Digital Forensics Market worth $18.2 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 18, 2023 /PRNewswire/ -- The ability of the market for digital forensics to change with new laws, regulations, and threat environments will define its future. Investigation, prevention, and mitigation of cybercrimes will continue to rely heavily on digital forensics in cybersecurity and law enforcement activities.

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 a new 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.

Browse in-depth TOC on "Digital Forensics Market"

424 - Tables
49 - Figures
304 - Pages

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Scope of the Report

Based on t

he 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.

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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.

Top Key Companies in Digital Forensics Market:

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.

Recent Developments

• In March 2023, Nuix expanded its partnership with Fujitsu, enhancing its European portfolio with a focus on investigative analytics and intelligence software to tackle crime, data privacy, and fraud challenges, enabling data-driven decision-making and comprehensive data management.
• In February 2023, IBM and Palo Alto Networks partnered to improve incident response capabilities. This partnership uses Palo Alto Networks' Cortex products to enhance IBM's X-Force security, offering customers a holistic view of cyber threats, speeding up responses, and enhancing cybersecurity resilience.
• In August 2022, OpenText's EnCase Forensic v22.3 introduced AFF4 functionality, enabling comprehensive digital evidence analysis with support for physical and logical image reading, expediting security investigations, and truth discovery.
• In May 2022, Cisco AppDynamics and Alertops joined forces in a technology integration partnership, empowering users with advanced alerting, escalation policies, workflows, and scheduling for efficient major incident resolution.
• In February 2021, Cellebrite and Axon joined forces, integrating Cellebrite's Digital Intelligence platform with Axon Evidence. This partnership streamlines digital evidence management for law enforcement, enhancing efficiency and speeding up the justice process.

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Digital Forensics Market Advantages:

• Digital forensic findings support criminal and civil cases by demonstrating or disproving facts, and they are legally accepted as evidence in court.
• Even from damaged or partially erased storage media, lost or destroyed data can be recovered with the help of digital forensics techniques and tools.
• Digital forensics is essential to incident response because it enables businesses to locate the origin and extent of a cybersecurity event and limit additional harm.
• Digital forensics are used by businesses to guard against theft and unauthorised access to intellectual property, trade secrets, and sensitive data.
• By demonstrating the security of sensitive information, digital forensics aids organisations in adhering to data protection and privacy rules.
• In order to analyse malware and understand its behaviour, causes, and effects in order to reduce threats, digital forensics is essential.
• In order to safeguard the integrity and reliability of the evidence for judicial proceedings, digital forensics makes sure the chain of custody is upheld.
• It supports the preservation of evidence while protecting the privacy, accuracy, and accessibility of digital data during an investigation.
• With the use of digital forensics, data and evidence may be prioritised and categorised, allowing investigators to concentrate on the most important parts of a case.

Report Objectives

• To define, describe, and forecast the Digital Forensics Market based on - component, type, deployment mode, vertical, and region.
• To define, describe, and forecast the Digital Forensics Market by - component, security type, authentication type, vertical, and region.
• To forecast the market size of five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America
• To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market
• To provide detailed information related to the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Digital Forensics Market
• To analyze opportunities in the market for stakeholders by identifying high-growth segments of the Digital Forensics Market
• To profile the key players of the Digital Forensics Market and comprehensively analyze their market size and core competencies in the market
• To track and analyze competitive developments, such as new product launches; mergers and acquisitions, and partnerships, agreements, and collaborations in the global Digital Forensics Market.

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