Burlingame, Nov. 13, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, Digital Forensics Market size was valued at US$ 4,501.0 Million in 2019 and is expected to surpass US$ 9,453.0 Million by 2030 and is anticipated to witness a compound annual growth rate (CAGR) of 10.8% from 2020 to 2027. Rise in cases of digital crime is a key factor propelling digital forensics market growth. According to the Cyber Security Breaches Survey 2019, commissioned by Department for Digital, Culture, Media and Sport, U.K., 32% businesses and 22% charities in U.K. experience data breaches or cyber-attacks. Moreover, emergence of Interenet of Things (IoT) and rising usage of smartphone are further projected to propel market growth.
Industry Overview
Growing adoption of cloud-based services has created freedom for cyber criminals to misuse the technologies and access to the personal information of customers. Also, rising usage of electronic devices and increasing penetration of internet has further given access cyber criminal to misuse the data. All these factors are projected to increase the adoption digital forensics, thereby boosting the market growth.
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Market Trends:
Increasing government initaitives to raise awareness regarding the cyber-crime is a recent trend in the global digital forensics market. For instance, As per Ministry of Home Affairs (MHA), to improve the mechanism to deal with cyber crimes in a comprehensive and coordinated manner, the Ministry of Home Affairs has provided financial assistance to all the States & UTs under Cyber Crime Prevention against Women & Children (CCPWC) scheme to support their efforts for setting up of cyber forensic-cum-training laboratories, training, and hiring of junior cyber consultants.
Digital Forensics Market Report Coverage
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2023 to 2030 CAGR | 10.8% |
| Market Size in 2019 | $4,501.0 million |
| 2027 Value Projection | $9,453.0 million |
| Base Year | 2019 |
| Historical Data for | 2017 to 2019 |
| Segments covered | •By Forensic Type, By Component, By Tools, By Vertical |
| Growth Drivers | • Increasing Cyber-attacks on Enterprises • Increasing Adoption of Digital Forensic Techniques in the BFSI Sector |
Market News / Recent Developments
In October 2023, Softcell and Binalyze announce strategic partnership to provide digital forensics and incident response solutions in India. The strategic partnership aimed at reshaping the landscape of cybersecurity and digital forensics.
In August 2023, Magnet Forensics entered into partnership with Jamf, the industry standard in managing and securing Apple endpoints at work— to simplify the digital investigation of macOS endpoints.
In November 2023, Cado Security, provider of the first and only cloud-native digital forensics platform, announced a partnership with SentinelOne, an autonomous cybersecurity platform, to deliver the breadth and depth security teams need to detect, investigate, and respond to incidents with unmatched speed.
Read complete market research report, "Digital Forensics Market, By Forensic Type, By Component, by Tools, By Vertical and by Region, Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027", Published by Coherent Market Insights.
Analysts’ Views
Enterprises worldwide are highly focused on digitization of data and this is leading to sharing of data in large amount. Due to this the organization have become highly vulnerable to cybercrime. Thus, growing digitization worldwide will create profitable market opportunities for key players in the digital forensics market. According to the Forbes, in 2018 Tech Pro Research survey, 70 percent of survey respondents said that their companies either have a digital transformation strategy in place or are working on one.
The global digital forensics market is segmented into:
By Forensic Type: Computer forensics, Network forensics, Mobile device forensics, and Cloud forensics
By Component: Hardware, Software, and Services
By Tools: Data Acquisition and Preservation, Forensics Data Analysis, Data Recovery, Review and Reporting, Forensic Decryption, and Others
By Vertical: Government and Defense, Banking, Financial Services, and Insurance (BFSI), Telecom and IT, Retail, Healthcare, and Others
Competitive Landscape
AccessData Group, Inc., Guidance Software, Inc./OpenText Corp., Oxygen Forensics, Paraben Corporation, Cellmark Forensic Services, Binary Intelligence, LLC, FireEye, Nuix Pty Ltd., IBM Corporation, LogRhythm, Inc., Magnet Forensics Inc., and Cisco Systems, Inc.
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