Digital Forensics Market To Rise at a 12.3% CAGR from 2019 to 2026: Know More Why | Grand View Research Inc.

Digital Forensics Market To Rise at a 12.3% CAGR from 2019 to 2026: Know More Why | Grand View Research Inc.

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With the continued growth in the exploitation of cyberspace by hackers and fraudsters, the demand for digital forensics has continued to strengthen, with major industry players offering advanced and well-rounded solutions and services to organizations in critical domains, such as BFSI, healthcare, and retail.

The global digital forensics market size is projected to reach USD 4.24 billion by the year 2026, advancing at a healthy CAGR of 12.3% during the forecast period, as per a report by Grand View Research, Inc. Digital forensics is the science of extracting evidence and information from various forms of digital media such as computers, network, or mobile phones. Complicated cases in the digital space can be solved efficiently through the use of this technology. The rising internet penetration coinciding with the increased smartphone penetration, advancements in computing technology, and the rising cases of cyberattacks in various sectors around the globe are some of the key growth driving factors. Digital forensics is very helpful for SMEs with regards to financial frauds and cyberattacks.

Digital forensic tools assist in the analysis and reconstruction of lost data, as well as evidence collection from digital devices. Enterprises are required to follow several regulations and compliances regarding consumer data privacy, such as General Data Protection Regulation (GDPR), California Consumer Privacy Act of 2018 (CCPA), and Personal Information Protection and Electronic Documents Act (PIPEDA), among others. This is expected to encourage the adoption of digital forensic solutions and services. The process of digital forensics involves a number of steps, which include identification of the investigation objective and the tools required, data preservation, analysis and interpretation of the data, documentation of the scene, and presentation of the findings and conclusion to gather facts. Major organizations in domains such as BFSI, healthcare, and government across the globe, have all faced cybercrime issues at some point of time. According to data by the FBI IC3 for 2019, cyber crimes were responsible for the loss of revenue totaling up to USD 3.5 billion, with 467,351 such incidents being reported by individuals and businesses.

The foremost application of digital forensics is found in private and criminal investigation. Digital forensics tools are increasingly being used to resolve issues related to cyber threat in the enterprises. The market is broadly divided on the basis of component (hardware, software, and services); type (computer forensics, network forensics, cloud forensics, and mobile device forensics); tool (data acquisition and preservation, forensic data analysis, data recovery, review and reporting, and forensic decryption, among others); and end-use sectors (government, BFSI, IT and Telecom, retail, and healthcare, among others). Key organizations driving the industry growth include Guidance Software Inc., LogRhythm Inc., AccessData, Paraben Corporation, FireEye Inc., Digital Detective Group Limited, MSAB, and Oxygen Forensics Inc.

U.S. digital forensics market size, by component, 2015 - 2026 (USD Million)

Further key findings from the report suggest:

 1        As per research by Cybersecurity Ventures, cybercrimes are expected to cost the world USD 10.5 trillion annually by the year 2025; this data points towards the importance of cybersecurity and digital forensics for organizations in the coming years

2        According to the data from Cyber Security Breaches Survey 2019, commissioned by Department for Digital, Culture, Media and Sport, U.K., 32% businesses and 22% charities in the region experience data breaches or cyber-attacks, thus shining light on the importance of digital forensics solutions and services

3        With regards to component, the service segment is poised to advance at the highest CAGR of 13.1% over the forecast period, as services offer broad reporting capabilities for authenticating the regulatory compliance with security policies for users

4        The cloud forensics segment is projected to expand at the fastest CAGR of 13.3% through 2026, attributed to the rising adoption of cloud technologies in enterprises globally, which have corresponded to a rise in number of cyberattacks

5        Data acquisition and preservation is projected to witness attractive market growth over the forecast period, aided by the requirement to obtain and preserve evidence without any effect on the data integrity

6        The review and reporting tool segment is projected to register highest growth over the forecast period, as it offers effective evidence analysis and aids jurists in making fact-based decisions

7        The digital forensics solutions and services are being widely adopted in the BFSI sector across the world, owing to the rising number of financial frauds, and the consequent demands to investigate these frauds

8        North America led the global digital forensics market in 2018 and is expected to maintain its dominance over the forecast period, aided by the presence of a large number of notable digital forensics solution and services providers in the region, coupled with the availability of a robust infrastructure to adopt these tools

9        The outbreak of the COVID-19 pandemic has led to remote working operations across most of the industries, which has increased the risk of data theft and cybersecurity issues. With many companies expected to persist with this model over 2021, the demand for the digital forensics market is expected to remain strong

10In December 2020, Exterro announced the acquisition of AccessData, a leading digital forensic investigation technology provider, thus offering companies and agencies an integrated platform across e-Discovery, data privacy, and forensics

11In November 2020, FireEye announced the acquisition of the cybersecurity investigation automation company ‘Respond Software’. The acquisition is expected to provide new avenues for delivering eXtended Detection and Response (XDR) capabilities to a wide range of customers

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Grand View Research has segmented the global digital forensics market based on component, type, tool, end use, and region:

Digital Forensics Component Outlook (Revenue, USD Million, 2015 – 2026)

  • Hardware

  • Software

  • Service

    • Professional Services

    • Managed Services

Digital Forensics Type Outlook (Revenue, USD Million, 2015 – 2026)

  • Computer Forensics

  • Network Forensics

  • Mobile Device Forensics

  • Cloud Forensics

Digital Forensics Tool Outlook (Revenue, USD Million, 2015 – 2026)

  • Data Acquisition & Preservation

  • Forensics Data Analysis

  • Data Recovery

  • Review & Reporting

  • Forensic Decryption

  • Others

Digital Forensics End Use Outlook (Revenue, USD Million, 2015 – 2026)

  • Government

  • Banking, Financial Services, and Insurance (BFSI)

  • IT & Telecom

  • Retail

  • Healthcare

  • Others

Digital Forensics Regional Outlook (Revenue, USD Million, 2015 – 2026)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • MEA

List of Key Players of Digital Forensics Market
• Guidance Software Inc.
• LogRhythm Inc.
• Access data;
• Paraben Corporation
• FireEye Inc.
• Digital Detective Group Limited
• Oxygen Forensics Inc.

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