The digital evidence management market is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.7%
NEW YORK, Oct. 1, 2018 /PRNewswire/ -- The digital evidence management market is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period
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The global digital evidence management market size is expected to grow from USD 4.35 billion in 2018 to USD 7.56 billion by 2023, at a 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 growing rate of digital crimes, increasing government initiatives, and emerging technologies. In addition to this, the rising investments in the emerging technologies are also expected to be one of the biggest and most important factors for the market growth. However, the lack of skilled professionals and hesitancy of legal officers over sharing digital evidence may hamper the market growth.
The evidence collection, storage, and sharing segment to have the largest market share during the forecast period
Digital evidence management software assists organizations in managing digital evidence, helps investigators upload the digital evidence data by ensuring integrity and authenticity of files, and offers easy search and share of the critical data.Collecting, sharing, and storing evidence data are very crucial during criminal investigations, as it is important to maintain integrity of evidence during the investigation process.
The evidence collection, storage, and sharing software helps manage the evidence collected from different sources, such as emails, text messages, transactions, online accounts, images, and browsing histories. Humungous data generated from these sources is one of the main factors expected to increase the demand for digital evidence management software.
North America to hold the largest market size, while APAC to grow at the highest CAGR during the forecast period
North America is expected to hold the largest market size, due to the presence of a large number of digital evidence management vendors in the region and different government initiatives for evidence security.The rising adoption of technologies and increasing need for law enforcement agencies to share confidential data are significant factors driving the digital evidence management market in North America.
Furthermore, the US is expected to dominate the overall digital evidence management market in North America.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period, as APAC countries are strongly focusing on investments and government initiatives in the emerging technologies to strengthen the digital evidence management market.Other factors such as the increasing government initiatives and education programs, and growing technologies are expected to contribute to the growth of the digital evidence management market in this region.
Moreover, APAC organizations are focusing on the emerging technologies, such as IoT, Artificial Intelligence (AI), and cloud.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profiles of the primary participants is as follows:
• By Company: Tier: 1: 30 %, Tier 2: 40%, and Tier 3: 30%
• By Designation: C-Level: 72%, Director Level: 14%, and Others: 14%
• By Region: North America: 57%, Europe: 14%, and APAC: 29%
The digital evidence management market includes various major vendors, such as 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).
Research Coverage
The report includes an in-depth competitive analysis of the key players in the digital evidence management market, along with their company profiles, recent developments, and key market strategies. It segments the digital evidence management market by component (hardware, software, [evidence collection, storage, and sharing; evidence analytics and visualization; and evidence security], and services) [digital investigation and consulting, system integration, training and education, and support and maintenance]), deployment type, and region.
Reasons to buy the Report:
The digital evidence management market is segmented on the basis of components (hardware, software [evidence collection, storage, and sharing; evidence analytics and visualization; and evidence security], and services [digital investigation and consulting, system integration, training and education, and support and maintenance]), deployment types, and regions.
The report would help the market leaders/new entrants in the digital evidence management market in the following ways:
1. The digital evidence management market's revenue stream has been estimated based on the revenues generated by vendor offerings (hardware, software, and associated services). The report provides the closest approximations of the revenue numbers for the overall market's segments and subsegments.
2. The report helps stakeholders understand the pulse of the market and provides them with information about the key market drivers, restraints, challenges, and opportunities.
3. It would help stakeholders understand their competitors and gain more insights to improve their market positions. The competitive landscape section includes competitors' ecosystem, new product developments, partnerships, and mergers and acquisitions.
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