Digital Forensics Market Perceives A Fabulous Growth Prospects; Unleashed Market Insights Till 2023

The global digital forensics market is estimated to reach USD 5 billion at a CAGR of over 11% during the forecast period (2017-2023), asserts Market Research Future (MRFR) in its extensive report. Digital forensics is a branch of forensic science incorporating the recovery and investigation of material found in digital devices, often related to computer crime and admissible for its use in a court of law.

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Digital forensic investigation comprises three stages, namely - acquisition of exhibits, reporting, and investigation. Innovation in digital forensic research and surge in cybercrimes catapults the trend for digital forensics market in the near future. Moreover, growing usage of internet and tremendously increasing popularity of connected devices across various industry verticals such as manufacturing, retail and IT & telecommunications, banking, financial services, and insurance (BFSI), and healthcare are stimulating the growth of the global market.

Also, the surge in sophisticated digital crimes and terrorist attacks, economic growth in developing countries as well as rise in security concerns across different industries are major factors contributing to the rise in the global digital forensics market. Nevertheless, rising intricacy of mobile devices and heavy utilization of cloud-based applications may undermine the market growth in coming years. Innovation in digital forensic tools can also play a major role in fuelling the growth rate of the market.

Digital Forensics Market Segmentation

The global digital forensics market is segmented by type, component, end user, and deployment. By deployment, the market is divided into cloud and on-premise deployment models. Cloud forensics is an application used in cloud computing environments. Legally, cloud-based digital forensic science often implies multi-jurisdictional and multitenant situations. The on-premise based deployment segment is projected to hold the largest market share of the market. This can be credited to rising security issues to prevent data leakage.

The end user sectors making use of digital forensics are primarily healthcare, education, banking, and defense & aerospace. When it comes to the healthcare sector, digital forensic procedures are increasingly being used to safeguard patients' lives and the medical professionals respectively. Remote monitoring of patients and real-time detection of emergency situations that threaten the patient's life are some of the factors that render digital forensics extremely crucial in the healthcare domain. The defense and aerospace sector employs digital forensics for cell-site analysis, facial recognition, audio analysis, chip-off and many others.

Regional Analysis

The global digital forensics market spans across North America, Asia Pacific, Europe, and Rest of the World. North America is touted to have the largest share of the market, whereas Europe is proposed to grow at the fastest rate during the forecast period. The North America market growth can be accredited to increasing adoption of cloud-based technologies as well as technological advancements. High terrorism activities coupled with a rise in cybercrimes are key drivers that boost the growth of the digital forensics market in Asia-Pacific region.

Key Players

The prominent key vendors in the digital forensics market are SecureWorks Inc. (U.S.), Guardian Digital Forensics (U.S.), CYFOR (U.K.), AccessData (U.S.), Perkinelmer, Inc., (U.S.), Guidance Software, Inc. (U.S.), FireEye, Inc. (U.S.), MSAB (Sweden), Stroz Friedberg LLC (U.S.), FRONTEO Inc. (Japan) and many others. Mergers and acquisitions are a common strategy used by these players to increase their market share.

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This release was published on openPR.