Digital Forensics Market worth $18.2 billion by 2028 – Exclusive Report by MarketsandMarkets™
– MarketsandMarkets
The global market for digital forensics is projected to grow from USD 9.9 billion in 2023 to USD 18.2 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 12.9%.
This growth is driven by the increasing prevalence of cybercrimes and the expanding digital landscape.
Digital forensics plays a crucial role in investigating and mitigating cyber threats, as it uncovers criminal intent and connects events, from cyber fraud to data theft.
The rise of IoT devices and Bring Your Own Device (BYOD) practices, along with the demand for robust data security solutions, has further emphasized the importance of digital forensics.
Cloud forensics, in particular, is experiencing rapid growth due to the shift in data storage and processing to the cloud.
Organizations are increasingly migrating to the cloud, and there is a need for specialized expertise in extracting, analyzing, and preserving digital evidence from cloud-based platforms.
The services segment holds the largest market share in the digital forensics industry.
Organizations often lack the in-house expertise for intricate and time-consuming digital forensics investigations, leading them to rely on specialized service providers.
Outsourcing digital forensics needs to service providers is often more cost-effective and enables organizations to leverage their expertise and resources.
Asia Pacific is the fastest-growing region in the digital forensics market, driven by rapid digital economic growth and the high rate of internet penetration.
The region’s governments are investing significantly in cybersecurity and digital forensics, and there is growing awareness of cybercrime among organizations and individuals.
Key players in the digital forensics market include IBM, Cisco, Cellebrite, OpenText, Nuix, Exterro, MSAB, Magnet Forensics, LogRhythm, and KLDiscovery, among others.
These companies offer a range of digital forensics solutions to address the evolving cybersecurity landscape.
Recent developments in the market include partnerships and collaborations between major players to enhance incident response capabilities, expand portfolios, improve digital evidence management for law enforcement, and introduce new functionality for comprehensive digital evidence analysis.
Overall, the digital forensics market is poised for significant growth due to the increasing need for cybercrime investigation and prevention in a rapidly evolving digital world.
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