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3. OpenText (Canada) and Nuix (Australia) are the Major Players in the eDiscovery Market

The eDiscovery market is expected to grow from USD 10.76 Billion in 2018 to USD 17.32 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.0% during the forecast period, owing to the existing market offerings and increasing focus on data security and privacy. The major players in the eDiscovery market include OpenText (Canada), Nuix (Australia), Microsoft (US), IBM (US), and Micro Focus (UK). These players have adopted various growth strategies, such as acquisitions, partnerships, mergers, and new product launches. They have adopted the major strategy of partnerships to sustain their positions in the global eDiscovery market.

E-Discovery can be broadly described as a process in which electronic data is sought, located, secured, and searched with the intent of using it as evidence in a civil or criminal legal case. An electronic document is data from an organization that has the critical business and financial information about the organization. E-Discovery comprises solutions such as legal hold, early case assessment, data processing, technology assisted review, and data production, which can be used according to the requirements of an organization. In 2016, E-Discovery solutions and services have become an important aspect of technologies such as Business Intelligence (BI), digital forensics, and analytics solutions. The adoption of E-Discovery solutions and services has increased since these solutions can be easily integrated with the existing architecture and can be deployed on the cloud.

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The key players in the E-Discovery market include Xerox Corporation (U.S.), Hewlett Packard Enterprise (U.S.), IBM (U.S.), FTI Consulting (U.S.), Guidance Software (U.S.), kCura (U.S.), and others. These players have adopted various strategies such as partnerships, acquisitions, expansions, and new product launches & upgradations to achieve growth in the market. The year 2015–2016 witnessed many new product launches and partnerships by the market players, which were done to expand their product portfolio and customer base globally.

Xerox introduced an analytics service to facilitate legal counsel with predictive analytics capability. This would enable legal teams to manage risk, automate workflows, and offer local eDiscovery knowledge and expertise across the globe. Additionally, Hewlett Packard Enterprise launched HPE Verity suite. It would enable organizations to perform big data analytics with information archiving, data protection, and eDiscovery to help organizations generate value and mitigate risk.

FTI Technology launched Ringtail Version 8.7 with 150 new features, which would help to increase productivity and reduce e-discovery costs. Furthermore, the company has expanded its Information Governance & Compliance Services Practice. This would enable the company to meet the growing regional demand and to offer its products and services globally.

Related Reports:

E-Discovery Market by Solution (Legal Hold, Early Case Assessment, Data Processing, Data Production), Service (Consulting, Implementation, Training & Support, Managed), Deployment Type (CLOUD, On-premises), and Vertical - Global Forecast to 2021

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