According to a new market research report "Digital Evidence Management Market by Component (Hardware, Software (Evidence Collection, Storage, and Sharing, Evidence Security, and Evidence Analytics and Visualization), and Services), Deployment Type, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market size is expected to grow from USD 4.35 billion in 2018 to USD 7.56 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period.
The major factors that are expected to drive the growth of the Digital Evidence Management Market include the increasing rate of digital crimes and growing government concerns toward evidence security. In addition to this, the rising investment in digital evidence management technologies is another major driver for the market growth.
The hybrid deployment to grow at the highest CAGR during the forecast period
The hybrid deployment is expected to grow at the highest CAGR during the forecast period, as the hybrid deployment type offers a mix of on-premises and cloud services. It enables access to evidence from both on-premises and cloud. Additionally, it offers flexibility to investigators uploading sensitive and critical evidence in the private cloud or on-premises, whereas the public cloud can be used to host less critical evidence.
The software segment to hold the largest market share during the forecast period
Digital evidence management software assists prosecutors and investigators in managing, analyzing, visualizing, sharing, and storing evidence. It enhances and digitizes the entire investigation process, which assists in tracking patterns and criminal activities. In addition to this, it assists in examining structured or unstructured data sets to gain insights for drawing conclusions out of the collected evidence to build effective and accurate results.
North America to have the largest market share during the forecast period
North America is expected to have the largest market share in the global Digital Evidence Management Market. North America comprises 2 main regions, namely, the US and Canada. The US holds the largest market share in the Digital Evidence Management Market; this is evident from the fact that many government and law enforcement agencies in the US are taking initiatives to strengthen the cybersecurity sector. Another reason that is attributed to North America's major share in the market is that the region is home to many digital evidence management vendors.
Some of the major vendors in the Digital Evidence Management Market include Panasonic (Japan), Motorola (US), NICE (Israel), AcsessData (US), MSAB (Sweden), OpenText (Canada), Digital Detective (UK), Cellebrite (Israel), Paraben (US), QueTel (US), IBM (US), Oracle (US), Hitachi (Japan), Capita (UK), Vidizmo (US), Coban (US),Reveal Media (UK), Porter Lee Corporation (US), SoleraTec (US), VeriPIc (US), FileOnQ (US), Tracker Products (US), Intrensic (US), Foray (US), and WatchGuard (US).
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