Network Forensics Market (Deployment Type - on premise, cloud based; Component - hardware, software, services; End use - BFSI, Telecom and IT, Government, Education, Healthcare, Retail) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Albany, NY -- (SBWIRE) -- 08/14/2018 -- The global network forensics market was valued at US$ 1,324.8 Mn in 2016 and is expected to expand at a CAGR of 14.1% from 2017 to 2025, reaching US$ 4,232.0 Mn by the end of the forecast period. North America will continue to be at the forefront of global demand, with the market growing at a CAGR above 12%. The growing network traffic and stringent adoption of government regulations, and rise of connected devices have a significant impact on the growth of network forensics market.
Growing security concerns, lack of security infrastructure among enterprises and increasing organization focus on network troubleshooting to prevent revenue losses is playing an important role in the growth of this market. As enterprise are doing more with network and it tends to become more and more complex, the visibility into network traffic has decreased. Also, IT engineers are finding it difficult to troubleshoot network outages leading to loss of company's productivity and revenue. So, organizations are using network forensics solution for monitoring and troubleshooting networks.
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Network forensics market is divided into four segments, namely deployment type, component, end use industry and geographical regions. As per the report, the cloud based deployment model tends to be more sought-after among users. The growth of cloud based network forensics solutions is mainly due to its cost-effectiveness and increase in demand for network forensic solution within small and medium businesses. The cloud based segment is expected to grow at a CAGR of above 18% during the forecast period. The services segment is expected to grow at the highest CAGR among the component segment during the forecast period.
Also, among the services segment, the consulting segment continues to hold the largest market share during the forecast period. Additionally, many end use industry verticals especially government and BFSI are looking for network forensics solutions to protect their critical infrastructure from cyberattacks. Also huge amount of public data is in play among government institutions, this data needs to be protected from being misused by cybercriminals. However, if data is damaged or stolen, network forensics helps in reconstructing its occurrence and prevent further damage.
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As per geographies, the network forensics market can be segmented into five regions namely, North America, South America, Middle East and Africa, Asia Pacific and Europe. Among these, North America is expected to have the highest market revenue share of above 35% for the year 2025. The growth of network forensics market in North America region is owing to increasing adoption for network forensic solutions by government and BFSI sectors to protect their customer's data from security breaches. Asia Pacific region is expected to have the highest CAGR during the forecast period.
Digitization, increasing cloud penetration, and the advent of Internet of things (IoT) across the region is one of the major reasons for the growth of network forensics market. Within Asia Pacific region, India, China and Japan are the major contributors for the network forensics market, because of growing digitization in the region. Europe is expected to show a steady growth over the forecast period, because of prominent economies such as the United Kingdom, Germany and France. Also due to stringent government regulations in the European region, various end use industries are adopting network forensic solutions to protect their customer data which is driving the demand.