With the rising technical advancements, cloud computing solutions are getting popular world-wide. Being cost-effective, easily maintainable, and convenient for data storage and retrieval, cloud computing and cloud security solutions such as cloud network and digital forensics are gaining traction across the globe. According to Future Marketing Insights (FMI), the global digital forensics market is anticipated to rise at 11.2% CAGR during the forecast period from the year 2020 to 2030.
Despite having high demand, several factors such as lack of knowledge, budget constraints, unavailability of sufficient resources, and others, digital forensics solutions are confined in the SMEs.
Furthermore, factors such as non-operational manufacturing units during lock down, decreased manpower, unavailability of raw materials, and others have slowed down the market growth which is expected to go on till the end of this year.
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FMI offers an unbiased analysis of the global market, its various growth drivers, restraints, and potential.
Some of the key takeaways from the report are highlighted below-
- Digital cloud forensics being most popular type of digital forensics solutions, is expected to witness highest growth of 14.7% CAGR during the forecast period
- The increasing cases of cyber threats and attacks in the government, law enforcement, and others sectors is resulting in higher adoption of digital forensics solutions over the world
- Component-wise software digital forensics solutions is set to register highest growth of CAGR 13.3% during the forecast period
- Among the end users, government & law enforcement sector will maintain the lead, followed by the legal services firms throughout the forecast period
- North America digital forensics market will lead other regions during the forecast period
“Increasing adoption of artificial intelligence in digital forensics coupled by the rising cyber threats is expected to steer the global digital forensics market growth during the forecast period,” says an FMI analyst.
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Rising Adoption of Artificial Intelligence Boosting Growth
Since the past decade, artificial intelligence is being increasingly adopted by the digital forensics market in order to obtain more advanced results.
As artificial intelligence is highly efficient in locating, and identifying relevant elements in video clips and pictures in order to spot the commonalities in time stamps, places, communications, and others, it is widely preferred by the digital forensics market across the globe.
With the increasing adoption of artificial intelligence, digital forensics market is getting more efficient and fast in data investigation, data recovery, and other crucial parts of crime investigations.
As artificial intelligence is getting more widely popular, its increased adoption is expected to grow the global market further in the near future.
COVID-19 Impact Analysis
The outbreak of novel coronavirus outbreak in the current year has negatively impacted the global digital forensic market. Various restraining factors such as closed manufacturing units, scarcity of raw materials, unavailability of labors, economic crisis, and others have declined the market growth.
Despite facing decreased demand due to the ongoing pandemic, the global digital forensics market has high potential to grow further.
According to FMI, the global market is expected to grow by both value and volume during the forecast period from the year 2020 to 2030.
Who is Winning
The global digital forensics market has unlimited potential worth getting utilized by the key market players. The top companies such as FireEye Inc., IBM Corporation, Micro Systemation AB, KPMG and others are giving their best efforts to leverage the market potential.
For instance, FireEye Inc. has released their new digital forensics and incident response for PLCs in order to effectively response to the attacks against Industrial Control Systems (ICS).
Recently, KPMG has come up with their dedicated forensic technology lab for recovery and use of critical digital evidence to support investigations and litigation.
IBM Corporation has launched their extensive range of digital evidence management and saving solutions to provide fast actions during the investigation.
According to FMI, the global digital forensics market is expected to witness tough competition in the coming years.
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More Valuable Insights on Digital Forensics Market
In the latest report by Future Market Insights, we offer an unbiased analysis of the global digital forensics market, providing historical data for the period of 2015-2019 and forecast statistics for the period of 2020-2030. In order to understand the global market potential, its growth and scopes, the market is segmented on the basis of type (computer forensics, mobile device forensics, network forensics, database forensics, cloud forensics), component ( hardware, software, service), end user ( government & law enforcement, legal services firms, military & defense, IT & telecom, BFSI, others), across six major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, MEA).
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