Digital Evidence Management Market Worth USD 13.6 Billion at a 13.4% CAGR by 2030 - Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Growing Need for Consolidated Crime Database to Boost Digital Evidence Management Market Growth
New York, US, March 20, 2023 (GLOBE NEWSWIRE) -- Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), " Digital Evidence Management Market By Component, By Software, By End-User Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 13.4% to attain a valuation of around USD 13.6 Billion by the end of 2030.
Key Players
Eminent industry players profiled in the global digital evidence management market report include:
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Drivers
Government initiatives and support to enforce national security by adopting these solutions also foster market growth.
Drivers
Growing Need for Consolidated Crime Database to Boost Market Growth
The market for digital evidence management is expanding significantly due to the rising demand for a comprehensive crime database. To lower crime rates and increase public safety, authorities can use digital evidence management to gather actionable insights from data on citizen information, crime rates, prior criminal histories, and homicide reports. These software systems integrate analysis, lead generating, and communication technologies to give detailed data and lower the cost of investigations. Decision-making is made easier by using digital evidence management solution that seamlessly combine data from several agencies to produce a consolidated database.
Increasing Adoption by Government Agencies to Offer Robust Opportunities
Growing government initiatives for evidence protection and an increase in the adoption of the digital evidence management solution by numerous law enforcement and government organizations will propel market expansion.
Restraints and Challenges
Dearth of Skilled Professional Staff to act as Market Restraint
The dearth of skilled professional staff coupled with complexities related to cyber crimes, impact of the COVID-19 epidemic, and limited availability may act as market restraints over the forecast period. Besides, the high implementation & maintenance cost of the on-premise digital evidence management solution may also deter market growth. Software license fees, system design and modification fees, implementation fees, IT staff training fees, maintenance fees, and upgrade fees are all included in the price of the digital evidence management solutions. Digital evidence management adoption involves self-evaluation, planning, sufficient financing, a clear goal, and collaboration at every managerial level.
Market Segmentation
The global digital evidence management market is bifurcated based on hardware, software, services, deployment, organization size, and end user.
Based on hardware, the market has been segmented on the basis of body worn cameras, vehicle dash cameras, citywide video cameras, drone cameras, and others.
By software, the market has been segmented on the basis of evidence collection, storage and sharing, evidence security, evidence analytics, and visualization.
By services, the market has been segmented on the basis of digital investigation and consulting, system integration, support and maintenance, training and education.
By deployment, cloud will lead the market over the forecast period.
By organization size, the market has been segmented on the basis of large enterprises & SMEs.
By end user, the market is segmented on the basis of public sector, law enforcement, public safety & justice, and insurance.
North America to Lead Digital Evidence Management Market
Due to the growing adoption of the digital evidence management solution by law enforcement organizations in the US, Canada, and Mexico, the North American market has the greatest market share. Key market companies including Motorola Inc., IBM Corp., Oracle Corp., and OpenText Corp. are also present in the region and provide digital evidence management solution to a variety of end customers. The US market, followed by Canada and Mexico, holds the greatest market share within North America. Both well-established economies and early technological uptake can be attributed to North America. In North America, the US is most likely to hold the utmost market share. For storing, exchanging, and safeguarding evidence with private companies, major digital evidence management suppliers & law enforcement agencies within the US are eager to employ digital evidence management technologies. Digital evidence management solutions are widely used by military and law enforcement institutions in the area. Along with having a highly developed IT infrastructure, North America also has a high rate of internet adoption, which is one of the factors boosting industry expansion there.
Europe to Have Admirable Growth in Digital Evidence Management Market
For the presence of eminent market players like NICE Systems Ltd., Reveal Media, Capita PLC, Micro Systemation AB, & Digital Detective as well as the expanding use of digital evidence management in nations like the UK, Germany, France, Spain, Italy, and other European nations, the Europe region held the second-largest market share. Police departments within this region have dominated adoption, and European law enforcement organizations are predicted to develop more quickly. Europe's market for digital evidence management systems is anticipated to expand gradually over the course of the forecast period. Digital evidence management solutions are widely used by military and law enforcement institutions in the area. Along with having a highly developed IT infrastructure, the region also has a high internet penetration rate, which is one of the elements boosting the European market's expansion.
APAC to Have Significant Growth in Digital Evidence Management Market
Due to the growing adoption of digital evidence management solutions to effectively acquire, store, process, and share digital evidence for various investigations, including information security breach, identity theft, & financial frauds, the Asia-Pacific region held the third-largest share of the global market. Due to the growing initiatives undertaken by the government for securing and managing digital evidence in nations like China, Japan, India, Australia, Singapore, Malaysia, and other countries in Asia-Pacific, the market for digital evidence in that region is anticipated to experience the highest growth. Further encouraging the use of digital evidence management services is the region's rising crime rate.
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