Northbrook, IL 60062 -- (SBWIRE) -- 10/30/2023 -- The global Digital Forensics Market size is projected to grow from USD 9.9 billion in 2023 to USD 18.2 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period, according to research report by MarketsandMarkets™.

The expansion of the digital forensics market is propelled by the increasing prevalence of cybercrimes and the expanding digital landscape. This surge in cybercrimes has made digital forensics indispensable for law enforcement, as it excels in uncovering criminal intent and connecting events, from cyber fraud to data theft. Moreover, the rise of IoT devices and BYOD practices has added complexity, necessitating adaptability from professionals. Furthermore, monitoring remote devices and the demand for robust data security solutions have heightened the importance of digital forensics in investigating and mitigating cyber threats. This symbiotic relationship between security demands and digital forensics continues to drive market growth.

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Based on the type, cloud forensics is to grow at the highest CAGR during the forecasted period.

Cloud forensics within the digital forensics market is experiencing the fastest growth due to the profound shift in how data is stored and processed. As organizations increasingly migrate their operations to the cloud for scalability, cost-efficiency, and accessibility, the digital footprint left in the cloud has expanded exponentially. This transition has led to a surge in demand for specialized expertise in extracting, analyzing, and preserving digital evidence from cloud-based platforms. With an ever-expanding landscape of cloud providers, storage solutions, and complex network architectures, the need for tailored cloud forensics solutions has become paramount to address the unique challenges this evolving digital ecosystem poses, fueling its rapid growth.

By component, service accounts for the highest market size during the forecast period.

The services segment commands the largest market share in the digital forensics industry for several compelling reasons, such as organizations frequently requiring assistance with intricate and time-consuming digital forensics investigations often lack the in-house expertise to conduct them effectively. Consequently, these organizations turn to specialized service providers for support. Furthermore, the rapidly evolving nature of the digital forensics field, with the continuous emergence of new technologies and threats, poses a challenge for organizations to stay updated. On the other hand, service providers can allocate resources to remain abreast of the latest trends and technologies. Additionally, outsourcing digital forensics needs to service providers often proves more cost-effective than maintaining in-house teams, as providers can leverage their expertise and resources across multiple clients. These factors collectively underpin the dominance of the services segment in the digital forensics market.

By region, Asia Pacific is to grow at the highest CAGR during the forecast period.

The Asia Pacific region is growing fastest in the digital forensics market due to key factors like rapid digital economic growth, which has propelled it to become one of the world's fastest-growing regions. This economic surge has fostered the widespread adoption of digital devices and online services, subsequently escalating cybercrime incidents. The region boasts the highest internet penetration rate globally, translating to a substantial and expanding population of internet users, further amplifying the cybercrime challenge. In response to this burgeoning threat, governments across the Asia Pacific are investing significantly in cybersecurity and digital forensics to safeguard critical infrastructure. Simultaneously, organizations and individuals have a growing awareness of cybercrime, intensifying the demand for digital forensics services to investigate and prosecute cybercrimes. These converging factors have established Asia Pacific as the epicenter of digital forensics growth.

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IBM (US), Cisco (US), Cellebrite (US), OpenText (Canada), Nuix (Australia), Exterro (US), MSAB (Sweden), Magnet Forensics (Canada), LogRhythm (US), KLDiscovery (US), Paraben (US), Cyfor (UK), Oxygen Forensics (US), Griffeye (Sweden), CCL Solutions Group Ltd (England), Global Digital Forensics Inc (US), Kroll Inc (US), Digital Intelligence (US), Optiv Security Ltd (US), Cado Security (England), Elcomsoft (Russia), Binalyze (Estonia), Varutra (US), Bluevoyant (US), Binary Intelligence (US), and Bounga Informatics (Singapore) are the key players and other players in the digital forensics market.

Key Dynamic Factors For Digital Forensics Market:

Growing Cybersecurity Risks: To analyse and lessen security breaches, there is a growing need for digital forensics tools and services due to the frequency and sophistication of cyberattacks.

Regulatory Compliance: Organisations must invest in digital forensics solutions to ensure compliance and respond to data breaches as a result of evolving data protection and privacy requirements, such as the CCPA and GDPR.

Technological Developments: Digital forensics is a highly reliant field on technology. Developments in digital devices, encryption, and data storage need for constant innovation in forensic techniques and instruments.

Cloud computing and the Internet of Things (IoT): As cloud services and the IoT proliferate, digital forensics faces new difficulties. Data investigation in these settings calls for certain knowledge and equipment.

The COVID-19 epidemic and the shift towards remote work have brought to light the necessity of digital forensics capabilities for the investigation of occurrences using cloud-based tools and remote work settings.

Big Data and Analytics: Digital forensics tools that can effectively handle and analyse massive datasets are necessary due to the growing amount of data being generated by both individuals and corporations.

Artificial intelligence and machine learning are being integrated into digital forensics systems to improve process automation, anomaly detection, and large-scale dataset analysis.

Globalisation of Cybercrime: Since cybercriminals operate internationally, digital forensics specialists must cooperate across borders and overcome jurisdictional and regulatory obstacles.

Competitive and Segmentation Analysis:

The market for digital forensics is very competitive and may be divided into different segments according on end users, tools, services offered, and geographical areas. The industry offers a variety of services, including incident response, network forensics, cloud forensics, mobile device forensics, and computer forensics. Designed to meet the various needs of law enforcement agencies and organisations, each of these segments focuses on a certain area of digital investigations.

The market provides a broad range of options in the tools category, including forensic software, hardware, and specialised forensic kits made for certain kinds of investigations. Professionals may gather, store, and evaluate digital evidence more effectively with the help of these technologies.

Government and law enforcement organisations, corporate entities, small and medium-sized businesses, and individuals are all included in the end-user segmentation. Given their role in investigating cybercrimes and preserving national security, government and law enforcement organisations have historically been major users of digital forensics services and techniques. Corporate organisations are spending more and more on digital forensics to safeguard their information, guarantee compliance, and handle emergencies.

Geographically speaking, the digital forensics market is worldwide, with growth being fueled by North America, Europe, Asia-Pacific, and other areas. Because of the prevalence of cybercrime and the presence of big businesses, North America has a significant market share. The growing usage of digital forensics solutions in emerging nations and growing worries about cybersecurity are driving considerable growth in the Asia-Pacific area as well.

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