Digital Forensics Components Market is expected to reach at $ 34.42 billion by 2032 Segments Analysis by Top Key Players :Accessdata Group, Inc., Binary Intelligence LLC, MSAB, Guidance Software, Inc., Oxygen Forensics, Cellmark Forensic Services, LogRhyt

The global digital forensics market size was valued at USD 5.31 billion in 2021 and is expected to reach at $ 34.42 billion by 2032 at a CAGR of 16.45% over the forecast period. Increasing cases of sophisticated digital crime coupled with rising security concerns across various industries, such as financial institutions, IT and telecom, and retail, among others are expected to drive the market growth. Furthermore, the emergence of the Internet of Things (IoT) and increasing use of smartphones, computers, tablets, and other electronic devices is anticipated to further contribute to the growth.

Rising adoption of cloud services and devices with in-built IoT has given a leeway to cybercriminals to exploit technological limitations and gain access to customer information. Increased risk of viruses and malware, allows hackers to gain access to customer information. Rising use of electronic devices along with rising penetration of the internet gives hackers easy access to customer data, such as emails, messages, and financial transactions, among others. These factors are expected to drive demand for digital forensics to investigate financial frauds and cyberattacks.

Component Insights
Based on components, the digital forensics market is segmented into hardware, software, and services. The services segment is further bifurcated into professional services and managed services. The software segment accounted for a significant market share in 2018 as it minimizes processing time and also detects fraud and theft based on evidence. Digital forensic software allows a user to understand the trends related to the relevant data, fluctuations in data, and to analyze potential risk factors.

Digital forensic software enables users to quickly search, identify, and prioritize the evidence, through mobile devices and computers. Also, the companies are focusing on developing flexible digital forensic software, which can gather data from various mobile devices. For instance, EnCase Forensic, a flexible digital forensic solution offered by OpenText Corp, can gather data from GPS, smartphones, and tablets, among other mobile devices. The development of such flexible software digital investigation is further expected to propel the segment growth.

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The report provides a comprehensive analysis of company profiles listed below:

Accessdata Group, Inc., Binary Intelligence LLC, MSAB, Guidance Software, Inc., Oxygen Forensics, Cellmark Forensic Services, LogRhythm, Inc., CCL Solutions Group Ltd., FireEye, Inc., Global Digital Forensics, Cellebrite, Paraben Corporation, Magnet Forensics, Inc., Digital Detective Group

Digital Forensics Components Market Types:

Computer Forensics, Network Forensics, Mobile Device Forensics, Cloud Forensics.

Digital Forensics Components Market Applications:

Defense and Aerospace, BFSI, Telecom and IT, Transportation and Logistics, Retail, Healthcare, Others

ervices segment is expected to grow at the highest CAGR during the forecast period
Digital forensic service providers offer professional and managed services. The professional services segment has been further segmented into digital investigation and consulting, incident response, system integration, training and education, and support and maintenance. Digital forensic services augment the implementation of digital forensic hardware and software and streamline the strategy of detecting and analyzing critical data. Moreover, digital forensics services are expensive and primarily being offered by big firms, such as PwC, KPMG, and E&Y. Hence, the major portion of the cost incurred is from skilled labor, and certifications and training.

Computer forensics segment dominate the digital forensics market during the forecast period
Advancements in technologies have intensified the sophistication of attacks on digital devices, such as computers and laptops. The majority of business and personal transactional activities are performed electronically, wherein deals are performed over emails, and the confidential data is saved on personal address books and hard drives. The identification, preservation, collection, analysis, and reporting on evidence found on such devices are termed as computer forensics. Computer forensics has received a fair deal of recognition and attention from various government agencies and regulators. The computer forensic software and hardware are capable of recovering data from encrypted, deleted, and password-protected files.

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Rise in the use of cryptocurrencies to open new avenues in digital forensics market
Cryptocurrency is a digital asset that works in a decentralized manner and makes use of cryptographic algorithms for secure data transfer. Cryptocurrencies are not regularized and issued by the central government. Cryptocurrency exchange is a simple process between 2 parties. Cryptocurrency transactions involve the exchange of public and private keys between 2 parties. The transaction fee is also minimal. Some of the famous bitcoins that are accepted across the globe include Bitcoin, Ethereum, Ripple, and Litecoin. In 2017, the price of Bitcoin soared to USD 20,000.

Cryptography ensures the data exchanged between 2 parties is subject to confidentiality, integrity, non-repudiation, and authentication. However, with the boom in cryptocurrency, cases of frauds are also increasing. Cryptocurrencies are subject to cyber-attacks for financial gains, regional rivalry, interpersonal rivalry, and reputation defacement. When a cryptocurrency fraud occurs, it may be difficult to detect the artifacts. A suitable digital forensic solution would be required to regenerate the critical data that may have been lost during the cryptocurrency storage or exchange. Therefore, cryptocurrency is one of the prime areas that would be tested by cybercriminals, which in turn, is expected to ignite the need for digital forensics.

Lack of digital forensics preplanning among enterprises
Most enterprises are of the opinion that digital forensic solutions and services would be needed only after a breach takes place. Enterprises need to select a digital forensic solution that would be the best fit for their business requirements. Enterprises should not follow the reactive approach and should adopt the proactive approach of preplanning for threat protection and digital forensics. Preplanning activities should include developing the roadmap and documentation, strong coordination between the enterprise's legal department and digital forensic vendor, and creation of a record book and response measures.

The lack of digital forensic preplanning and investments can result in serious setbacks for enterprises. Therefore, enterprises should invest in contracts with the best digital forensic vendors, which would aid in detecting, preserving, and analyzing, and reconstructing data. The threat hunting provision offered by digital forensic vendors is also a boon for enterprises, as the provision would help enterprises prepare security programs that can detect advanced threats.

Scope of this Report:

This report segments the global Digital Forensics Components market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
The report helps stakeholders understand the pulse of the Digital Forensics Components market and provides them with information on key market drivers, restraints, challenges, and opportunities.
This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, and acquisitions.
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