Market Size of Digital Forensics Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 6.65 Billion |
Market Size (2029) | USD 12.21 Billion |
CAGR (2024 - 2029) | 12.92 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Digital Forensics Market Analysis
The Digital Forensics Market size is estimated at USD 6.65 billion in 2024, and is expected to reach USD 12.21 billion by 2029, growing at a CAGR of 12.92% during the forecast period (2024-2029).
- The massive use of Internet of Things (IoT) devices coupled with factors such as stringent government regulations and increasing cyber-attack instances on enterprises are expected to drive the demand for digital forensics software during the forecast period.
- Digital forensics has grown from addressing minor computer crimes to investigating complex international cases that significantly affect the world. Digital forensics includes recovering and investigating material found in digital devices, often concerning computer crimes.
- Most forensics are oriented toward desktops, laptops, and associated media, including hard drives, floppy disks, and optical discs. However, other forms of digital forensics, such as mobile phones and other handheld devices, are becoming increasingly popular for digital curation and preservation. The adoption of digital forensics is growing due to the advancements in IoT devices, such as traditional crime lab infrastructure, increasing penetration in corporate sectors, and the rise in cyber attacks and crimes. For instance, according to the Internet Crime Complaint Center (ICC) and Federal Bureau of Investigation (FBI), 43,300 cases of online identity theft were reported to the IC3. Phishing and similar fraud ranked first, with 2,41,342 complaints.
- Additionally, as enterprises worldwide are transforming digitally, cloud adoption has been on the rise, which brings policies, such as BYOD, to the forefront in many industries. The increase in cloud computing applications providing access to files and other data from anywhere has made collaboration for different teams from different locations simpler for companies. Therefore, if more devices are connected to an enterprise, more sources would be available for hackers to intrude into the enterprise networks.
- Lack of skilled professionals and preplanning investments among Organizations could restrain the market unless the organization could invest in the best digital forensic vendors who could able to detect, analyze and reconstruct the data and make the enterprises follow a proactive approach for threat protection and digital forensics where there is a chance for the market growth. Other factors, such as lack of specialized skills, usage of proprietary operating systems, and high level of encryption in new mobile applications, may hinder the market's growth.
- During COVID-19, the demand for remote working solutions surged due to the organization's transition from conventional workplace methods to working from home by complying with legal and societal goals, such as social distancing and self-isolation. During this period, significant organizational stress and crisis, newer fraud and misconduct risks emerged, internal controls lagged behind the evolving threats, and the need for forensic investigations increased.
Digital Forensics Industry Segmentation
Digital forensics is identifying, preserving, analyzing, and presenting digital evidence. Digital forensics enables the extraction of evidence by examining and evaluating data from digital devices. It is used to recover and inspect the data while maintaining its originality. The scope of the study covers the market based on various digital forensics types, such as mobile forensics, computer forensics, and network forensics, and their uses in different end-user industries worldwide.
The Digital Forensics Market is segmented by Component (Hardware, Software, Service), by Type (Mobile Forensics, Computer Forensics, Network Forensics), by End-user Vertical (Government and Law Enforcement Agencies, BFSI, IT, and Telecom), by Geography (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa). The market sizes and forecasts are provided in terms of value in USD for all the above segments.
By Component | |
Hardware | |
Software | |
Service |
By Type | |
Mobile Forensics | |
Computer Forensics | |
Network Forensics | |
Other Types |
By End-user Vertical | |
Government and Law Enforcement Agencies | |
BFSI | |
IT and Telecom | |
Other End-user Verticals |
By Geography | |
North America | |
Europe | |
Asia-Pacific | |
Latin America | |
Middle East and Africa |
Digital Forensics Market Size Summary
The digital forensics market is poised for significant growth, driven by the increasing prevalence of IoT devices, stringent government regulations, and a rise in cyber-attacks targeting enterprises. This sector has evolved from addressing minor computer crimes to tackling complex international cases, encompassing the recovery and investigation of digital evidence from various devices, including desktops, laptops, and mobile devices. The market's expansion is further fueled by the growing adoption of cloud computing and the need for robust security measures in digitally transforming enterprises. However, challenges such as a shortage of skilled professionals and the complexities of proprietary operating systems and high-level encryption may hinder market growth.
North America holds a substantial share of the global digital forensics market, supported by its strong economy, technological advancements, and high incidence of cybercrime. The region's market growth is driven by the increasing need for effective digital investigations and regulatory compliance. Law enforcement and government sectors are the primary consumers of digital forensics services, utilizing them to combat cybercrimes and protect intellectual property. The market is characterized by fragmentation, with major players like IBM Corporation and Guidance Software Inc. adopting strategies such as partnerships and acquisitions to enhance their offerings. Recent collaborations and product launches, such as those by Softcell and Binalyze, and SentinelOne, highlight the ongoing innovation and strategic developments within the industry.
Digital Forensics Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Buyers
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1.2.2 Bargaining Power of Suppliers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Assessment of the Impact of COVID-19 on the Industry
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2. MARKET SEGMENTATION
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2.1 By Component
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2.1.1 Hardware
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2.1.2 Software
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2.1.3 Service
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2.2 By Type
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2.2.1 Mobile Forensics
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2.2.2 Computer Forensics
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2.2.3 Network Forensics
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2.2.4 Other Types
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2.3 By End-user Vertical
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2.3.1 Government and Law Enforcement Agencies
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2.3.2 BFSI
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2.3.3 IT and Telecom
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2.3.4 Other End-user Verticals
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2.4 By Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia-Pacific
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2.4.4 Latin America
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2.4.5 Middle East and Africa
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Digital Forensics Market Size FAQs
How big is the Digital Forensics Market?
The Digital Forensics Market size is expected to reach USD 6.65 billion in 2024 and grow at a CAGR of 12.92% to reach USD 12.21 billion by 2029.
What is the current Digital Forensics Market size?
In 2024, the Digital Forensics Market size is expected to reach USD 6.65 billion.