Digital Evidence Management Market Size to Grow by USD 2.65 billion|Technavio

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NEW YORK, Dec. 28, 2021 /PRNewswire/ — The digital evidence management market potential difference will be USD 2.65 billion from 2021 to 2026, according to Technavio.  The report has also identified the market to witness an accelerating growth momentum at a CAGR of 8.48% during the forecast period. A comprehensive study of factors influencing the market growth positively and adversely will also be covered in this report.

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Digital Evidence Management Market 2021-2026: Vendor Analysis

The digital evidence management market is fragmented and the degree of fragmentation will accelerate during the forecast period. The vendors are deploying various organic and inorganic growth strategies to compete in the market. Market vendors are focusing more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. The companies are also engaging in strategic partnerships and acquisitions to gain a competitive edge in the market. For instance, In June 2021, International Business Machines Corp. acquired Turbonomic Inc., an Application Resource Management (ARM) and Network Performance Management (NPM) software provider. In June 2021, Motorola Solutions Inc. collaborated with GK Software to accelerate retail innovation. Similarly, In November 2021, the company acquired Envysion, a leader in enterprise video security and business analytics for the retail industry. Product launches In October 2021, the company launched APX NEXT smart radio, bringing new intelligence to public safety.

Some of the key companies covered in this report include Cellebrite DI Ltd., Digital Detective Group Ltd., Exterro Inc., Hitachi Vantara LLC, International Business Machines Corp., Motorola Solutions Inc., NICE Ltd., Open Text Corp., Panasonic Corp., and QueTel Corp. among others. The vendors are launching innovative products and solutions to cater to the evolving business requirements from the end-user industries across the globe.

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Digital Evidence Management Market 2021-2026: Segmentation Analysis

• Component
• Software
• Services
• Hardware

The software segment accounted for the largest digital evidence management market share in 2021. The segment is likely to contribute to the highest growth throughout the forecast period.  The growth of this segment can be attributed to the advantages and convenience offered by digital evidence management software. The software allows the users to collect digital data, tag it, and retrieve it faster. It also records case descriptions and physical evidence descriptions for officers to compare. The software also has analytics features, allowing officers to compare digital photos and study the evidence in their free time.

• Geography
• North America
• APAC
• Europe
• South America
• MEA

APAC will generate growth across all the years of the forecast period between 2021 and 2026. 36% of the growth will originate from APAC. China and Japan are the key markets for digital evidence management in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

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Digital Evidence Management Market 2021-2026: Drivers and Challenges 

The increasing demand for a consolidated crime database is notably driving the digital evidence management market growth. Digital evidence management allows agencies to obtain actionable insights from gathered data on crime rates, citizen information, past criminal records, and homicide reports to reduce crime rates and improve public safety. Such software solutions provide detailed data and reduce the cost of investigations through integrating analysis, lead generation, and communication technologies. Digital evidence management solutions seamlessly integrate data from multiple agencies to create a consolidated database that can be used for future reference, thereby simplifying decision-making.

However, high implementation and maintenance costs of on-premise digital evidence management solutions may impede market growth. The cost of digital evidence management solutions includes the cost of software licensing, system design and customization, implementing, training IT staff, maintenance, and upgrades. The deployment of digital evidence management requires self-assessment, planning, adequate funding, clear vision, and cooperation at all managerial levels.

For more factors influencing the market, View Report Outlook

Digital Evidence Management Market 2021-2026: Scope

The report also covers the following areas:

• Digital Evidence Management Market size
• Digital Evidence Management Market trends
• Digital Evidence Management Market industry analysis

Digital Evidence Management Market 2022-2026: Key Highlights

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will assist digital evidence management market growth during the next five years
• Estimation of the digital evidence management market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the digital evidence management market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of digital evidence management market vendors

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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