Evidence Management Market to reach $15.1 Billion by 2030; Growth of cloud-based solutions, demand for data security and encryption, digital transformation in law enforcement and legal sectors, increasing use of automation tools, rising crime rates a

The Evidence Management Market size is estimated to reach $15.1 Billion by 2030, growing at a CAGR of 10.8% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Evidence Management Market – By Type (Hardware, Service), By Deployment Type (Cloud-Based, On-Premises, Hybrid), By Organization Size (Small and Medium Enterprises (SMEs), Large Enterprises), By Service Model (Software as a Service (SaaS), Platform as a Service (PaaS), Infrastructure as a Service (IaaS)), By Application (Incident Management, Compliance Management, Litigation & Investigation, Fraud Detection and Prevention, Data Security & Forensics, Others), By End-Use Industry (Government & Law Enforcement, Healthcare, Banking, Financial Services and Insurance (BFSI), IT & Telecommunications, Retail & E-Commerce, Energy & Utilities, Legal, Other), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

The growth of cloud-based solutions enables scalable and accessible evidence storage, hence driving market growth. Rising demand for data security and encryption ensures the secure handling of sensitive evidence, thereby driving the market forward. Digital transformation in law enforcement and legal sectors accelerates the adoption of advanced evidence management technologies, fueling growth. Increasing use of automation tools enhances efficiency and accuracy in evidence handling, boosting market demand. Rising crime rates and the need for efficient investigations create a strong demand for streamlined evidence management systems, driving growth. Strict regulatory compliance mandates robust evidence handling solutions, further propelling the market.

North America accounted for the largest share of 35% of the Evidence Management in 2023 The evidence management market is led by North America, which has advanced digital infrastructure and the high incidence of cybercrime. Last year, the FBI's Internet Crime Complaint Center (IC3) received 880,418 reports of complaints, with potential losses exceeding $12.5 billion, an increase of 22 % from 2022. Strong demand for digital evidence management solutions, cybersecurity measures and efficient data handling systems has been driven by this rise in cybercrime across all sectors, including law enforcement, legal, and government agencies. With its focus on technological advancement and the growing adoption of AI and blockchain, the region retains its position as a leading player in the market.

The O'Reilly 2023 Cloud Adoption Report highlights the growing adoption of cloud as a major driver in the evidence management market. The report confirms that 45% of organizations are migrating to the cloud, 41% are evaluating cloud service models, and 2% are adopting hybrid clouds. The growing demand for scalable, secure, and flexible approaches to handling large amounts of digital evidence drives the shift to cloud based infrastructure. For law enforcement agencies and legal sectors which need their data ready anytime, anytime to be stored and accessed easily with the highest security features, cloud platforms offer better storage capacity without having to purchase expensive servers and they also provide easier access to data.

The evidence management market is driven by the rising demand for data security and encryption attributed to the increasing menace of cybercrimes. In October 2023, Cybersecurity Ventures reports that global cybercrime will cost $9.5 trillion in 2024 and $10.5 trillion per year in 2025. This cybergate is a proof that there is need for robust encryption and data protection solutions, as organizations must adopt good cybersecurity measures. With digital evidence becoming more and more vulnerable, strong encryption practices are becoming increasingly important as there is secure storage and handling of data, not only for businesses, but for law enforcement agencies as well. 

Key companies profiled in the Evidence Management Market are Motorola Solutions, Inc, Genetec Inc., OpenText, IBM Corporation, Palo Alto Networks, Oracle Corporation, Cisco Systems, Broadcom Inc., Axon, SAP SE and others.

Blockchain Market - Blockchain Market size is forecast to reach $1,235.71 Billion by 2030, after growing at a CAGR of 28.1% during 2024-2030. The growth of this market is driven by the increasing adoption of blockchain technology across industries, growing demand for secure and transparent transactions, and the rise of cryptocurrencies and decentralized finance (DeFi).

Public Cloud Market - Public Cloud Market size is estimated to reach $1.6 trillion by 2030, growing at a CAGR of 16.2% during the forecast period 2023-2030. The market growth is driven by increasing demand for cloud computing solutions, rising adoption of Software as a Service (SaaS), and the need for scalable and cost-effective IT infrastructure.

Cyber Security Market - Cyber Security Market size is forecast to reach $360 billion by 2030, estimated to grow at a CAGR of 9.5% during 2024-2030. The market growth is driven by rising incidences of cyberattacks, increasing focus on data protection, and the growing adoption of cloud-based cybersecurity solutions across sectors.