Six out of 10 eDiscovery professionals have a positive outlook for spending on eDiscovery this year, predicting gross revenues in their segment of the industry will be higher in six months.
This was one of the headline findings from the inaugural eDiscovery Business Confidence Survey, conducted by ComplexDiscovery, a leading industry blog The survey was launched in February and was open to legal, business and IT professionals operating in the eDiscovery ecosystem.
Rob Robinson, editor of ComplexDiscovery, describes the data as “a non-scientific quarterly survey designed to provide insight into the business confidence level of individuals working in the eDiscovery ecosystem.”
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Other key findings from the eDiscovery survey included:
1. Business is Good. 59% of respondents said they would rate the current general business conditions for eDiscovery in their segments as “good”, 31% said business is “normal” and 10% said it is “bad”;
2. Remains Stable. 51% of respondents expect business conditions in their segments to be roughly the same in six months as it is now, 42% predict it will be better and 6% think it will be worse;
3. Higher Profits. 45% said they envision profits in their businesses will be higher in six months, another 45% predict that profits will be the same and 10% think they will be lower; and
4. Biggest eDiscovery Challenges. The challenge most frequently cited as one that will most impact the business of eDiscovery in the next six months was budgetary constraints (22%), followed by data security (21%), increasing volumes of data (20%), lack of personnel (16%), increasing types of data (14%) and inadequate technology (6%).
In response to this growing eDiscovery business confidence, a number of leading litigation software vendors have recently introduced new or enhanced eDiscovery software offerings. For example, a new eDiscovery platform from LexisNexis emphasizes the role of early case assessment and introduces the power of advanced data analytics to the eDiscovery workflow.
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