Network Forensics Market Revenue Predicted to Grow by 2025
Network forensics refers to the capturing, recording, and analysis of network events with a view to discovering the origin of security attacks and other related issues. In other words, network forensics is the specific network analysis that is conducted after security attacks and similar cybercrimes. Numerous methods are used in network forensics. Some kinds of network forensics are similar to law enforcement vehicle checkpoints, wherein network forensics investigators can analyze all the traffic entering a certain point of network. The two broad methodologies of network forensics are stop-look-listen and catch-it-as-you-can.
According to a recent survey conducted by Ponemon Institute, almost 70% of the sampled organizations were losing significant amounts of confidential information or experiencing operational disruption in their operational technology (OT) environments since the last twelve months.
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Global Network Forensics Market: Key Trends
Owing to the greater vulnerability to numerous cyber-adversaries such as cybercriminals, hackers, malicious insiders and nation-states, there has been a greater acknowledgement of the need for network forensics. These entities pose financial, regulatory, and reputational risks to industries worldwide. The banking, financial services, and insurance (BFSI) sector might exhibit greatest demand over the forecast period, emerging as the leading end user. The energy and utilities sector is also expected to contribute a handsome amount of revenue to the overall market. As a result, the demand for network forensics is likely to escalate to a substantial extent, fuelling the market.
On the other hand, privacy laws and other kinds of legal restrictions applying to network forensic investigations might impede the growth of the market. However, fresh opportunities might emerge from the widespread adoption of big data and Industrial Internet of Things (IIoT).
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Global Network Forensics Market: Market Potential
Advanced products are being introduced by several firms. For instance, in March 2017, CSPi Inc., a company providing IT technological security services and managed security, announced the launch of its new solution framework to protect data from cyber-attack. The new Advanced Forensic Framework is powered by the recently introduced Myricom nVoy Series, which can be incorporated into any existing security infrastructure. It features a whole new approach to verifying and detecting threats.
Another key trend in the competitive landscape is the espousal of strategic partnerships and collaborations. For example, a leading industrial cyber security company offering cyber solutions to OT infrastructures, CyberX, announced its partnership with T-Systems and Deutsche Telekom in April 2017. The common objective of these companies is to ensure that critical industrial infrastructures are unaffected by advanced cyber-attacks. T-Systems, a major subsidiary of Deutsche Telecom, caters to prominent IT service providers such as Royal Dutch Shell, Daimler, BP, and Volkswagen.
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Global Network Forensics Market: Regional Outlook
Based on geography, North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe can be the key segments of the global market for network forensics. North America might emerge as the largest market in terms of revenue over the forecast period. The existence of a large number of market players in this region will assist growth. The presence of innumerable small and medium-sized enterprises in Asia Pacific is likely to catalyze growth in the region. The need to protect critical data from advanced persistent threats (ATPs) in highly industrialized nations such as the U.S., Germany, Russia, China, India, Singapore, Australia, France, Italy, and Spain can spawn the growth of the market.
Global Network Forensics Market: Competitive Analysis
Some of the prominent players operating in the global market for network forensics are Symantec Corporation, NIKSUN, IBM Corporation, EMC RSA, NETSCOUT Systems, Viavi Solutions, FireEye, LogRhythm, Savvius, and Cisco Systems.
Strategic alliances, partnerships, mergers, and acquisitions have been adopted by several market players in order to cater to the needs of a larger clientele. For instance, Demisto, Inc., a company innovating security operations technology and ProtectWise TM, a firm that offers unlimited forensic exploration, pervasive visibility, and automated threat detection, entered a strategic partnership in March 2017.
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According to a new report Global Network Forensics Market (2016-2022), published by KBV Research, the global Network Forensics Market is expected to attain a market size of $3.1billion by 2022, growing at a CAGR of 18% during the forecast period. The North America market dominated the Global Network Forensics Market by Region in 2015, and would continue to be a dominant market till 2022; growing at a CAGR of 16.5 %