Digital Forensics Market Forecast (2024-2031), Size, Share
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 Market Analysis
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.
Digital Forensics Market Overview
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.
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Digital Forensics Market: Strategic Insights
Market Size Value in US$ 3,080.5 Million in 2017 Market Size Value by US$ 6,945.6 Million by 2025 Growth rate CAGR of 10.9% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Digital Forensics Market: Strategic Insights
| Market Size Value in | US$ 3,080.5 Million in 2017 |
| Market Size Value by | US$ 6,945.6 Million by 2025 |
| Growth rate | CAGR of 10.9% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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Digital Forensics Market Drivers and Opportunities
Growing Need for Data Security and Digital Forensics Solutions to Favor Market
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.
Use of Cryptocurrency
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.
Digital Forensics Market Report Segmentation Analysis
Key segments that contributed to the derivation of the digital forensics market analysis are type, component, and end-user.
- Based on type, the digital forensics market is divided into endpoint forensics, network forensics, cloud forensics, and mobile forensics. The endpoint forensics segment is anticipated to grow in the forecast period.
- By component, the market is segmented into software and services. The software segment is anticipated to grow in the forecast period.
- Based on end-user, the Digital Forensics Market is divided into government, BFSI, healthcare, retail, manufacturing, and communications & media services. The BFSI segment is anticipated to grow in the forecast period.
Digital Forensics Market Share Analysis by Geography
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.
Digital Forensics Market Report Scope
Digital Forensics Market News and Recent Developments
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:
- In January 2024,- ADF Solutions, one of the pioneers in digital forensics, announced the launch of Version 5.8. With the ability to scan Chrome OS devices, a revolutionary development has been set to redefine the landscape of computer forensic evidence collection. This groundbreaking release marks a significant leap forward, showcasing ADF's commitment to innovation, excellence, and meeting the evolving needs of our digital forensics community.
(Source: ADF Solutions, Press Release, 2024)
- In October 2023, Softcell Technologies Global Private Limited (Softcell), one of the leading IT services providers headquartered in Mumbai, and Binalyze, the creator of AIR, the fastest and most comprehensive Digital Forensics and Incident Response (DFIR) platform, are thrilled to announce a strategic partnership aimed at reshaping the landscape of cybersecurity and digital forensics.
(Source: Softcell Technologies Global Private Limited, Press Release, 2022)
Digital Forensics Market Report Coverage and Deliverables
The "Digital Forensics Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Types ; Component ; and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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