronic documents used in litigations.
- Managed services to have the highest growth rate during the forecast period. These services essentially provide end-to-end e-discovery support to organizations. Managed services will likely witness the highest growth because they help organizations better leverage the advantages of technology-enabled e-discovery solutions.
Likely E-Discovery and E-Discovery Related Occurrences
If M&M’s estimates take place, several occurrences are likely to happen within the e-discovery market over the next few years. First, an explosion in e-discovery will likely cause a decrease in e-discovery prices. As reported by the Progressive Law Practice, this decrease will take place as processes become more streamlined and predictable.
A massive growth in e-discovery will also translate into more business for e-discovery vendors and larger firms/attorneys. According to the M&M report, the major vendors include Xerox Corporation, Hewlett Packard Enterprise, IBM and kCura. As vendors will enjoy increased business, larger law firms that specialize in providing e-discovery solutions will likely gain more business as well, as demand for such services will increase. An increase in demand is also likely to create a higher demand for contract attorneys and legal support personnel.
The e-discovery market has exploded ever since the market came into existence. M&M’s recent estimates indicate that the explosion just got a bit more powerful. If the projected growth rates do hold true, please know that LAW DAWGS stands ready and waiting to provide outstanding e-discovery support and solutions – to both employers and candidates alike!