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(Wireless-NewsWire.Com, June 08, 2022 ) According to a research report "Digital Forensics Market by Component (Hardware, Software, and Services), Type (Computer Forensics, Network Forensics, Mobile Device Forensics, and Cloud Forensics), Tool, Vertical, and Region - Global Forecast to 2022" published by MarketsandMarkets, The digital forensics market size is expected to grow from USD 4.62 Billion in 2017 to USD 9.68 Billion by 2022 , at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period. The demand for digital forensics is expected to be driven by stringent government regulations and the increasing instances of cyber-attacks on enterprises. Moreover, the massive use of Internet of Things (IoT) devices is expected to increase the demand for digital forensics software during the forecast period.
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Services segment is expected to grow at the highest CAGR during the forecast period
Digital forensic service providers offer professional and managed services. The professional services segment has been further segmented into digital investigation and consulting, incident response, system integration, training and education, and support and maintenance. Digital forensic services augment the implementation of digital forensic hardware and software and streamline the strategy of detecting and analyzing critical data. Moreover, digital forensics services are expensive and primarily being offered by big firms, such as PwC, KPMG, and E&Y. Hence, the major portion of the cost incurred is from skilled labor, and certifications and training.
Computer forensics segment dominate the digital forensics market during the forecast period
Advancements in technologies have intensified the sophistication of attacks on digital devices, such as computers and laptops. The majority of business and personal transactional activities are performed electronically, wherein deals are performed over emails, and the confidential data is saved on personal address books and hard drives. The identification, preservation, collection, analysis, and reporting on evidence found on such devices are termed as computer forensics. Computer forensics has received a fair deal of recognition and attention from various government agencies and regulators. The computer forensic software and hardware are capable of recovering data from encrypted, deleted, and password-protected files.
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North America to hold the largest market size during the forecast period
North America is estimated to be the largest contributor to the global digital forensics market in 2017, as the region has always been most receptive to the adoption of digital forensics. Moreover, it is home to several digital forensics key players. Most of the organizations in the region have adopted the cloud technology for streamlining work processes. Additionally, the rapid penetration of mobile devices, such as smartphones, laptops, and USBs to assist business continuity, have further accelerated the frequency of cyber-attacks in this region. The widespread adherence to data compliance regulations by all enterprises and the rapid deployment of the cloud are expected to act as key growth drivers of the North American digital forensics market. Furthermore, due to the high adoption of cloud-based applications in North America, the number of attacks is increasing dramatically and becoming more sophisticated. Hence, various government and law enforcement agencies in the US are taking initiatives toward strengthening the digital forensic sector.
Key Market Players
Major vendors in the global digital forensics market include AccessData (US), Cellebrite (Israel), MSAB (Sweden), OpenText (Canada), Oxygen Forensics (US), ADF Solutions (US), Coalfire (US), Digital Detective (US), LogRhythm (US), Magnet Forensics (Canada), Paraben (US), and Nuix (Australia). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to further expand their presence in the global digital forensics market.
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