Digital Forensics Market will grow at 13.50% CAGR from 2023-2028

Renub Research has recently published a report named "Digital Forensics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," 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 reach US$ 13.93 Billion by 2028. Digital forensics plays a vital role in addressing the challenges of technological advancements in the modern world. It involves recovering, investigating, and analysing digital evidence for legal purposes in various contexts, such as criminal investigations, corporate security, incident response, and civil litigation.

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It has expanded beyond computers to encompass networks, mobile devices, cloud computing, and social media. The emergence of IoT devices posed new challenges, while big data analytics and machine learning facilitated the processing of large datasets. Crypto currency and blockchain analysis have become increasingly important. As technology evolves, digital forensics will adapt to leverage AI, automation, data privacy, and encryption to combat digital crimes effectively.

The rise in cybercrime has fuelled the growth of the digital forensics market as organizations seek assistance in investigating, mitigating, and preserving digital evidence. This increased demand shall continue due to the need to combat cybercrime effectively. Astra Security predicts around 33 billion breached accounts, averaging 2,328 daily breaches and 97 victims per hour in 2023. Additionally, with 800,000 recorded cyber-attacks, hackers launch attacks approximately every 39 seconds.

The growth of businesses in the digital realm has fuelled the digital forensics market. Increased reliance on digital infrastructure and online transactions has escalated the risk of cyber threats and data breaches, leading to a higher demand for digital forensics services. The digital forensics market shall continue growing as businesses prioritize cybersecurity and invest in preventive measures. In addition, cloud adoption and policies like BYOD (Bring Your Own Device) have increased the risk of intrusion as more devices are connected to enterprise networks, making digital forensics crucial in investigating security incidents and ensuring system integrity.

Increasing occurrence of cyber threats and data breaches is aiding the growth of the computer forensics segment in the digital forensics market

Computer forensics is crucial due to the increasing reliance on computer systems and digital devices, which brings the potential for criminal activities and misuse. It aids in recovering lost or deleted data and investigating security breaches, helping organizations respond effectively and enhance cybersecurity defences. It ensures compliance with data protection laws. The computer forensics segment in the digital forensics market is growing due to the digitalization of business activities, generating confidential data that requires protection and integrity. Computer forensics plays a vital role in data protection, giving the segment a significant share of the digital forensics market.

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Type - Digital Forensics Market has been covered from 4 viewpoints

1. Computer Forensics
2. Network Forensics
3. Mobile Device Forensics
4. Cloud Forensics

Software category in the digital forensics market will bloom during the forecast period

Digital forensics software is a specialized tool that aids in investigating, analysing, and managing digital evidence. It enables collecting and examining digital artifacts from computers, mobile devices, networks, and cloud storage, incorporating advanced technologies like data recovery, keyword searching, and metadata analysis. These software solutions support cybersecurity investigations, incident response, compliance, and legal proceedings by automating tasks, improving efficiency, and ensuring the integrity of evidence propelling software growth in the digital forensics market. With the increasing reliance on digital evidence, organizations undergoing digital transformation require robust digital forensics software to handle investigations, data recovery, and incident response effectively.

Component - Digital Forensics Market has been covered from 3 viewpoints

1. Software
2. Hardware
3. Service

Rising cyber threats targeting government entities and national security cyberattacks are advancing government usage in the defence forensics market

The government utilization of digital forensics has stimulated the expansion of the digital forensics market. Government agencies heavily depend on digital forensics to investigate cybercrimes, assist law enforcement activities, and obtain evidence for legal proceedings. Government regulations and compliance standards contribute to the widespread adoption of digital forensics across various sectors.
Digital forensics significantly prevents terrorism by tracking online activities, identifying individuals involved, and disrupting terrorist activities. It also helps mitigate cybersecurity vulnerabilities and protect critical infrastructure. The government utilization of digital forensics contributes to expanding the digital forensics market.

End User - Digital Forensics Market has been covered from 6 viewpoints

1. BFSI
2. Healthcare & life Science
3. Govt. & law Enforcement
4. Defense& Aerospace
5. IT &Tc
6. Others

North America will keep succeeding in the digital forensics market

North America is a significant player in the digital forensics market, driven by advanced technology, a high incidence of cybercrimes, strict regulations, and increasing digitalization in sectors like government, finance, and healthcare. The region's prominence is further supported by leading digital forensics companies, research institutions, and government cybersecurity initiatives. In the US alone, 2,200 cyber-attacks occur every 39 seconds on average, with an estimated cost of US$9.44 Million per data breach, as per Astra Security. The USA strong cybersecurity focus, technological capabilities, and recognition of digital evidence's importance significantly impact the digital forensics market, playing a crucial role in legal proceedings, law enforcement, and national security efforts.

Region - 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, OpenText Corporation, Nuix Pty Ltd, KLDiscovery Inc., Cisco Systems, Inc., Trend Micro Incorporated, and Secureworks Inc. (Dell Technologies, Inc.) are critical players in the digital forensics market.

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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