Digital Evidence Management Market - Forecasts from 2024 to 2029

Digital Evidence Management Market - Forecasts from 2024 to 2029

The digital evidence management market is evaluated at US$5.885 billion for the year 2022 and is projected to grow at a CAGR of 14.65% to reach a market size of US$15.372 billion by the year 2029.

Technology has progressed considerably over the past several decades, changing the daily operations of organizations around the world. One area, in particular, that has harvested the interests of the digital age is the legal and criminal investigation division. The approach of digital evidence, such as video surveillance footage, audio recordings, and more, has been revolutionary when it comes to promoting investigation and solving crimes. While digital evidence is an astonishingly effective tool for law enforcement and public agencies, its use is no longer restricted to these cases.

In the transportation sector, there is the use of in-vehicle cameras; in the delivery and service sectors, there is increasing use of both in-vehicle and body cameras to record trips and interactions, and retailers and commercial companies are adopting video and audio to record interviews. Organizations worldwide are collecting exponential amounts of digital evidence every day, and need systems for maintaining, evaluating, and managing that evidence. Digital Evidence Management (DEM) systems are software-based solutions that permit companies to ingest, preserve, protect, manage, discover, and utilize all of their digital evidence from a centralized interface.

MARKET TRENDS:

The digital evidence management market is growing as a result of several important factors. There is an urgent need for strong solutions to handle and analyze this data effectively due to the increasing volume and complexity of digital data being created across a range of industries, including law enforcement, government, healthcare, and finance. Furthermore, there is a growing need for digital evidence management systems that can safely gather, store, and analyze digital evidence to support investigations and legal procedures due to the increased prevalence of fraud, cybercrime, and other illegal actions.

In addition, the increasing use of cloud-based technologies, artificial intelligence, and machine learning algorithms is transforming the field of digital evidence management. This allows organizations to improve decision-making processes, automate workflows, and secure data. Additionally, to guarantee compliance with legal and regulatory demands while preserving the integrity and chain of custody of digital evidence, organizations are being forced to invest in sophisticated digital evidence management systems by strict regulatory requirements and compliance standards.

MARKET DRIVERS:

Growing occurrences of cybercrime are anticipated to drive the market’s growth.

The digital evidence management market is greatly impacted by the rising incidence of cybercrime, which raises the need for sophisticated solutions for efficiently gathering, storing, analyzing, and managing digital evidence. Law enforcement agencies, attorneys, and corporate organizations increasingly rely on digital evidence to investigate and prosecute cybercrimes, fraud, theft of intellectual property, and other unlawful actions that occur online as cyber threats become more complex and widespread.

Strong digital evidence management systems that can safely handle massive amounts of data while guaranteeing the chain of custody, integrity, and compliance with legal requirements are needed fueling the market growth.

Increasing investments in developing technologies might impact the digital evidence management market growth.

The increasing investments in developing technologies are also expected to be one of the largest and most influential factors for market growth. High internet diffusion, growing adoption of cloud computing amid several industry verticals for data sharing and other applications, and evolving regulatory scenarios associated with cybercrimes are among other factors that are supposed to promote the growth of the global digital evidence management market.

Rising government investment in IT infrastructure expansion in collaboration with influential players is suspected to generate new opportunities in terms of revenue for companies engaging in the evidence management market. For example, In the USA, the Justice Department announced on February 2023, that the Bureau of Justice Assistance (BJA) will be providing funds for body-worn cameras to small, rural, and tribal law enforcement agencies.

North America is anticipated to be the major regional market.

Based on the region, North America is expected to hold the largest market size due to the existence of a large number of digital evidence management companies in the region and various legal initiatives for evidence preservation. Besides, the US is suspected of controlling the overall digital evidence management market in North America.

Furthermore, the Asia-Pacific region is also anticipated to increase during the forecast period due to the rising internet penetration, the presence of leading companies operating in emerging markets, investments, and government initiatives in emerging technologies such as cloud, IoT, and AI. Owing to the progressing adoption by financial establishments, the European market is also assumed to provide a notable revenue share in the global market for digital evidence management.

Key Developments:

In February 2024, Guardify, previously known as VidaNyx, unveiled its new name, logo, website, and user experience. The company's dedication to providing cutting-edge evidence management solutions to experts in the judicial industry is better reflected in the new brand.
In January 2024, digital forensics pioneer ADF Solutions announced the release of Version 5.8. A ground-breaking innovation that can scan Chrome OS devices is poised to completely change the way computer forensic evidence is gathered. This innovative release is a major advancement and demonstrates ADF's dedication to quality, creativity, and satisfying the changing demands of the global digital forensics community.
In September 2023, Exterro announced the release of Exterro FTK® 8.0. With the quickest scalable processing engine available, Exterro FTK® 8.0 is an award-winning, court-cited digital investigative system designed for speed, stability, and ease of use. Strong time-saving automation provided by FTK 8.0 enables agencies to expedite forensic procedures and complete cases more quickly.

Segmentation:

By Deployment
On-premise
Cloud
By Component
Hardware
Body-worn Camera
Vehicle Dash Camera
Citywide Camera
Public Transit Video
Software
Services (Consulting, Training, and Support)
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
China
Japan
India
South Korea
Taiwan
Thailand
Indonesia
Others