The Booming E-Discovery Market
Back on August 4, 2015, I noted that the size of the worldwide electronic discovery services and software market was estimated to be $7 billion by MarketsandMarkets, a prominent market research firm. It projected that the size of the market would double over the next five years. A report released by MarketsandMarkets in November 2016, lists the market as currently being $7.89 billion, and is likely to triple to $22.62 billion over the next five years.
In January 2016, the International Data Corporation put the worldwide electronic discovery market at $10 billion and through it would reach $14.7 billion in the next three years - a slower 9.8% growth rate than that estimated by Marketsand Markets - 23.4% . IDC sees most of the growth occurring overseas. In August 2016, Transparency Market Research issued a study projecting 16.20% growth rate between 2014 and 2022.
By any measure, the optimism about growth in the market has increased over the past year.