About Legal Hold Software
Legal hold software helps in accomplishing the process of preserving any relevant information for any kind of pending litigation. Law firms use these legal hold software so as to streamline the process of issuing the litigation holds, interview of custodians, and monitoring the compliance with any issued legal holds, progress in track collection, and more. Legal hold software is also used for the purpose of sending notifications and reminders to the recipients of any legal hold requests and hence preserves the legal hold of documents. Ultimately, the goal of the legal hold software is the unchallengeable preservation of the documents that are relevant to any specific case., To qualify for the inclusion in the Legal Hold category, a product must have certain specifications as:, • Creation and sending legal hold requests, • Contains a storehouse to store the legally relevant documents, • Track all the legal hold activity in an auditable format and • Provides the status updates to the recipients of legal hold requests
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Legal Hold Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Zapproved LLC (United States), PageFreezer (Canada), Acuity Scheduling, Inc. (United States), Thomson Reuters Corporation (Canada), Exterro (United States), Cicayda, LLC (United States), Mitratech Holdings Inc. (United States), Nuix (Australia), Onit, Inc. (United States) and OpenText Corporation (Canada) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Vertical Discovery Corp. (United States) and TotalDiscovery, LLC (United States).
Segmentation Overview
AMA Research has segmented the market of Global Legal Hold Software market by , Application (Large Enterprises and Small and Medium-sized Enterprises (SMEs)) and Region.
On the basis of geography, the market of Legal Hold Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Type, the sub-segment i.e. In Premises will boost the Legal Hold Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-User, the sub-segment i.e. Legal Aid Consumers will boost the Legal Hold Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Subscription Type, the sub-segment i.e. One Time will boost the Legal Hold Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Emergence of Non-traditional Legal Service and Growing Need To Manage Documents And Ensure Security Of Sensitive Information
Market Growth Drivers:
Increased Demand for Commercial Legal services, Increased Use of Technology in Legal Sectors and A Rise in the Alternate Legal Services
Challenges:
Stringent Rules and Regulations
Restraints:
Less Awareness About Legal Software
Opportunities:
Growing Advancement of Technology in the Legal Industry and Rising Demand from End-user Industry
Market Leaders and their expansionary development strategies
In January 2023 , Exterro, a leading provider of Legal Governance, Risk and Compliance (GRC) software, has acquired Zapproved, a provider of e-discovery software known for its strong customer outcomes. This acquisition is the latest step in furthering Exterro’s vision to empower customers to proactively and defensibly manage their legal governance, risk and compliance obligations.
In February 2024, Gimmal, the market's only end-to-end information governance platform, has launched of its Legal Hold solution, a comprehensive and centralized Software-as-a-Service (SaaS) platform for streamlining complex legal hold workflows and custodian notifications.
Key Target Audience
Service Providers of Legal Hold Software, End-Users, Potential Investors, Market Research Firms, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.