According to the latest report by IMARC Group, titled “Digital Forensics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global digital forensics market share.The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global digital forensics market size reached US$ 5.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 10.9 Billion by 2028, exhibiting a growth rate (CAGR) of 9.9% during 2023-2028.
Digital forensics represents the process of analyzing, recovering, interpreting, and uncovering electronic data. It deals with the investigation, evaluation, and extraction of evidence from digital sources, such as laptops, computers, mobiles, etc. Digital forensics is extensively used to collect information and prosecute all types of crimes, including financial frauds, thefts, murder, etc., gain additional evidence, prevent and suspect crimes from happening, etc. As such, it is also widely utilized in several sectors, including telecommunications, information technology (IT), banking, financial services and insurance (BFSI), etc., across the globe.
Market Trends
The increasing incidences of cybercrimes are among the key factors stimulating the digital forensics market. Besides this, the easy availability of high-speed internet connection and the growing utilization of numerous network-based applications and devices, including e-mail services, computers, cloud-based technologies, internet banking, smartphones, etc., are positively influencing the global market.
Moreover, the widespread adoption of digital forensics, as it aids in supporting the quick and precise investigation of financial frauds and solving cases, is acting as another significant growth-inducing factor. Apart from this, various technological advancements, such as the rising integration of Artificial Intelligence (AI) with digital forensics to precisely observe commonalities in communication and detect elements in photos and videos, are also propelling the market growth. Additionally, the escalating demand for this process to recover deleted files from digital devices and obtain encrypted data is further bolstering the global market. In line with this, continuous improvements in information technology (IT) infrastructures and the launch of favorable policies by government bodies to promote advanced security solutions for protecting sensitive data are anticipated to fuel the digital forensics market over the forecasted period.
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Who Are The Key Players/Companies In The Global Digital Forensics Market?
AccessData Group Inc. (Exterro Inc.), Binary Intelligence LLC, CCL (Solutions) Group Ltd, Digital Detective Group Limited, Global Digital Forensics, KLDiscovery, LogRhythm Inc., Magnet Forensics, MSAB, OpenText Corporation, Oxygen Forensics Inc. and Paraben Corporation.
Key Market Segmentation:
Breakup by Component:
- Hardware
- Software
- Service
Breakup by Type:
- Mobile Forensic
- Computer Forensic
- Network Forensic
- Others
Breakup by Tool:
- Data Acquisition and Preservation
- Forensic Data Analysis
- Data Recovery
- Review and Reporting
- Forensic Decryption
- Others
Breakup by End User:
- BFSI
- IT and Telecom
- Government and Law Enforcement Agencies
- Retail
- Healthcare
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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