Published on April 7, 2021, by the research and analyst firm Gartner, the new Market Guide for E-Discovery Solutions report (G00731953) shares information and insight on the eDiscovery market and a limited number of representative software vendor and service providers. This information and insight may be useful for infrastructure and operations professionals as they consider eDiscovery solutions for their specific data discovery and legal discovery needs.
Released in February of 2021, Norton Rose Fulbright’s 16th Annual Litigation Trends Survey highlights up-to-date insight on key US dispute trends including the changes and challenges presented by the COVID-19 pandemic. Additionally, in the areas of cybersecurity and data protection, the survey report notes that disputes have increased over the last several years, with 2020 being no exception. According to the survey report, 44 percent of respondents feel more exposed than they did 12 months prior and respondents report that past attacks have disrupted operations, with others sensing that their company size or industry makes them targets.
The presented listing highlights key industry business moves by sharing the announcement date, acquired company, acquiring or investing company, and acquisition amount (if known) of significant eDiscovery-related mergers, acquisitions, and investments.
While the Compound Annual Growth Rate (CAGR) for worldwide eDiscovery software and services slows, the overall size of the market continues to grow with estimates for the overall market to exceed $15.12B in 2025. This year’s annual eDiscovery Market Size Mashup estimates the combined worldwide eDiscovery software and services market spend in 2020 to be approximately $10.89B, growing at a CAGR of approximately 6.79% to $15.12B by 2025.
An unanticipated pandemeconomic-driven retraction in eDiscovery spending during 2020 has resulted in the need to reset the baseline market size for ongoing ComplexDiscovery Market Size Mashup reports. Originally estimated by ComplexDiscovery to reach $12.66B in market size during 2020, revised estimates for the eDiscovery market reflect an adjustment to a newly estimated market size of $10.89B for 2020. This adjustment is a decrease of approximately 14% from pre-COVID 2020 forecasts. This revision also equates to a negative 3.03% growth rate between 2019 and 2020.
According to Zack Hutto, director in the Gartner Legal and Compliance practice, “Just as enterprise resource planning (ERP) overhauled finance, there is promise for a foundational system of record to improve in-house legal operations and workflows. Legal leaders should take a lesson from ERP’s evolution: ‘monolithic’ IT systems tend to lack flexibility and can quickly become an anchor not a sail.”
According to the just-released report from Baretz+Brunelle, a new crop of competitors has started playing on law firms’ turf. These competitors use technology, alternative staffing models, and a focus on process to accomplish tasks more efficiently than law firms. They are known as “alternative legal services providers,” and they are racking up wins. Recent numbers show that revenue for ALSPs grew from $8.4 billion in 2015 to $10.7 billion in 2017, and that 71% of corporate legal departments now use so-called ALSPs.
The information and insight highlighted by Marko Sillanpaa of Gartner in the recently published Hype Cycle for Legal and Compliance Technologies, 2020, may be useful for legal, business, and information technology professionals as they consider the positioning and potential for emerging data and legal discovery technologies.
According to Barbara Guttman, leader of NIST’s digital forensics research program, “We want to understand the state of the practice. Can experts produce accurate and reliable information when extracting data from a digital device?”
Released in December of 2019, Norton Rose Fulbright’s 2019 Litigation Trends Annual Survey highlighted that a majority of corporate counsel respondents foresee an economic downtown that will lead to a rise in disputes. Additionally, the number of in-house counsel who rated cybersecurity and privacy as the most important litigation issue facing them doubled from 2018 to 2019. Respondents said worries over cybersecurity and data protection risks are rooted in the volume of such threats, the creativity of cyber criminals, the sensitive nature of some data content and some jurisdictions’ enactment of stringent data privacy laws.