The digital forensics market is expected to grow at a compound annual growth rate of 12.14% over the forecast period to reach a market size of US$8.973 billion in 2026, from US$4.024 billion in 2019.
Digital Forensics helps in the extraction and evaluation of evidence from digital devices such as computers, mobiles, laptops, and others. Internet of things, a higher sophistication of digital crimes, and increasing regulatory compliances are major factors driving the Digital Forensics Market growth. Other factors include an increase in the number of digital devices, technology advancements, increasing the need for data recovery, and a surge in the usage of cloud computing applications. The rapid advances in this field have enabled declining costs of solutions over a period of time. The surge in demand for these solutions from the banking, law enforcement, defense, and technology sector has further contributed to the growth of the market considerably. However, the growing complex functionalities in the digital field pose a challenge for market growth.
Rising digital and cybercrimes.
The market is expected to surge in the coming years, due to the rising cyber and digital crimes, worldwide. According to the report by the Herjavec Group, one of the major players in the cybersecurity market, had stated that cybercrime has been a big and major threat to every firm, worldwide. The cybersecurity ventures had predicted that cybercrime would cost the world around US$6 trillion, per year, by the year 2021, with a surge from US$3 trillion in 2015. Ransomware has become a bigger threat, worldwide. The United States Department of Justice had described and stated that ransomware is a novel business model for cyber-related crimes. Major cybersecurity ventures had stated that a firm or a business would become victim to a ransomware attack every 14 seconds in the year 2019, and around 11 seconds in the year 2021. Moreover, ransomware damages had been projected to cost the world around US$20 billion in 2021, from US$11.5 billion in 2019. The Federal Bureau of Investigation had stated that the total amount of ransom payments had been around US$1 billion, per year. These trends and developments are expected to play a major role in the digital forensics market growth, in the coming years.
Increasing fraud and identity theft.
The market is expected to surge in the coming years, due to the rising fraud and identity theft, worldwide. Digital forensics experts and professionals have been imperative in addressing fraud and identity theft. They can obtain and get hidden or encrypted data, recover deleted files stored on digital devices, and do other related work. The Federal Trade Commission in the United States had stated that they received around 4.8 million identity theft and fraud complaints in the year 2020, with a rise of 45% in the year 2019. Some of the common types of identity theft are credit card fraud, government benefits applied, business or personal loans, tax fraud, and others. Major companies have been making significant developments in the market. For instance, Digital Forensics Corporation, one of the key players in the market, offers its customer tracking and identifying criminals hiding behind fake accounts.
Major companies have been making significant developments in the market, in the past few years. Moreover, the development and construction of novel cybersecurity-related institutes are also expected to surge the market growth in the coming years.
In August 2021, Cado Security, a major provider of the cloud-native digital forensics platform, announced the addition of novel memory acquisition, analysis, and processing abilities and capabilities to its major Cado Response Platform. With this memory forensics, security teams had gained improved visibility and context to find the root causes of incidents and respond to them faster. The major aim of this solution is to empower and provide security and data experts with additional sources and context to achieve this.
In August 2021, RampicaGlobal LLC announced a partnership with Hexa Data S.R.L, solution and reseller provider of major technology products in the areas of mobile and digital forensics, network forensics, cybersecurity in Central and South America. Under this partnership, HexaData's users and clients could leverage Rampiva Automate in their eDiscovery and digital forensics to accelerate speed to results, enhance quality, and develop process maturity.
Increasing concern of terrorism.
The market is expected to surge in the coming years, due to the rising concern of terrorism, worldwide. Digital forensics plays a major role in combating terrorism. Military and defense professionals and experts use computer forensics to examine network infrastructure and vulnerable systems that terrorists might try to exploit. The United Nations of Drugs and Crime, and the European Union had stated that they recognize the imperativeness and significance of digital forensics to perform counter-terrorism operations. These trends and developments are expected to play a major role in the market growth, in the coming years.
|Market size value in 2019||US$4.024 billion|
|Market size value in 2026||US$8.973 billion|
|Growth Rate||CAGR of 12.14% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, End-user Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||LogRhythm Inc., AccessData, Paraben Corporation, Binary Intelligence LLC, FireEye Inc., Digital Detective Group Ltd., ASR Data, Cisco Systems Inc., Global Digital Forensics Inc., OpenText Corp|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the digital forensics market?
A1. The global digital forensics market is expected to grow at a CAGR of 12.14% over the forecast period.
Q2. What will be the digital forensics market size by 2026?
A2. The digital forensics market is expected to reach a total market size of US$8.973 billion in 2026.
Q3. What is the size of the global digital forensics market?
A3. Digital Forensics Market was valued at US$4.024 billion in 2019.
Q4. How is the global digital forensics market segmented?
A4. The global digital forensics market has been segmented by type, end-user industry, and geography.
Q5. What factors are anticipated to drive the digital forensics market growth?
A5. Internet of things, a higher sophistication of digital crimes, and increasing regulatory compliances are major factors driving the digital forensics market growth.
Binary Intelligence LLC
Digital Detective Group Ltd.
Cisco Systems Inc.
Global Digital Forensics Inc.
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