The new report by Expert Market Research titled, ‘Global Digital Forensics Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global digital forensics market, assessing the market based on its segments like component, type, end user and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2021): USD 8.35 billion
- Forecast CAGR (2023-2028): 15.95%
- Forecast Market Size (2027): USD 20.29 billion
With the introduction of IoT technology and the emergence of location of things (LoT), digital devices are increasingly becoming interconnected in networks via Wi-Fi and Bluetooth technology. As a result, the number of network breaches and hacking attempts has increased significantly over time, resulting in significant financial losses.
Market Segmentation
Digital forensics is the use of computer-based solutions in conjunction with investigative procedures for the legal analysis of digital evidence. The use of digital forensics is required in legal investigation procedures, such as cybercrime and financial fraud, among other things. The process of analysing, identifying, preserving, and documenting digital evidence is known as digital forensics. Furthermore, the field of digital forensics has evolved to include network forensics, which aids in the investigation of network breaches and hacking attempts. As internet of things (IoT) technology spreads, more devices, such as smartphones, smartwatches, and automobiles, are being connected to the internet, fuelling the growth of the digital forensics industry.
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On the basis of component, the market can be segmented into:
- Hardware
- Software
- Service
On the basis of its type, the market can be divided into:
- Mobile Forensic
- Computer Forensic
- Network Forensic
- Others
On the basis of its end user, the market can be bifurcated into:
- Government and Law Enforcement Agencies
- BFSI
- IT and Telecom
- Others
The regional markets include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The market for digital forensics has expanded since the advent of the internet and the hyperconnectivity enabled by the spread of digital technology in the form of smartphones and computers. Furthermore, governments are increasingly strategizing initiatives for implementing digital solutions in almost all industrial verticals, owing to the benefits of digital technology, such as increased connectivity, increased productivity, and reduced operational costs and time required to carry out various processes. However, due to the global reach of the internet and digital technology, there has been an increase in cybercrime in all parts of the world. Identity theft, financial theft, scams, hacking, and data breaches are all on the rise. Furthermore, with the decreasing cost of digital devices and the introduction of cryptocurrencies, demand for digital forensics solutions is expected to skyrocket over the forecast period.
Key Market Players
The major players in the market are IBM Corporation, Binary Intelligence LLC., Guidance Software Inc., AccessData Group LLC, KL Discovery Inc.,and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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