The US evidence management market was valued at USD 2.65 billion last year and is expected to reach USD 5.13 billion by the next five years, registering a CAGR of 11.91% during the forecast period. Large volumes of evidence are no longer supported on spreadsheets. Instead, evidence is moved to a centralized repository, where an order of custody is maintained, and alerts are set up for evidence management.
The US evidence management market is fragmented, with local and multinational firms having decades of business expertise and businesses competing for market share. The market has relatively low exit barriers, which encourage new enterprises to participate and established firms to withdraw when profits are low. The major players are NICE Ltd, Omnigo Software LLC (Quetel Corporation), Open Text Corporation, Hitachi Vantara LLC (Hitachi Ltd), and Panasonic Corporation. Players in the market are adopting strategies, such as partnerships and acquisitions, to enhance their product offerings and gain sustainable competitive advantage.
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