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, labour, 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.
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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 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.
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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.
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