Moreover, different law firms and large enterprises use legal hold software for streamlining and restructuring the processes of issuing lawsuits and trails hold, monitoring compliance and interviewing custodians with issued legal holds and tracking collection progress among others. The legal hold software are also used for sending reminders and notifications to the recipients and beneficiaries of legal hold requests and it also preserves other legal hold documents. In addition, the objective of the legal hold software is to protect or preserve the documents or legal information that are relevant to specific cases and are used for legal proceedings. With the help of the legal hold software, the overall audit trails and tracking of every action of legal proceedings is done ensuring the defensibility of processes right from the initial notices till the closing of the legal hold.
Furthermore, several small, medium-sized and large enterprises use legal hold software for preventing information and documents, and in some cases, it is also used for suspending frequently scheduled documents demolition practices. Moreover, there are different types of the legal hold software that are cloud-based legal hold software and on-premises legal hold software. Whereas, cloud-based legal hold software is connected to data across all enterprise systems, including internal email, HR applications, and SharePoint sites among others, therefore, it has high demand in the market. These software are widely used in various applications such as small and medium-sized enterprises (SMEs) and large enterprises. Some of 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).
Global Legal Hold Software Market, By Product Type
Based on product type, legal hold software market is segmented into the following:
- Cloud Based
In 2020, the cloud-based segment led the overall legal hold software market in terms of market value accounting for over 88% of the global market. Cloud based legal hold software is used by an individual or organizations for storage of litigation information. This software automates interconnected legal hold, data preservation and also automates processes and speed-up access to important information. Apart from this, it also reduces dependency on the IT terms and helps law department to comply with the legal obligations. Moreover, cloud-based software stores all the legal information on the cloud server that can be accessed from any location by the authorized members. The cloud-based software automates manual, risky and time-consuming processes and also increase the efficiency of the litigation hold activities. In addition, cloud-based software are secured with the help of the advanced security solutions for protecting the legal data from various cyber-attacks and other data theft risks, therefore, has high demand in the market when compared with on-premises software.
Global Legal Hold Software Market, By Application
Based on application, the legal hold software market is segmented into the following:
- Large Enterprises
In 2020, the large enterprises segment led the overall legal hold software market in terms of market value. Legal hold software is widely used in the large enterprises, as it help to store crucial and relevant information and also assist in streamlining the legal processes. This software in the big companies preserves important data for the pending litigation and other finished businesses. The large enterprises have huge amount of legal data of their partners, collaborations, agreements, sales, manufacturing and others cases, which needs to be protected and stored at single place, thereby legal hold software has high demand in large enterprises for storage of such information. Moreover, this software creates and sends reminders of legal hold requests to particular person and organization about any specific case. Large companies uses both cloud-based and on-premises legal hold software, thereby has high demand in the large enterprise and businesses.
Global Legal Hold Software Market, By Geography
Based on geography, the legal hold software market is segmented into following:
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
In 2020, North America held the largest share in the legal hold software market because of the high adoption of IT systems in the large and small organizations and increasing number of companies that requires legal hold software for preserving legal information. In the U.S and Canada there are a large number of large enterprises and multinational companies, which needs such software for storage of legal information and thereby increases the demand of the market. Apart from this, the U.S. government also supports such software with the help of the grants, loans and tax exemptions. Moreover, different private, and public operators in the North America are financing various key components of legal hold software. In addition, rising adaptation of technology, changing trends and software up-gradation in the North America region is going to increase the growth of the market.