The global digital forensics market accounted to US$ 3,080.5 Mn in 2017 and is expected to grow at a CAGR of 10.9% during the forecast period 2018 – 2025, to account to US$ 6,945.6 Mn in 2025.
As new technologies evolve, lawbreakers find distinct methods to use these technologies to obligate crimes. With the explosion of web technologies almost all major businesses in the world have web presence thus exposing their data to legitimate and illegitimate users. Computers, mobile devices and clouds and IoT have become intrinsic part of our lives. Businesses have streamlined their operation saving millions of dollars because of the web technologies and services. Because of such intricate involvement of technology in all aspects of our lives, it also has become legal evidence in both civil and criminal cases. Digital evidences admitted in courts could be any file or fragment recovered from the storage devices such as email, browsing history, graphics, photographs, or application documents. These files may be undeleted or deleted.
Exhibit: Lucrative Regional Markets
Rising penetration of connected devices driving the overall market
Digital forensics market is expected to experience significant growth in the coming years due to the increasing demand focus on privacy, security and growing use of smart devices which include intelligent transport system, smart city and smart healthcare, exhibiting substantial market growth. Digital forensics has set the highest growth record in North America in 2017. Whereas, APAC is expected to grow at a fast pace and therefore have highest growth rate during the forecast period.
Global Digital Forensics market is segmented by segment type into following categories; Investment Assessment & Auditing, Permitting & Compliance, Project & Information Management, Monitoring & Testing, and Others. Environmental consultancies offer a wide variety of services to different sectors for reporting on the impact of the industries on the environment and for effectively complying with the government regulations of the country. These services helps the organizations in effective production and expansion without harming the environment in any way for the present as well as future.
The software for digital forensics can be further categorized into open software and commercial software. The open software are the one that are available for free to the customers, whereas the commercial software are those that provide paid services. Some of the popular commercial forensics software comprises of EnCase Forensic, AccessData FTK, Nuix, Vogon Forensic Software, SafeBack and X-Ways Forensics. Whereas, The Coroner's Toolkit, Data Dump, Grep and mb5sum are some of the widely used free forensics software available.
The APAC market is bifurcated into countries: Australia, China, India, Japan, and rest of APAC. The APAC region comprises a broad geographical footprint that embeds large number of industrial and economic growth which foresee huge adoption of digital forensics. However, only some of the developed countries such as China and Japan have readily adopted digital forensics in various sectors, otherwise the technology is still in the developing phase in other majority countries of APAC.
Exhibit: Global Digital Forensics Market by Component
New product development was observed as the most adopted strategy in global digital forensics industry. Few of the developments are listed below:
2018: FireEye Security Suite introduced enterprise-grade security for midmarket organizations. FireEye will launch three core subscription solutions: FireEye Endpoint Security, FireEye Network Security and FireEye Email Security, plus one comprehensive suite, FireEye Security Suite.
2018: FireEye extended its cyber threat security problems with new software and next-generation hardware at reasonable costs and increasing flexibility. The company showcased FireEye Network SmartVision, which leverages machine-learning structure to identify suspicious threat movements.
2018: Kroll launched New Kroll CyberRiskRankER solutions for insurance industry. The product is a cyber-risk platform, online automated solution integrated with the help of Kroll’s Cyber Security and Investigations team to Measure Company’s cyber risk maturity designed for insurance industry including brokers, underwriters, and applicants.
GLOBAL DIGITAL FORENSICS – MARKET SEGMENTATION
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