Digital Forensics Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Digital Forensics Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Global Digital Forensics Market is forecasted to hit US$ 13.93 Billion by 2028, according to Renub Research. The modern world has witnessed an increased dependence on the latest digital technology. With the widespread adoption of the internet, smartphones, social media platforms like Facebook, Internet of Things (IoT), GPS, fitness trackers, and even smart cars, it has become increasingly difficult for digital forensics investigators to retrieve digital data. Digital forensics retrieves and analyzes digital data related to computer and cybercrimes, with the aim of uncovering and preserving electronic evidence. It involves a systematic investigation that includes collecting, identifying, and validating digital information to ensure its original form is preserved.

Global Digital Forensics Market is expected to grow at a CAGR of 13.50% during the forecast period 2022-2028

The field of digital forensics is rapidly expanding and is dedicated to the examination, protection, analysis, and presentation of digital evidence in legal contexts. Experts in this field utilize specialized techniques and tools to collect and scrutinize data from digital devices, including computers, mobile phones, and other forms of digital media, with the purpose of identifying proof related to illegal activities, security breaches, and criminal offenses. The digital forensics industry comprises diverse professions, including forensic analysts, investigators, examiners, and legal specialists who specialize in digital evidence. These professionals operate in various settings, such as law enforcement agencies, government institutions, private investigation firms, and cybersecurity organizations. Worldwide Digital Forensics Market was valued at US$ 6.52 Billion in 2022.

Network Forensics' Growth is due to the Rapid Expansion of Wireless Connectivity and the Internet

Based on Type, Digital Forensics industry is divided into Computer Forensics, Network Forensics, Mobile Device Forensics and Cloud Forensics. Network forensics is expected to have a significant market share during the forecast period, as wireless communication devices are vulnerable to data theft. By capturing, recording, and analyzing network packets, network forensics identifies the source of security breaches. Security techniques like WEP and WAP are insufficient for ensuring wireless safety, leading to the increasing popularity of network forensics in various industries.

The computer forensics has gained second significance industry in recent years due to the growing occurrence of cybercrime and the need for digital evidence in legal proceedings. Law enforcement agencies, government organizations, corporations, private investigators, and individuals avail the services of computer forensics professionals to investigate various digital offenses, including computer-related crimes, data breaches, and intellectual property theft. The industry is anticipated to expand in the future as the frequency of cyber threats and incidents continues to rise.

Rapid Progress of Technology has caused a widespread Shift towards the Digital Realm will surge the demand of Forensics Software

Based on Components, Digital Forensics industry has been classified into Hardware, Software and Services. In the coming years, the software segment is projected to hold a considerable market share due to its ability to reduce processing time and identify fraud and theft based on evidence. Digital forensic software enables users to gain insight into data trends, analyze fluctuations, and assess potential risk factors. This software also allows for efficient searching, identification, and prioritization of evidence on mobile devices and computers. Furthermore, companies are emphasizing the development of adaptable digital forensic software that can extract data from various mobile devices.

The services segment is expected to hold a significant market share in the future as digital forensic services collaborate with digital forensic hardware and software to streamline the identification and examination of vital data. Additionally, digital forensics services tend to be expensive and are commonly offered by prominent organizations like KPMG, PwC, among others. As a result, the major portion of the costs involved in providing such services is attributed to skilled personnel, licenses, and training.

Government and Defense Segment is expected to exhibit a significant Compound Annual Growth Rate (CAGR)

By End-Use, Digital Forensics industry has been segmented into Government, Banking, Financial Services, and Insurance (BFSI), IT & Telecom, Retail, Healthcare and Others. The Government and Defense sector dominated the market share owing to its high susceptibility to cyber-attacks and insider threats due to the storage, transfer, and use of highly confidential data. Therefore, ensuring data integrity and restricting access to unauthorized personnel becomes a critical and topmost priority for the sector. As data loss or theft can pose a threat to national security, substantial investments are made in various hardware, software, and services, contributing to its largest share among other industry verticals.

The role of digital forensics in counter-terrorism is significant in upcoming years. Military and defense professionals and experts utilize computer forensics to assess network architecture and vulnerable systems that terrorists may attempt to access. The military and defense sector has a crucial responsibility to ensure data integrity and grant access to the appropriate individuals. Data theft is linked to national security, and therefore substantial investments in hardware, software, and services are made to safeguard against it, resulting in its prominent position.

North America is expected to maintain its position as the Largest Market for Digital Forensics

The Global Digital Forensics Market is categorized into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and Latin America, based on geography. The North American region is expected to dominate the market share, owing to several organizations operating in the digital forensics industry and higher rates of technological integration in the region. This has resulted in an increased concern for maintaining data privacy and integrity, especially with the rise of remote working, cloud computing, and BYOD culture. The region has also witnessed a higher incidence of cyber-attacks, phishing, and social engineering due to the presence of prominent headquarters of companies. Consequently, organizations in the region are investing in digital forensics solutions to mitigate such threats.

Analysis of Competitors in the Digital Forensics Market

The market for digital forensics is characterized by moderate competition and the presence of several key players. Given the technology-driven nature of the market, vendors are continuously introducing new features to their products. IBM, Micro Systemation AB, OpenText Corporation, Nuix Pty Ltd, KLDiscovery Inc., Cisco Systems, Inc., Trend Micro Incorporated, Secureworks Inc. (Dell Technologies, Inc.) are among the top players in this industry.

Deloitte has been selected as a ""capability partner"" by the Police Digital Service in the UK to provide support for its Digital Forensics Program (DFP) through a £2.3 million contract that was contested by only one other management consultancy in February 2023.

Renub Research Latest Report “Digital Forensics Market, by Type (Computer Forensics, Network Forensics, Mobile Device Forensics, Cloud Forensics), Component (Software, Hardware, Services) by Region (North America, Europe, APAC, MEA, Latin America) by End User (Government, Banking, Financial Services, and Insurance (BFSI), IT & Telecom, Retail, Healthcare, Others) by Company (IBM, Micro Systemation AB, OpenText Corporation, Nuix Pty Ltd, KLDiscovery Inc., Cisco Systems, Inc., Trend Micro Incorporated, Secureworks Inc. (Dell Technologies, Inc.))"" studies the Digital Forensics Market. The report also comprises qualitative factors such as drivers, restraints, and opportunities

Type – Digital Forensics Market has been covered from 4 viewpoints

1. Computer Forensics
2. Network Forensics
3. Mobile Device Forensics
4. Cloud Forensics

Component – Digital Forensics Market has been covered from 3 viewpoints

1. Software
2. Hardware
3. Services

Region - Digital Forensics Market has been covered from 5 viewpoints

1. North America
2. Europe
3. Asia-Pacific (APAC)
4. Middle East and Africa (MEA)
5. Latin America

End User – Digital Forensics Market has been covered from 6 viewpoints

1. BFSI
2. Healthcare & life Science
3. Govt. & law Enforcement
4. Defense& Aerospace
5. IT &Tc
6. Others

Company Insights:Digital Forensics Market has been covered from 3 viewpoints

• Overview
• Company Initiatives
• Sales Analysis

Company Analysis:

1. IBM
2. Micro Systemation AB
3. OpenText Corporation
4. Nuix Pty Ltd
5. KLDiscovery Inc.
6. Cisco Systems, Inc.
7. Trend Micro Incorporated
8. Secureworks Inc. (Dell Technologies, Inc