Global Digital Forensics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $7 billion by 2024 from $3 billion in 2016, growing at a CAGR of 12.6% from 2016 to 2024. By geography, Asia-pacific and Rest of the World (RoW) are expected to grow at a CAGR of 18.1% and 13.8%, respectively, during the forecast period.
Digital forensics is a process of process of recovering and interpreting the data found in digital devices for cross examination and recreating past events. The global digital forensics market is majorly driven by factors such as increasing security concerns, rapid rise in digital crimes, and economic growth in emerging economies.
Factors such as increasing complications involved in operating mobile devices, and rising use of cloud based applications could hamper the growth of the market. Additionally, technological advancements in digital forensic tools could create future prospects for the market in years to come.
On the basis of type, the market is segmented into computer forensics, network forensics, cloud forensics, mobile device forensics, database forensics and others. Computer forensics held the largest market share in 2016, driven by widespread use of computer forensics in both private and criminal law investigation, in order to examine, and recover data or evidence related to computer crime.
By application segment, the market is categorized as law enforcement, healthcare, education, banking, financial services & insurance, information technology, transportation & logistics, and defense & aerospace. The law enforcement application accounted for the maximum market share in the overall application segment in 2016, driven by augmented implementation of digital forensics in collecting, analyzing and presenting data as evidences in a court of law.
The global digital forensics market by geography is bifurcated into North America, Europe, Asia-Pacific and Rest of the World (RoW). Where, North America accounted for the largest market share of 53.1% in 2016, owing to adoption of advanced technologies and increased cybercrime rates in countries such as U.S. and Canada. Asia-Pacific is to attain the fastest CAGR of 18.1% during the forecast period 2016-2024, owing to increased piracy threats and cybercrimes increased government expenditure in digitalization of sectors such as law enforcement, banking, information technology, and defense, among others.
The key players operating in the digital forensics market include Global Digital Forensics, Binary Intelligence, LogRhythm, Inc., ASR Data, Paraben Corporation, Guidance Software, Inc., Access Data Group, Fireeye Inc., Digital Detectives and Lancope, Inc., among others.