The emphasis by the justice and public safety community to maintain evidence in digital format is estimated to boost the Digital Evidence Management Market 2020. The IT security reports are produced by Market Research Future, which contains market alternatives for progress. A USD 8.58 billion revenue potential, is estimated to be visible with a 13.19% CAGR by 2024.
The inclination towards a central repository of digital information is predicted to create opportunities in the digital evidence management market. The emphasis on speeding up the judicial process is forecasted to motivate the digital evidence management market share in the forecast period.
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Segmental Analysis:
The segmentation of the digital evidence management market is conducted on the basis of component, hardware, software, services, deployment, organization size and end-user. By organization size, the market consists of large enterprises and SMEs. By the hardware, the market consists of body-worn cameras, citywide video cameras, vehicle dash cameras, drone cameras, and others. By deployment, the market comprises of cloud, hybrid and on-premise. By software, the market comprises of evidence analytics, storage and sharing, evidence collection, evidence security, and visualization. By the component basis, the market has been segmented into hardware, software, and services. By services, the market consists of system integration, support and maintenance, digital investigation and consulting, training and education. By end-user, the market consists of the public sector, public safety & justice, law enforcement, and insurance.
Detailed Regional Analysis:
The regional assessment of the digital evidence management includes regions such as Asia Pacific, Europe, North America and the rest of the regional market. The North American market holds the prime market share due to the growing implementation of digital evidence management by law enforcement organizations in Canada, the US, and Mexico. The European region was credited for the next biggest market share due to the incidence of key market companies. The growth rate of the digital evidence management market is expected to be developed in law enforcement agencies in Europe. Also, the adoption of technology is controlled by police departments in this region. The digital evidence management market in the Asia Pacific is the third leading market stake. It is projected to accomplish the maximum progress rate owing to the mounting number of initiatives taken by the administrations around the world to manage and secure digital evidence in countries. The Middle East and African region is projected to accomplish extensive progress and represents abundant chances for significant market players to capitalize in this regional market.
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Competitive Analysis:
The disharmony in the forces of demand and supply is estimated to create a slow growth background in the market. The emphasis on innovation is estimated to rise in the coming years, as the consumer needs have to be addressed in a better manner to ensure the resurgence of the global market. The capability of contenders to influence change in the market is increasing at a stable rate in the impending period. The support from government bodies around the world is rising because the market needs an extra stimulus to achieve normalcy in such a scenario. Also, the need to encourage business to include the environmental impact of their decisions is estimated to shape the development of the market in future. The need to mitigate losses sustained by the current public health crisis is estimated to be the
sole focus of the market contenders in the upcoming years. Furthermore, the need to adopt a rapid and cost-effective method of operation is estimated to shape the market in the impending period.
The noteworthy companies in the digital evidence management market are Oracle Corporation, Panasonic Corporation, OpenText Corporation, NICE Systems Ltd., Hitachi, Ltd., Vidizmo LLC, Motorola, Inc., SoleraTec LLC, Foray Technologies, WatchGuard, Coban Technologies, Inc., IBM Corporation, Micro Systemation AB, Digital Detective Group, QueTel Corporation, and Porter Lee Corporation.
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