Digital Forensics Market 2020-2026
Global Digital Forensics Market Size, Share & Trends Analysis Report by Type (Computer Forensics, Mobile Device Forensics, Network Forensics, and Others) By End-User (Banking, Financial Services and Insurance (BFSI), Government and Law Enforcement Agencies, Healthcare and Life Science, Defense and Aerospace, IT and Telecommunication, and Others), and Forecast Period 2021-2027
The global digital forensics market is growing at a CAGR of nearly 13.0% during the forecast period. The major factors that are augmenting the growth of the market include the rising incidences of cybercrime and the extensive usage of IoT devices. Digital forensics is used in criminal investigations and private investigations. It is used to secure evidence and provide it to the court for decision making. It is useful in civil cases as it is useful in electronic discovery. Digital forensics is very useful against cyberattack and other cyber crimes as it can track down cybercriminals across the globe. It is useful for storing evidence for any cases or investigation.
Digital forensics is extremely useful to organizations as it can recover the data when the organization's computer networks have been compromised. Increasing demand for cloud computing forensic and data security pushing the growth of the market. However, the lack of skilled professionals is one of the major causes of restraining market growth. Digital Forensics is modern technology and it may not be cost-effective for small enterprises that is acting as a restraining factor for the market.
The market is segmented based on type and end-user. Based on type, the market is segmented into computer forensics, mobile device forensics, network forensics, and others. Further, based on the end-user segment, the market is segmented into banking, financial services and insurance (BFSI), government and law enforcement agencies, healthcare and life science, defense and aerospace, IT and telecommunication, and others.
Global Digital Forensics Market Share by End-User, 2020 (%)
Source: OMR Global
Based on end-user, the market is segmented into banking, financial services, and insurance (BFSI), government and law enforcement agencies, healthcare and life science, defense and aerospace, IT and Telecommunication. In 2020, BFSI held the largest share in the market as it is highly vulnerable to spear-phishing and ransomware attacks that are rising drastically in the industry. The increasing use of smartphones for banking purposes, such as payment, money transfers and so on has significantly increased the risk of targeting this device by cyber attackers. Digital forensics examination of smartphones may be essential in investigations to identify data breach or theft and providing the origin and scope of the threat. Apart from this, financial institutions can use digital forensics techniques to assess the security of their mobile banking applications that enables to protect customer's device against cyber-attacks.
The market is further analyzed based on geographical regions such as North America, Europe, Asia Pacific, and the Rest of the World. In 2020, North America held the largest share in the market owing to the well-developed information and communications technology (ICT) infrastructure and rising number of cyber-attacks in the region. A rapid increase in cyber-attacks has been observed over a few years. This growth is majorly attributed owing to the increasing adoption of cloud-based services in the region, as cloud computing platforms are more vulnerable to cyber-attacks and data leakages.
This, in turn, is contributing to the demand for digital forensics to collects, processes, preserves, analyzes, and show computer-related evidence for counterintelligence, fraud, network vulnerability mitigation, criminal, or law enforcement investigations. Asia-Pacific is estimated to witness the fastest growth in the market during the forecast period. The rising adoption of cloud computing and internet penetration has resulted in the growth of cybercrimes and digital crimes in the region. This, in turn, is expected to offer an opportunity for market growth.
Global Digital Forensics Market Growth, by Region 2021-2027
Source: OMR Global
Market Players Outlook
Key players operating in the market include IBM Corp., Fire Eye Inc., Cisco Systems, Inc., Micro Systemation AB, and Secure works Inc. To survive in the market, the market players are using different marketing strategies such as mergers and acquisitions, product launch, and geographical expansion, and so on. For instance, in December 2020, Exterro acquired Access Data, a digital forensics provider. This acquisition augments the vision of Exterro to empower customers to manage their risk and compliance (GRC), legal governance obligations while keeping and ensuring the extreme levels of data integrity defensibly and proactively. By combining forces with Access Data, Exterro can provide companies, government agencies, law enforcement, law firms and legal service providers with the only solution available to address all legal GRC and digital investigation requirements in one integrated platform.
The Report Covers
Market value data analysis of 2020 and forecast to 2027.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global digital forensics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.
REST OF THE WORLD DIGITAL FORENSICS MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027($ MILLION)