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Digital Evidence Management Market Share, Growth, Trends And Forecast 2024-2033
Digital Evidence Management Market Share
According to The Business Research Company's, The digital evidence management market size has grown rapidly in recent years. It will grow from $7.49 billion in 2023 to $8.41 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to rising cybercrime rates, regulatory compliance, increasing awareness, globalization of crime, integration with other systems.
The digital evidence management market size is expected to see rapid growth in the next few years. It will grow to 13.46 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to increased adoption in non-traditional sectors, growing cybersecurity concerns, cross-platform integration, enhanced data privacy measures, shift towards cloud-based solutions. Major trends in the forecast period include expanded global collaboration, rapid technological innovations, increasing digitalization, technological advancements, blockchain integration.
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Market Drivers and Trends:
The rising cybercrime and fraud incidents are expected to propel the growth of the digital evidence management market going forward. Cybercrime and fraud refer to illegal activities conducted online or through digital means with the intent to deceive or manipulate individuals or organizations for financial gain or other malicious purposes. The associated framework of the digital landscape, combined with a lack of potential information related to online frauds, contributes to individuals and organizations falling to cyber attacks. Digital evidence management is used in cybercrime and fraud incidents by helping organizations and law enforcement agencies to collect, analyze, and present digital evidence to identify perpetrators, prosecute offenders, and prevent future incidents. For instance, in February 2023, according to reports published by the Federal Trade Commission., a US-based government agency, consumers experienced a surge in fraud losses, totaling nearly $8.8 billion in 2022, marking a significant rise of over 30% compared to the previous year. Furthermore, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, cyber crime reports received in 2022 were 76,000, up from 13% from the previous year. Therefore, the rising cybercrime and fraud incidents are driving the growth of the digital evidence management market.
Major companies operating in the digital evidence management market are concentrating on innovative software such as digital evidence board software, to address the challenges faced by law enforcement agencies in mapping out investigations. This investigative tool is a data-driven tool that leverages agencies' records management system data to quickly identify and map out case relationships in any investigation. For instance, in September 2021, Tyler Technologies Inc., a US-based software company, launched a digital evidence board software called link analysis. This investigative tool is designed to leverage technology to map out case relationships and identify connections using agencies' records management system data. The software aims to expedite the process of identifying case relationships, bringing hidden connections to light with less manual effort, and allowing staff to reach conclusions faster. It is user-friendly and offers multiple views and graph layouts, removing the need for third-party crime analysis tools.
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Major Key Players of the Market:
International Business Machine Corporation, OpenText Corporation, NICE Systems Ltd., Tableau Software LLC, Solera Holdings Inc., Verint Systems Inc., Cellebrite DI Ltd., Tritech Software Systems, Nuix Ltd., CaseWare International Inc., Magnet Forensics Inc., Belkasoft, Micro Systemation AB, DriveSavers Inc., Digital Intelligence Inc., F3EA Inc., Griffeye AB, Amped Software Co., Digital Detective Group Ltd., Atola Technology Inc., Paraben Corporation, Oxygen Forensics Inc., BlackBag Technologies Inc., Advanced Digital Forensic Solutions Inc., Binary Intelligence
Digital Evidence Management Market 2024 Key Insights:
• The digital evidence management market is expected to grow to 13.46 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%.
• Rising Cybercrime And Fraud Incidents Fuel Growth In Digital Evidence Management Market
• Digital Software Infrastructure Boost The Digital Evidence Management
• North America was the largest region in the digital evidence management market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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