The global digital forensics market is expected to grow from US$ US$ 3080.5 Mn in 2017 to US$ 6945.6 Mn by 2025 at a CAGR of 10.9% between 2018 and 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.
The Digital forensics market segmentation is done on the basis of type, component, and end-user. The type segment of digital forensics market includes end-point forensics, network forensics, cloud forensics and mobile devices. Also, the digital forensics market has been bifurcated on the basis of component into software and services. Lastly, these various software and hardware tools for digital forensics are used across a large number of industry verticals. Thus, the end-user segment also forms the basis of market segmentation in the study. Consecutively, the market for digital forensics on the basis of end-users is segmented into Government, BFSI, Healthcare, Retail, Manufacturing and Communication & Media Services. On the basis of geography, the Digital forensics market is analyzed into North America, Europe, Asia- Pacific (APAC), Middle East & Africa (MEA) and South America (SAM).
Europe comprises of highly developed economies and is affecting positively for the machine learning market, as businesses are open to adopting new emerging technologies. This enables them to spend more on the attainment of skilled labors and efficient business processes. Also, as purchasing power of individuals is quite high the competition to provide them with the best product is also very high, which forces the industries to implement effective intelligent strategies. The population growth of Europe is very slow as compared to the other regions in the world. The region has higher death than birth rates, and registers lowest birth ratio in the world. This is due to lower-fertility rates as there are fewer women of child bearing age. Also, the labor available is expensive, which could be a big challenge for Europe in the future. Europe’s population is continuously decreasing for instance, it is anticipated that Italy will lose 28 percent of its population by 2050. This will result in decreasing working age population in the region and further increase the demand for labor outsourcing.
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 is has set the highest growth record in North America in 2016. Whereas, APAC is expected to grow at a fast pace and therefore have highest growth rate during the forecast period. BFSI industry is the largest application segment among other digital forensics application however, the growth of digital forensics in government applications including is rising digital forensics market in coming years. Some of the global key players operating in the digital forensics market are AccessData, R3 Digital Forensics, ODiscovery, Cyfor, and Binary Intelligence, LLC. Also, FireEye, Inc., LogRythm, Inc., Magnet Forensics, Inc., Kroll Associates, Inc., and Global Digital Forensics Inc. are other key companies in the digital forensics market.