Tag: digital forensics market

Digital Forensics Market is forecasted to hit US$ 13.93 Billion by 2028

According to Renub Research’s latest report, “Digital Forensics Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” Digital Forensics Market is estimated to reach US$13.93 Billion by 2028. Digital forensics is a versatile field of investigation that can disclose digital evidence related to various electronic device-related crimes and incidents. It may include cyber bullying, hacking, financial fraud, intellectual property theft, data breaches, insider threats, network intrusions, and other computer-related offenses.

Apart from criminal investigations, digital forensics can have diverse applications in civil litigation cases, employment disputes, and internal investigations within organizations. The primary objective of digital forensics is to gather electronic data in a legally defensible manner. This data is then analyzed and presented in a way that is admissible in a court of law.

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Digital forensics market has evolved from investigating minor computer crimes to complex international cases with global impact, involving recovering and analyzing digital evidence from electronic devices related to computer crimes. The rapid use of Internet of Things (IoT) devices, stringent government regulations, and the rise in cyber-attacks on businesses and other malpractices drive the demand for digital forensics software.

In addition, Cloud adoption and BYOD policies have increased with digital transformation, in enterprises to address challenges such as digital device forensic analysis, IT security, incident response, and streamlining business tasks. Despite challenges such as a shortage of skilled professionals and a need for preplanning investments, organizations can overcome these issues by investing in top digital forensic vendors who can analyze and reconstruct data for threat protection and investigation.

Network Forensics dominates the digital forensics market due to the Rapid Expansion of Wireless and Internet Connectivity

Many organizations extensively use network forensics to provide mobile internet access to users, but they remain vulnerable to interception during data transmission. However, to deal with such issues, network forensics has emerged as an essential practice for capturing, recording, and analyzing network packets to identify the source of network security attacks. Unfortunately, using security mechanisms such as Wired Equivalent Privacy (WEP) and Wi-Fi Protected Access (WPA) does not guarantee wireless communication security. As a result, network forensics is recognized as a critical solution in the technology industry, leading to more significant investments in security measures.

Increasingly use of Software devices will surge the demand for Forensics Software in the Digital Forensics Market

The rapid advancement of technology has made it accessible for cybercriminals to commit crimes and hide their tracks. In addition, advances in forensic software tools have also made it easier for investigators to detect and trace digital evidence. Software-based digital forensics tools are widely available and can be easily accessed online. It uses to collect raw data from digital storage devices, including the recovery of hidden and deleted files, in support of e-discovery and makes them accessible to a broader range of users, including law enforcement agencies, legal professionals, and private investigators. However, the rise of cybercrime, including hacking, identity theft, and data breaches, has created a greater demand for forensic software tools.

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Government and Defence segment will flourish in the Coming Years in Digital Forensics Market

As the industry deals with highly confidential data vulnerable to hacking and other personnel misbehavior, ensuring the integrity and availability of data to relevant personnel becomes a necessity and a significant concern. It can attribute to their essential responsibility for ensuring national security, their substantial budgets that allow for investments in advanced digital forensics technologies and tools, the need to protect critical infrastructure such as power plants, transportation systems, and communication networks, and their strict regulatory compliance requirements such as FISMA and HIPAA. These factors significantly influence the development and advancement of digital forensics tools and technologies, making these sectors essential players in the market.

North America dominates the Digital Forensics Market Share

The North American digital forensics market is growing due to the rapidly increase of mobile devices such as cell phones, laptops, and USBs for business continuity and law enforcement, increasing the incidence of cyber-attacks in the region. In addition, the broad adoption of regulatory data requirements by all businesses and the quick response of the cloud drive the area significantly. For example, cyber-attacks on central US banks, including Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo, resulted in consumer data exposure due to muscular network weaknesses. In response, federal officials recommended that these banks monitor their network activities, driving the region’s demand for digital forensics solutions.

Competitive Landscape:

Companies compete in the Digital Forensic market by developing innovative solutions which offer various digital forensic services, including data recovery, computer, and mobile device forensics, incident response, malware analysis, and forensic auditing. Major players competing in the Global Digital Forensic market are IBM, Micro Systemation AB, Open Text Corporation, Nuix Pty Ltd, KLDiscovery Inc., Cisco Systems, Inc., Trend Micro Incorporated, Secureworks Inc. (Dell Technologies, Inc. 

In January 2022, STG, the company that acquired FireEye’s name and products business, announced the launch of Trellix. Trellix is an extended detection and response company that combines FireEye and the McAfee enterprise business.

Market Summary:

  • Types – The report covers Digital Forensic Market in 4 viewpoints (Computer Forensics, Network Forensics, Mobile Device Forensics, and Cloud Forensics).
  • Components – Digital Forensic Market is classified into three viewpoints (Software, Hardware, and Services).
  • Region- Digital Forensic Market breakup into 5 viewpoints (North America, Europe, APAC, EMEA, and Latin America
  • End Users: – Global Digital Forensic Market break up into 6 viewpoints (BFSI, Healthcare& Life Science, Govt.& law Enforcement, Defence& Aerospace, IT&Tc, and Others.)
  • Key Players:- The major players in the industry have provided their respective viewpoints on their company’s overview, recent developments, and revenue. IBM, Micro Systemation AB, Open Text Corporation, Nuix Pty Ltd, KLDiscovery Inc., Cisco Systems, Inc., Trend Micro Incorporated, and Secure works Inc. (Dell Technologies, Inc)

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Digital Forensics Market, Size | Growth Forecast | 2028

Renub Research has recently published a report named “Digital Forensics Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” providing a detailed industry analysis that consists of market share insights. Furthermore, the report studies competitors, regions, and recent Digital Forensics Market growth. Digital Forensics Market will grow at 13.50% CAGR from 2023-2028. The digital forensics industry plays a crucial role in today’s digital age, where digital devices and networks are integral parts of our lives. Digital forensics is a specialized field that encompasses the examination, analysis, and preservation of digital evidence for legal proceedings.It encompasses various activities, including data recovery, computer and network analysis, cybercrime investigation, and incident response.

