Digital Forensics Market Size USD 5203.3 Million by 2026 at CAGR 9.0%
The Digital Forensics Market is Segmented by Type (Hardware, Software, Services), by Application (Government and Defense, Banking, Telecom and IT, Retail, Healthcare), , Key Vendors and Regional Growth: Global Opportunity Analysis and Industry Forecast, 2021–2026. This report is published on Valuates Reports in the IT & Security Category.
The global Digital Forensics market size is projected to reach USD 5203.3 Million by 2026, from USD 4741.2 Million in 2020, at a CAGR of 9.0% during 2021-2026.
Major factors driving the growth of the Digital forensics market size are stringent government regulations, massive use of Internet of Things (IoT) devices, and the increasing instances of cyber-attacks on enterprises.
The report offers a comprehensive Digital forensics Market forecast and accurate statistics on revenue by the player for the period 2021-2026. It also offers detailed analysis supported by reliable statistics on price and revenue (global level) by players for the period 2021-2026.
TRENDS INFLUENCING THE DIGITAL FORENSICS MARKET SIZE
An increase in the use of IoT devices is expected to drive the growth of the digital forensics market size. Widespread use of IoT devices is observed in a range of application areas, such as smart city initiatives, smart transport, vehicle communication, and autonomous vehicles, smart grids, and smart homes. The growing computational power of IoT device processors has created a connected environment and simplified tasks that have been difficult to accomplish by conventional means. IoT devices are heavily targeted by cybercriminals. It is therefore important for businesses and organizations to implement the best-in-class digital forensic technologies and services that will help to recover data lost in an unusual event or attack.
The rise in the use of cryptocurrencies is expected to fuel the growth of the digital forensics market size. Cryptocurrencies are subjected to cyber-attacks on financial gains, geographic rivalry, interpersonal rivalry, and reputation defacement. It may be difficult to identify artifacts when cryptocurrency fraud occurs. An effective digital forensic solution will be needed to regenerate sensitive data that may have been lost during cryptocurrency storage or trade.
Another key application of digital forensics is found in private and criminal investigations. Factors such as increasing Internet penetration, the use of electronic devices and smart devices, among others, have contributed to a spike in cyberattacks across the globe. The rising severity of cyberattacks is expected to further fuel the demand for digital forensic market size.
DIGITAL FORENSICS MARKET SHARE ANALYSIS
North America is expected to hold the largest digital forensic market share during the forecast period. This dominance of North America is attributed to the presence of several key players in digital forensics. Many companies in the region have embraced cloud technologies to streamline work processes. In addition, the rapid penetration of mobile devices, such as smartphones, and laptops, to support business continuity has further accelerated the frequency of cyberattacks in the region. The widespread adherence to data enforcement regulations by all businesses and the rapid introduction of the cloud is expected to serve as main growth drivers for the North American digital forensics market size.
Asia Pacific region is expected to witness the highest growth during the forecast period due to increasing instances of cybercrimes.
DIGITAL FORENSICS MARKET SEGMENTATION
Digital Forensics Breakdown Data by Type
Hardware
Software
Services
Digital Forensics Breakdown Data by Application
Government and defense
Banking
Telecom and IT
Retail
Healthcare
Others
Key Companies:
AccessdatA
Cellebrite
MSAB
Opentext (Guidance Software)
Oxygen Forensics
ADF Solutions
Coalfire
Digital Detective Group
Logrhythm
Magnet Forensics
Paraben
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SOURCE: Valuates Reports
