Research Predicts Enterprise Application Integration Will Drive eDiscovery Software Market
Technavio has published new research predicting the integration of enterprise applications will drive the global eDiscovery software market through 2020 to the tune of a 17 percent compound annual growth rate (CAGR).
"Against the background of the rapidly evolving dynamics or changing aspects of business, it has become essential for organizations worldwide to innovate continuously and keep revising their existing business models and enterprise infrastructure," said Technavio analyst Amrita Choudhury. "In the present scenario, enterprises are in greater demand for the integration of different systems."
Choudhury made his remarks in a news release announcing the availability of the for-pay report, Global eDiscovery Software Market, 2016-2020.
The term eDiscovery in the enterprise world, as opposed to the legal investigative technique, is akin to data discovery for Big Data analytics. It facilitates the use of data generated by sources such as enterprise applications, social networks, Web-based searches and cloud-based applications.
"The availability of database management and enterprise content management software has compelled organizations to depend on digital media and adopt office document solutions," the report site states. "These solutions help enterprises to generate rich media to provide better information and also to create engaging content. As a result, organizations will start transitioning from using static documents to dynamic documents that are interactive with embedded buttons, calculations, links and content. The increased use of content management software will, in turn, increase the demand for dynamic document solutions and the market study identifies this as one of the major trends that will gain traction in the electronic discovery software market during the predicted period."
Leading eDiscovery vendors include FTI Technologies, Hewlett-Packard, IBM, kCura, Nuix and Symantec, the research firm said. Others include ABBYY, EMC, Exterro, MetricStream, CMO Software, Enablon, Gimmal, OpenText and Oracle.
In the Americas geographic region, the market's largest, "Many organizations ... have shifted toward mobile content delivery models and are highly dependent on mobile devices to market products," Technavio said. "This drives the need for specialized solutions, providing archival and storage services for digital information. EDiscovery software vendors are expanding their offerings to include more eDiscovery functions, including media information management. Some of the established vendors in the market will acquire additional capabilities from the information workflow and content analytics sector. The number of firms in eDiscovery services and products will shrink by 20 percent over the next year. Service providers will see the most attrition while software vendors will perform well. Several small players have already been engaged in M&A deals with established players, and the trend will continue over the coming years in the Americas."
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David Ramel is an editor and writer for Converge360.