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.
Increase in sophisticated digital crime and terrorist attack, rise in security concerns across different industries, and economic growth in developing countries are the major factors driving the global digital forensics market. However, rising complexity of mobile devices and increased utilization of cloud based applications may restrain the market growth in coming years. Innovation in digital forensic tools would provide several growth opportunities for the market in coming years.
The global digital forensics market is categorized on the basis of type and application. By type, the market is segmented into computer forensics, network forensics, cloud forensics, mobile device forensics, database forensics and others. Computer forensics accounted for the largest market share in 2016, owing to extensive usage 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 global digital forensics market is further divided into law enforcement, healthcare, education, banking, financial services & insurance, information technology, transportation & logistics, and defense & aerospace. The law enforcement application accounted for the largest market share in the overall application segment in 2016, driven by increased implementation of digital forensics in collecting, analysing and presenting data as evidences in a court of law. The education segment is expected to grow at the fastest CAGR during the forecast period, due to growing requirement for cyber security in education industry.
Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America accounted for the largest market share of 53.1% in 2016, owing to technological advancements and increased cyber crime 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. The growth would be primarily driven by increased piracy threats and cyber crimes, coupled with increased government expenditure in digitalization of sectors such as law enforcement, banking, information technology, and defense, among others.
The major players 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.