The digital forensics market size is projected to reach US$ 24.06 billion by 2031 from US$ 10.6 billion in 2023. The market is expected to register a CAGR of 10.79% in 2023—2031. As more people are using remote devices, there is a greater need for digital forensics and driving investigations and data security solutions, and it is crucial to comprehend and defend against cyber threats; these factors are likely to remain key digital forensics market trends.
Digital forensics plays a crucial role in both security and law enforcement due to the increase in cybercrimes. Its initial emphasis was on computer forensics, but as its importance has grown, it has broadened to include all digital data devices. Due to the increasing usage of digital devices, traditional methods of investigation are unable to keep up with the strategies used by current cyber criminals. Digital forensics is particularly good at locating and apprehending criminals, determining their intentions, and supporting civil litigation settlements. The spread of IoT and BYOD practices increases complexity, necessitating knowledge of managing a variety of devices and addressing legal nuances.
The field of forensic science known as "digital forensics" is devoted to the identification, acquisition, processing, analysis, and reporting of data that is stored electronically. Nearly all illegal acts include electronic evidence, and digital forensics help is essential for law enforcement investigations. Numerous devices, including laptops, cellphones, remote storage, unmanned aerial vehicles, shipborne equipment, and more, can be used to gather electronic evidence.
Cyber threats now have a much wider target due to the growing use of remote devices like IoT gadgets and remote workstations. It is now essential to use digital forensics to look into and mitigate these new hazards. The need for digital forensics services and solutions has increased as a result of the necessity to keep an eye on and look into security breaches or suspicious activity on remote devices. At the same time, companies are under pressure to make significant investments in strong data security solutions due to the increased awareness of data breaches and ongoing assaults. However, security events continue in spite of preventive efforts. These days, digital forensics is essential for analyzing these occurrences, locating weak points, and offering insightful information to improve data security. The need for data security measures and the importance of digital forensics in the investigation process.
The emergence of cryptocurrencies such as Ethereum and Bitcoin has created substantial prospects for the field of digital forensics. Because these digital assets are decentralized and provide anonymity, criminals engaged in ransomware attacks, cybercrimes, and money laundering find them appealing. Experts in digital forensics are, therefore, increasingly called upon to look into these kinds of situations. The foundation of cryptocurrencies is blockchain technology, which offers an unchangeable and transparent transaction record. Using this technique, digital forensics detectives may monitor money transfers and find people connected to illegal activity. As specific tools and methods for blockchain research have been developed, a burgeoning area of digital forensics is emerging. The ability to investigate cryptocurrencies as they develop will be essential in the continuous battle against cybercrime.
Key segments that contributed to the derivation of the digital forensics market analysis are type, component, and end-user.
The geographic scope of the digital forensics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America has dominated the digital forensics market. Regarding the adoption of digital forensics solutions across key industry sectors, the region has been incredibly transparent and competitive, and it generates the most income globally overall. In North America, the Internet is essential to business, especially in the US. To prevent illegal access to key data and infrastructure, digital forensics solutions must be implemented by the government and corporations.
Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of digital forensics market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the digital forensics market.
The regional trends and factors influencing the Digital Forensics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Digital Forensics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 10.6 Billion |
| Market Size by 2031 | US$ 24.06 Billion |
| Global CAGR (2023 - 2031) | 10.79% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Digital Forensics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Digital Forensics Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The digital forensics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
(Source: ADF Solutions, Press Release, 2024)
(Source: Softcell Technologies Global Private Limited, Press Release, 2022)
The "Digital Forensics Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The global digital forensics market is expected to reach US$ 24.06 billion by 2031.
The key players holding majority shares in the global digital forensics market are Forensicon, R3 Digital Forensics, FireEye, Inc., DIGITAL FORENSICS, Binary Intelligence, LLC, Kroll, LLC., LogRhythm, Inc., Magnet Forensics, Cyber Security Intelligence, IBM.
The use of cryptocurrency is anticipated to play a significant role in the global digital forensics market in the coming years.
As more people are using remote devices, there is a greater need for digital forensics and driving investigations and data security solutions, and it is crucial to comprehend and defend against cyber threats. These factors are the major factors that propel the global digital forensics market growth.
The global digital forensics market was estimated to be US$ 10.06 billion in 2023 and is expected to grow at a CAGR of 10.79% during the forecast period 2024 - 2031.