Digital Forensics Market

The Global Digital Forensics Market size was valued at USD 9.68 Billion in 2022 and is expected to surpass USD 36.53 Billion by 2031, expanding at a CAGR of 15.9% during the forecast period, 2023 – 2031. The growth of the market is attributed to the various developments in conventional crime lab infrastructure, more entry in the business world, and an increase in cyber-attacks and crimes, digital forensics is becoming more widely used.

Digital forensics is a field of forensic science concerned with the rescue and analysis of data found in digital devices in connection with cybercrime and computer crimes. It is essentially the process of locating and analyzing digital information. The primary purpose of the digital forensics method is to retain all evidence in its original state while conducting a systematic investigation involving the gathering, classification, and verification of digital data. Collection of evidence, reporting of the inquiry, and interpretations of the findings gathered are all part of the investigation.

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Market Trends, Drivers, Restraints, and Opportunities

• Increasing use of the Internet of Things (IoT), and the usage of computers, smartphones, tablets, and other electronic devices are gadgets is projected to propel the market growth during the forecast period.

• Hackers can acquire access to client information due to the extreme greater risk of malware and viruses is anticipated to spur the market expansion in the coming years.

• Increasing demand for cloud technology, remote system monitoring, and data transfer via wireless devices is the main factor pushing the market growth during the forecast period.

• Scarcity of skilled professionals and the increasing complexity of smartphones and other devices is estimated to hamper the market growth.

• Rising investment in digital forensics technology and software, as well as a decrease in the cost of forensic instruments, possess as the main factor that can impede the market expansion.

• Growing use of cryptocurrency and greater acceptance of digital forensic services in highly regulated business verticals are projected to create lucrative opportunities for the market players.

Scope of Digital Forensics Market Report

The report on the global digital forensics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Digital Forensics Market Segment Insights

Services segment is projected to hold a large market share

Based on components, the global digital forensics market is segregated into services [managed services and professional services], hardware, software. The services segment is expected to represent a key share of the market in the coming years owing to digital forensic services complement the use of digital forensic hardware and software by streamlining the detection and analysis of vital data. Furthermore, digital forensics services are costly and generally provided by large organizations including KPMG, PwC, and others. As a result, skilled personnel, licenses, and training account for the majority of the costs.

The services segment is further divided into managed services and professional services.

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Network Forensics segment is expected to grow at a robust pace

On the basis of types, the market is segmented into mobile forensics, network forensics, and computer forensics. The network forensics segment is expected to hold a key share of the market during the forecast period since wireless communication devices are useful for delivering mobile network access to users, they are nonetheless prone to data transmission theft. To establish the origin of information security assaults, network forensics entails capturing, recording, and analyzing network packets.
Wired Equivalent Privacy (WEP) and Wi-Fi Protected Access (WAP) are examples of security techniques that are not capable of delivering assured safety in wireless technology. As a result, network forensics is becoming more popular in a variety of enterprises.

Forensic data analysis segment is projected to account for a major market share

Based on tools, the market is segregated into data recovery, data acquisition and preservation, forensic data analysis, review and reporting, forensic decryption, and others. The forensic data analysis segment is expected to account for a key share of the market in the coming years owing to its ability to deliver ideas and analytical skills that aid in making better business decisions and driving organizational change. Furthermore, as the incidence of financial crimes rises, so does the necessity to examine and keep a record of firm data. Forensic data analysis also aids in tracking every misbehavior or misconduct that is occurring and putting a stop to it before it grows bigger and becomes a threat to the firm.

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Government and defense segment is anticipated to register at a substantial CAGR

In terms of end-user verticals, the global digital forensics market is divided into BFSI, IT and telecom, government and law enforcement agencies, retail, healthcare, and government and defense. The government and defense segment is expected to constitute a key share of the market in the coming years owing to the highly secret data stored, transit, and use, the industry is extremely vulnerable to hacking as well as other personnel misbehavior. As a result, ensuring data integrity and availability to the relevant people becomes a necessity and a major concern for the industry. A loss of data and thefts are linked to global defense, significant investment is made in various hardware, software, and services, contributing to its leading position among other verticals.

North America is expected to dominate the market

On the basis of regions, the global digital forensics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market at an impressive CAGR during the forecast period. The regional market growth can be attributed to a number of significant players in the field of digital forensics. For simplifying work operations, the majority of firms in the region have implemented cloud technology. Furthermore, the rising adoption of mobile devices for business continuity, including cellphones, laptops, and USBs, has increased the incidence of cyber-attacks in this region. The broad adoption of data regulatory requirements by all businesses, as well as the quick response of the cloud, are expected to spur the North American digital forensics industry forward.

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Segments

The global digital forensics market has been segmented based on

Components

• Services
  • Managed Services
  • Professional Services
• Hardware
• Software

Types

• Mobile Forensics
• Network Forensics
• Cloud Forensics
• Computer Forensics

Tools

• Data Recovery
• Data Acquisition and Preservation
• Forensic Data Analysis
• Review and Reporting
• Forensic Decryption
• Others

End-user Verticals

• Banking, Financial Services, and Insurance (BFSI)
• IT and Telecom
• Government and Law Enforcement Agencies
• Retail
• Healthcare
• Government and Defense

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• MSAB Inc.
• Oxygen Forensics Inc.
• Cisco Systems Inc.
• LogRhythm Inc.
• FireEye Inc.
• Paraben Corporation
• KLDiscovery Inc.
• AccessData Group LLC
• Guidance Software Inc.
• Binary Intelligence LLC
• IBM Corporation

Competitive Landscape

Key players competing in the global digital forensics market include MSAB Inc.; Oxygen Forensics Inc.; Cisco Systems Inc.; LogRhythm Inc.; FireEye Inc.; Paraben Corporation; KLDiscovery Inc.; AccessData Group LLC; Guidance Software Inc.; Binary Intelligence LLC; and IBM Corporation. Some of these players are adopting several market strategies including acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to increase their market shares.