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The rapid growth of the digital forensics industry can be attributed to several factors.

The increasing prevalence of cybercrime and digital fraud has created a high demand for professionals who can effectively investigate and analyse digital evidence. As cybercriminals become more sophisticated, digital forensics experts are needed to combat these threats and gather evidence that can hold up in a court of law.

The proliferation of digital devices and the exponential growth of digital data have necessitated the need for advanced tools and technologies to handle and analyze this vast amount of information. Digital forensics tools and software have evolved to keep pace with these developments, providing investigators with powerful capabilities to extract, analyse, and interpret digital evidence from various sources.

The growing reliance on digital evidence in legal proceedings, such as criminal investigations and civil litigation, has further fuelled the demand for digital forensics services. Courts and law enforcement agencies increasingly recognize the importance of digital evidence in building strong cases and establishing the guilt or innocence of individuals.

The digital forensics industry is experiencing significant growth due to the increasing prevalence of cybercrime, the proliferation of digital devices, and the reliance on digital evidence in legal proceedings. However, professionals in this field must continuously adapt to technological advancements and address the challenges posed by the ever-evolving digital landscape.

Digital forensics market is witnessing the rapid growth of its computer forensics segment, fuelled by the escalating occurrence of cyber threats and data breaches

The digital forensics market is witnessing growth in the computer forensics segment due to the escalating occurrence of cyber threats and data breaches. As organizations face sophisticated cyber-attacks, the need for professionals skilled in computer forensics has become paramount. Computer forensics involves the identification, extraction, analysis, and preservation of digital evidence from computer systems, networks, and storage devices. This critical process helps in investigating cybercrimes and mitigating the impact of data breaches. With the rising awareness of the importance of digital evidence in cybersecurity investigations, the demand for computer forensics services is expected to continue its upward trajectory in the digital forensics market.

Type – Global Digital Forensics Market has been covered from 4 viewpoints

1.    Computer Forensics

2.    Network Forensics

3.    Mobile Device Forensics

4.    Cloud Forensics

Software category is set to experience significant growth in the digital forensics market during the forecast period.

During the forecast period, the software category in the digital forensics market is set to experience significant growth. This can be attributed to several factors, including the increasing complexity of digital crimes and the need for advanced tools to extract and analyse digital evidence. Digital forensics software offers a wide range of capabilities, such as data recovery, file analysis, and keyword searching, enabling investigators to uncover valuable insights and solve complex cases efficiently. Additionally, advancements in technology, such as artificial intelligence and machine learning, are being incorporated into digital forensics software, further enhancing its capabilities and driving its growth in the market.

Component – Global Digital Forensics Market has been covered from 3 viewpoints

1.    Software

2.    Hardware

3.    Service

Defence forensics market is witnessing an increased government usage due to the rising cyber threats targeting government entities and national security.

The increasing cyber threats targeting government entities and national security have significantly propelled the adoption of digital forensics in the defence sector. The need to investigate and mitigate cyberattacks on critical infrastructure, sensitive data, and national security systems has led governments to prioritize the deployment of advanced forensic technologies. Defence forensics plays a crucial role in identifying the origin, nature, and extent of cyber threats, enabling governments to strengthen their cybersecurity measures and safeguard their assets. The defence sector is investing in cutting-edge forensic solutions and expertise to counter the evolving cyber threats and ensure the integrity of their sensitive information and critical infrastructure.

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

1.    BFSI

2.    Healthcare & life Science

3.    Govt. & law Enforcement

4.    Defence& Aerospace

5.    IT &Tc

6.    Others

North America is well-positioned to drive advancements and maintain its dominance in the digital forensics market

North America is poised to maintain its success in the digital forensics market due to several key factors. The region benefits from advanced technological infrastructure, a strong regulatory framework, and a highly skilled workforce. The presence of major technology companies and government agencies focused on cybersecurity further contributes to North America leadership in digital forensics. Additionally, the region experiences a high number of cyber incidents and data breaches, driving the demand for robust digital forensic solutions. With continuous advancements in technology and a proactive approach towards cybersecurity, North America is expected to remain at the forefront of the digital forensics industry.

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Region –Global 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

Competitive Landscape

IBM, Micro Systemation AB, Nuix Pty Ltd, OpenText Corporation, KLDiscovery Inc., Trend Micro Incorporated, ., Secureworks Inc. (Dell Technologies, Inc.) andCisco Systems, Incare key players in the digital forensics market. These companies offer a wide range of innovative solutions and services tailored to meet the evolving needs of digital forensic investigations. Their expertise in data recovery, incident response, and forensic analysis has earned them a strong reputation in the industry. With a focus on technological advancements, partnerships, and strategic acquisitions, these players continue to shape the digital forensics landscape, providing organizations with effective tools to identify, investigate, and mitigate cyber threats and data breaches. Their contributions play a crucial role in ensuring digital security and preserving the integrity of digital evidence in today’s increasingly complex digital landscape.

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

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