The global legal hold software market is anticipated to grow at a significant CAGR during the forecast period. The process of legal hold is adopted by an organization in order to preserve all forms of potentially relevant information in the cases when litigation is pending or reasonably anticipated. With the deployment of legal hold software, the companies can have significantly improved execution speed, repeatability, and defensibility coupled with the reduced costs associated with managing legal holds. The advantages offered by the legal hold software such as mitigation of risk in combination with reduced cost, labor, and potential confusion is potentially driving the legal hold software market growth during the forecast period. The major factor contributing to the growth of the market include more accustomed courts across the globe.

Segmental Outlook 

The global legal hold software market is segmented based on deployment type and industry verticals. Based on deployment, the market is sub-segmented into cloud-based and on-premises. Based on the industry verticals, the market is sub-segmented into large enterprises and small enterprises.

Global Legal Hold Software Market Share by Industry Verticals, 2018 (%)

Large Enterprises will be the Largest Segment by Industry Verticals

Large enterprises segment is anticipated to hold a significant share in the market owing to increasing demand to effectively manage the extensive amount of legal data generated across their branches. Large enterprises have the number of employees to manage and with the integration of legal hold software to the HR system, the organization can easily get notified of employee status changes. This notification in the changing status of the employee will help the large enterprises to mitigate the risk of spoliation and automate other operational processes with the employee change monitor module. The use of legal hold software in large enterprises will also aid in improving the safety of the organization, which in turn, driving the legal hold software market during the forecast period.

Regional Outlooks

The global legal hold software market is further segmented based on geography including North America, Europe, Asia-Pacific, and Rest of the World. North America is estimated to hold the largest share in the legal hold software market during the forecast period. The growth of the region is owing to the surge in the adoption of advanced technologies by various end-user industries to enhance their decision making with better insights and controls. Additionally, the strict laws of the North American region will also support the growth of the legal hold software market. For instance, according to the US Amended Rules, an organization itself holds the responsibility to preserve all the relevant information from the time it learns about the pending or probable litigation, or of a regulatory investigation.

Global Legal hold software Market Growth by Region 2019-2025

Asia-Pacific Will Augment with the Fastest Growth Rate in the Legal Hold Software Market 

Asia-Pacific is anticipated to grow at the fastest growth rate in the legal hold software market due to the increasing presence of many capital-intensive industries across the region that are adopting legal hold software. Additionally, the rapid development of technologies is also driving the adoption of legal hold software across the region. 

Market Players Outlook

Some of the key players operating in the global legal hold software market include Onit, Inc., Exterro, Inc., Mitratech Holdings, Inc., OpenText Corp., PageFreezer Software Inc., Relativity, Thomson Reuters Group., Vertical Discovery, Zapproved LLC, and others. The market players are considerably contributing to the market growth by adopting various strategies including new product launch, merger, and acquisition, and collaborations to stay competitive in the market.

Recent Activities

• In January 2019, OpenText announced that it has acquired Catalyst Repository Systems, Inc. (Catalyst), a provider of eDiscovery solutions for corporate legal departments and top law firms. With this acquisition, Catalyst integrated into OpenText’s Discovery Solutions, helping customers further leverage their technology investments and benefit from OpenText’s continued investments in innovation.
• In April 2018, Catalyst Repository Systems Inc. acquired Total Discovery which will enable the company to add legal hold and collection technology to its E-Discovery Platform. This acquisition facilitates organizations to manage discovery in a single and secure platform. The solution also provides greater control and lower overall cost.
• In April 2018, Cicayda LLC launched Version 3.0 of cloud-based fermata legal hold solution. This version comes with many specifications such as foreign language support and improved security. This version of the solution also allows internal branding and customized reporting for law firms and corporate customers without any hassle.
• In January 2018, Onit, Inc. announced the latest enhancements to its legal hold solution that are designed to serve functions such as audit, consulting, tax, and advisory services. The new solution is able to quickly issue legal hold notifications and manage custodian acknowledgments of the organization.

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global legal hold software market. Based on the availability of data, information related to products& services, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.