The global digital forensics market is expected to reach USD 4.24 billion, by the end of 2026, and is anticipated to grow at a CAGR of 12.3% over the forecast period, from 2019 to 2026, according to a new report by Million Insights. Development in computational technologies, increasing internet penetration, and rising cyber attacks concerns are projected to surge the market growth. In addition, growing demand for cybersecurity tools to control & mitigate financial frauds, and the threat of cyber attacks in medium & small enterprises is expected to boost the growth of the market.
Digital forensic solutions also aid in reconstruction, lost data analytics, and to collect data from digital tools. Thus, the enterprises are looking to adopt these solutions to prevent cyber attacks. Small & large enterprises need to follow compliances and regulations for data privacy including general data protection regulations (GDPR) and others. These factors are expected to positively impact on the growth of digital forensic tools.
Digital forensic solutions are highly required for criminal & private investigation. However, rising penetration of digital media and smart electronic devices are increasing the concerns of cyber attacks & cybercrime. Major companies focus on their data security owing to data exchange across different enterprises. Hence, to eliminate the threat of cyber attacks, companies install digital forensic tools. Investigation of data help in examining suspected data to resolve the issue.
Key players in the digital forensics market are LogRhythm Inc.; Guidance Software Inc.; Accessdata; Paraben Corporation; Oxygen Forensics; FireEye Inc.; MSAB; and Digital Detective Group Limited.
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Further key findings from the report suggest:
• Based on component, services segment is anticipated to grow at the fastest CAGR of around 13.1% during the forecasted period.
• Depending on forensic type, cloud based forensics are projected to propel at highest CAGR of over 13.3% from 2019 to 2026.
• Review & reporting tools segment is projected to grow at fastest rate due to effective analysis and fact based decisions.
• Digital forensics are increasingly used in BFSI sector to mitigate & investigate financial frauds.
• In 2018, North America led the market with highest share in the overall market.
Million Insights has segmented the global digital forensics market based on component, type, tooll, end use, and region:
Digital Forensics Component Outlook (Revenue, USD Million, 2015 - 2026)
• Professional Services
• Managed Services
Digital Forensics Type Outlook (Revenue, USD Million, 2015 - 2026)
• Computer Forensics
• Network Forensics
• Mobile Device Forensics
• Cloud Forensics
Digital Forensics Tool Outlook (Revenue, USD Million, 2015 - 2026)
• Data Acquisition & Preservation
• Forensic Data Analysis
• Data Recovery
• Review & Reporting
• Forensic Decryption
Digital Forensics End Use Outlook (Revenue, USD Million, 2015 - 2026)
• Banking, Financial Services, and Insurance (BFSI)
• IT & Telecom
Digital Forensics Regional Outlook (Revenue, USD Million, 2015 - 2026)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa