The Digital Forensics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Digital Forensics Global Market Report 2024, The digital forensics market size has grown rapidly in recent years. It will grow from $11.77 billion in 2023 to $13.49 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to increase in cybercrime, rise in digital data volume, expansion of e-commerce, growing use of digital devices, regulatory compliance requirements.
The digital forensics market size is expected to see rapid growth in the next few years. It will grow to $23.28 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to ncreasing demand for cybersecurity solutions, rise in digitalization initiatives, expansion of cloud computing, globalization of businesses, higher adoption of internet of things (iot) devices. Major trends in the forecast period include integration of artificial intelligence in digital forensics, automation in forensic processes, adoption of blockchain for data integrity, focus on proactive threat intelligence, increased use of machine learning in forensic analysis.
The intensifying cyber-security threats are expected to propel the growth of the data forensics market going forward. Cybersecurity threats refer to potential risks and attacks on digital systems, networks, and data by malicious actors seeking to exploit vulnerabilities and compromise information confidentiality, integrity, and availability. Data forensic techniques are used in cyber security to investigate and analyze cyber risks, pinpoint their source, and provide vital proof for incident response and mitigation. For instance, in January 2023, according to a report published by BNP Media Inc., a US-based media company, global cyberattacks increased by 38% in 2022 compared to 2021. Furthermore, in 2021, according to the Federal Bureau of Investigation, a US-based federal agency, there were 847,376 complaints and a $6.9 billion loss in 2021. Therefore, intensifying cyber-security threats are driving the data forensics market.
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The digital forensics market covered in this report is segmented –
1) By Type: Computer Forensics, Network Forensics, Mobile Device Forensics, Cloud Forensics
2) By Component: Hardware, Software, Services
3) By Tool: Data Acquisition And Preservation, Data Recovery, Forensic Data Analysis, Forensic Decryption, Review And Reporting, Other Tools
4) By Vertical: Government And Defense, Banking, Financial Services, And Insurance, Telecom And Information Technology, Retail, Healthcare, Other Verticals
Technological advancement is a key trend gaining popularity in the digital forensics market. Major companies operating in the digital forensics market are adopting innovative technologies to sustain their position in the market. For instance, in April 2022, LabVantage Solutions Inc., a US-based provider of laboratory informatics solutions and services, launched LabVantage Forensic Navigator, a cloud-based software platform that is innovatively designed to help organizations manage the entire forensic lifecycle, from evidence collection to analysis to reporting. The platform includes various features designed to help organizations streamline their forensic processes and improve the efficiency of their investigations. Additionally, the forensic navigator controls data flows in real-time, from the beginning of the investigation until the evidence collection at the crime scene. It streamlines, connects, and analyzes every component of a criminal case, including the gathering of evidence, the administration of property, and the analysis conducted in forensic labs. Moreover, this software is a valuable tool for organizations investigating digital crimes.
The digital forensics market report table of contents includes:
- Executive Summary
- Digital Forensics Market Characteristics
- Digital Forensics Market Trends And Strategies
- Digital Forensics Market - Macro Economic Scenario
- Global Digital Forensics Market Size and Growth
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- Global Digital Forensics Market Competitive Benchmarking
- Global Digital Forensics Market Competitive Dashboard
- Key Mergers And Acquisitions In Digital Forensics Market
- Digital Forensics Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- International Business Machines Corporation
- Cisco Systems Inc.
- OpenText Corporation
- Kroll Associates Limited
- KLDiscovery Inc.
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