Legal hold software holds litigation information which is used for legal proceedings. This software is used by an individual or by different organizations for storing their legal information regarding collaboration, partnerships, agreements and other legal cases. Cloud-based legal hold software is widely used by large, medium and small enterprises. Apart from this, the rising legal proceedings and IT laws in the developed countries are enhancing the demand of legal hold software. Moreover, expanding IT services in different sectors and end-use industries are also enhancing the growth of legal hold software market. The IT sector plays the crucial role in small and medium-sized enterprises (SMEs), and large enterprises, are used by the large enterprises and SMEs for managing, creating, and delivering information and for assisting in other business functions. The IT services include software development, system integration, deployment & support, consulting, education & training and other outsourced IT services, which also help in enhancing the growth of legal hold software market.
Moreover, legal hold software are widely used in banking, retail trade, legal services, non-profit economic activity, all consumer and government services that also includes defence and administration of justice for storing legal and legitimate information about the contact and agreement, thereby increases the demand of legal hold software market. In addition, rising demand of cloud-based services also enhance demand of the market. Several small and large-sized enterprises are adopting the cloud-based services, which provide wide range of services delivered on demand to the customers and companies over the internet. These cloud-based services are designed in such a way that these provide affordable and easy access to various resources and applications without any need for hardware or internal infrastructure. As cloud-based saves 35% of annual operations cost, therefore, it is considered as beneficial option as compared to conventional physical storage and to increase the market growth of small and medium-sized enterprises, cost benefits is necessary, which can be efficiently provided by the cloud-based services.
Moreover, cloud-based services offer elevated business performance due to various benefits such as low total cost ownership, agile deployment, high-level computing, secure data management, storage and utility-based sharing models, therefore, it is widely adopted by the companies. Furthermore, cloud-based legal hold software increases efficiency by automating tasks while complying with legal hold obligations. With the help of cloud-based legal hold software, users are able to be interrelated for legal hold, data preservation and collection activities. So, demand for the cloud based legal hold software is high in market which is the major driving factor for the legal hold software market. Due to onset of COVID-19 pandemic, the legal hold software witnessed positive growth in the market, as large enterprises are still using it for their daily legal processes and storage of legal data. As most of the small enterprises are highly impacted due to the pandemic and some of the companies are also closed that may have adverse effect on the growth of the legal hold software market.
Furthermore, the legal hold software are widely used in the large enterprises segment in terms of market value. Large enterprises has huge legal data as compared to SMEs, which is to be stored at one place and protected from the cyber-attacks. Rising legal proceedings and increasing IT laws in the large enterprises, the demand of legal hold software is also rising. Large enterprises has witnessed to show high market share during the forecast period. Moreover, on-premises legal hold software are also used for storage of litigation information by any organization or by an individual. The on-premises legal hold software is installed in the client’s or company’s premises, which automates interconnected legal hold, automates processes and speed-up access to important information. The legal hold software reduces dependency on the IT terms and helps law department of company to comply with the legal obligations. Apart from this, the on-premises software are more secured than cloud based software, as all the data is stored in the client’s premises and has very low possibility of hacking but requires high cost for the extra hardware.
In addition, the overall legal hold software market was led by the North America region in terms of market value due to rising adaptation of technology and changing trends as well as software upgradations in this region is going to increase the growth of the market. The key players in the global legal hold software market are Zdiscovery (Zapproved LLC), Pagefreezer Software Inc., Acuity (Mitratech Holdings, Inc.), Exterro, Inc., Nuix Limited, Onit, Inc., Open Text Corporation, Optimum (Vertical Discovery Corp.), Relativity ODA LLC and Concourse (Thomson Reuters Corporation).
Trends and Future Outlook:
- Increasing innovative IT services in various applications for delivering the information for different legal proceedings and agreements.
- Rising investment by the private and public sector companies for developing advanced features in the legal hold software.