Digital forensics market to reach $5203.3 million by 2026
Published 11 January 2021
The global digital forensics market size is projected to reach $5203.3 million by 2026, according to research by Valuates Reports.
In 2020, this market was estimated to hit USD 4741.2 million, at a CAGR of 9%, with North America and Asia Pacific regions being the key growth contributors, during the period 2021-2026, according to Valuates research.
Digital forensics is a technique which includes recovery and interpretation of data found in digital devices for use in a court of law. The digital forensic investigation comprises three stages which includes the acquisition of exhibits, investigation, and reporting.
Increasing cybercrimes and innovation in digital forensic research show an increasing trend for the digital forensics market in the near future.
The major factors driving the growth of the Digital forensics market size are stringent government regulations, massive use of Internet of Things (IoT) devices, and the increasing instances of cyber-attacks on enterprises. As a result, businesses and organisations found it crucial to implement digital forensic technologies and services to recover data lost in an unusual event or attack, the report said.
Trends influencing the digital forensics market size
An increase in the use of IoT devices is expected to drive the growth of the digital forensics market size. The prevalence of IoT devices, such as smart transport, vehicle communication, autonomous vehicles and smart homes, has made themselves vulnerable to cyberattacks, the report said.
North America is expected to hold the largest digital forensic market share during the forecast period.
Another cybersecurity vulnerability also drives the digital forensics market: cryptocurrencies, which is subjected to cyber-attacks on financial gains, geographic rivalry, interpersonal rivalry, and reputation defacement, the report added.
An effective digital forensic solution is necessary to regenerate sensitive data that may have been lost during cryptocurrency storage or trade.
Another key application of digital forensics lies in private and criminal investigations. Factors such as increasing Internet penetration, the use of electronic devices and smart devices, among others, have contributed to a spike in cyberattacks across the globe.
The rising severity of cyberattacks is expected to further fuel the demand for digital forensic market size. Many companies in the region have embraced cloud technologies to streamline work processes. In addition, the rapid penetration of mobile devices, such as smartphones, and laptops, to support business continuity has further accelerated the frequency of cyberattacks in the region.
The North American digital forensics market’s main growth driver is the widespread adherence to data enforcement regulations by all businesses and the rapid introduction of cloud computing. Asia Pacific region is expected to witness the highest growth during the forecast period due to increasing instances of cybercrimes, the report said.