Network Forensics Market Projected to Grow at 14.1% CAGR through 2025
Growing security concerns and lack of security infrastructure among enterprises is one of the key factors driving the market. According to Cost Of Cyber Crime Study 2017 by Accenture, successful breaches per company every year has risen more than 27% from average 102 attacks to 130. Also, IT organizations lack necessary tools to adequately investigate and stop data breaches. Hence, enterprises are looking for network forensics solutions to solve network security breaches as well as improve network and application performance.
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Also, organization focus on network troubleshooting to prevent revenue losses is also playing an important role in the growth of this market. However lack of highly skilled labor is affecting the growth of network forensics market globally. Advancement in wireless technologies, deeper internet penetration, and rise in the number of connected devices leding to the growth of the Internet of Things is creating new opportunities for network forensics solution vendors, helping in the growth of network forensics market globally.
Network forensics market is divided into four segments, namely deployment type, component, end use industry and geographical regions. On the basis of the deployment type, the network forensics market has been further segmented into on premise and cloud based. The on premise segment is holding the largest market share in 2016. However, with the growth in mobile devices, and IoT various organizations are looking for cloud based solutions especially in small and medium enterprises.
On the basis of the component segment the network forensics market has been divided into hardware, software and services. The software segment is expected to have the highest market revenue share by 2025. The services segment is expected to grow at the highest CAGR during the forecast period. The growth of software solutions is due to its increasing deployments for network security and network troubleshooting to reduce downtime and increase productivity.
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On the basis of geographies, the network forensics market has been divided into North America, South America, Europe, Asia Pacific and Middle East and Africa. North America is expected to hold the highest market share of more than 30% in 2025, followed by Asia Pacific regions. The growth of network forensics in North America region is owing to increasing cyber security threats especially among government and banking sectors. Furthermore, Asia Pacific is expected to have the highest CAGR value of more than 15% for the forecast period, followed by South America.
The growth of cloud based network forensics solutions is mainly due to increase in demand of network forensic solution within small and medium businesses. India, China and Japan are among the major countries in the network forensics market for Asia Pacific region. Also, growing digitization and growth of connected devices has significant effect on the network forensics market in Brazil. Moreover, as a part of the strategy, many companies are focusing on mergers and acquisitions for an increased geographical reach in the global network forensics market.
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Some of the major players in the global network forensics market Symantec Corporation, RSA Security, FireEye, Inc., NIKSUN Incorporated, NETSCOUT Systems Inc., LogRhythm, Inc., IBM Corporation, VIAVI Solutions Inc., Savvius, Inc. and Cisco Systems, Inc.
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