As lawyers, we hear a lot about the technological advances in eDiscovery and information governance. How do you describe the current state of eDiscovery from an opportunity and growth perspective, and how does this market opportunity impact the pulse rate of mergers, acquisitions, and investments? For lawyers purchasing eDiscovery packages, there are several types of vendors and pricing models, and they need to be asking the right questions. What does the data governance solution need to do, how much does it cost, what are the time constraints, and how complex is the system?
In this episode of Digital Detectives, Sharon Nelson and John Simek interview technology marketer Rob Robinson about the current and future trends in data governance, how to choose an eDiscovery provider, and events that will influence eDiscovery and information governance in 2015.
Robinson explains that the combination of software and services that make up the worldwide market for e-discovery in 2014 is just over 6.2 billion dollars and is growing at a consistent rate. He breaks the market down into three categories:
- Developers who create and sell proprietary technologies or services.
- Integrators who package and resell available services with custom development.
- Aggregators who combine and resell the technologies and services developed and purchased from others.
Going into the future, Robinson discusses his excitement over advances in predictive coding, visual classification, and enhancing eDiscovery processing. Also, due to corporate pressure for time and cost compression, these eDiscovery solutions should continue to become cheaper and more time efficient. At the end of the podcast, Robinson discusses his use of social media to research trends in the information governance market.