The global Digital Forensics market size is projected to reach USD 8733.9 Million by 2028, from USD 4741.2 Million in 2021, at a CAGR of 9.0% during 2022-2028, according to Valuates Reports.
Major factors driving the growth of the Digital Forensics market:
Investments in digital forensics solutions have been prompted by an increase in ransomware, malware, cyberattacks, and other illegal data acquisition techniques. Furthermore, the demand for the digital forensics market has grown as a result of the expansion of government regulations to meet data protection standards.
The increasing use of cloud services and IoT-enabled gadgets has allowed cybercriminals more room to take advantage of technological gaps and access client data. Increased vulnerability to malware and viruses makes it easier for hackers to obtain customer data. Customers’ emails, texts, and financial transactions are just a few examples of the kind of data that hackers can easily access because of the growing popularity of electronic devices and the internet. The demand for digital forensics to look into financial frauds and cyberattacks is anticipated to increase as a result of these causes. Data extraction from electronic evidence, conversion into usable intelligence, and presentation of the results for prosecution are the major objectives of digital forensics. All procedures make use of reliable forensic methods to guarantee that the information is acceptable in court. This factor is expected to drive the growth of the Digital Forensics market.
Additionally, businesses all around the world are concentrating on the digitization of data. Enterprises are now more susceptible to cybercrime due to the sharing of this volume of data both internally and outside. Enterprises are negatively impacted by cyberattacks in terms of data leaks and revenue loss, as well as damage to the brand and reputation. As a result, there is a rising demand for digital forensics products and services due to the increasing susceptibility of businesses to cyberattacks. This in turn will fuel the Digital Forensics market. If a company’s computer systems or networks are compromised, it aids the company in obtaining crucial information. efficiently finds cybercriminals wherever they may be. aids in safeguarding the organization’s money and priceless time.
Due to the rise in cybercrime, governments all over the world are developing digital forensics. The sector most susceptible to cyberattacks is the federal one. Cyberattacks on governmental entities are typically carried out for political purposes, regional rivalries, terrorism, and other reasons Government organizations are now focusing on implementing digital forensics solutions and services to deal with such incidents. This will further propel the Digital Forensics market.
Increased cryptocurrency use is creating new opportunities in the Digital Forensics market. Cyberattacks against cryptocurrencies might be carried out for monetary gain, geographical rivalry, interpersonal rivalry, or reputation damage. It could be challenging to spot the artifacts of a bitcoin fraud. To recover the crucial data that might have been lost during the storage or exchange of cryptocurrency, a proper digital forensic solution would be needed. Cryptocurrency is therefore one of the key areas that cybercriminals would test, which is expected to spark the need for digital forensics.
The services segment is anticipated to experience the fastest growth. Professional and managed services are provided by digital forensic service providers. The professional services market has been further divided into the following subsegments: incident response, training and education, support and maintenance, and digital investigation and consulting.
A significant increase in the government sector is anticipated. The widespread use of digital forensics tools in legal systems is to blame for this supremacy.
Since North America has always been the region most open to adopting digital forensics, it is estimated that the region will make up the largest portion of the global market for digital forensics. Several influential figures in digital forensics also call it home. The majority of businesses in the area have embraced cloud computing to streamline business operations.