Annualized market revenues ($ million) for each market segment.Market value data analysis of 2020 and forecast to 2027.By combining forces with Access Data, Exterro can provide companies, government agencies, law enforcement, law firms and legal service providers with the only solution available to address all legal GRC and digital investigation requirements in one integrated platform. This acquisition augments the vision of Exterro to empower customers to manage their risk and compliance (GRC), legal governance obligations while keeping and ensuring the extreme levels of data integrity defensibly and proactively. For instance, in December 2020, Exterro acquired Access Data, a digital forensics provider. To survive in the market, the market players are using different marketing strategies such as mergers and acquisitions, product launch, and geographical expansion, and so on. Key players operating in the market include IBM Corp., Fire Eye Inc., Cisco Systems, Inc., Micro Systemation AB, and Secure works Inc. This, in turn, is expected to offer an opportunity for market growth.
The rising adoption of cloud computing and internet penetration has resulted in the growth of cybercrimes and digital crimes in the region. Asia-Pacific is estimated to witness the fastest growth in the market during the forecast period. This, in turn, is contributing to the demand for digital forensics to collects, processes, preserves, analyzes, and show computer-related evidence for counterintelligence, fraud, network vulnerability mitigation, criminal, or law enforcement investigations. This growth is majorly attributed owing to the increasing adoption of cloud-based services in the region, as cloud computing platforms are more vulnerable to cyber-attacks and data leakages. A rapid increase in cyber-attacks has been observed over a few years. In 2020, North America held the largest share in the market owing to the well-developed information and communications technology (ICT) infrastructure and rising number of cyber-attacks in the region. The market is further analyzed based on geographical regions such as North America, Europe, Asia Pacific, and the Rest of the World. Apart from this, financial institutions can use digital forensics techniques to assess the security of their mobile banking applications that enables to protect customer's device against cyber-attacks. Digital forensics examination of smartphones may be essential in investigations to identify data breach or theft and providing the origin and scope of the threat. The increasing use of smartphones for banking purposes, such as payment, money transfers and so on has significantly increased the risk of targeting this device by cyber attackers.
In 2020, BFSI held the largest share in the market as it is highly vulnerable to spear-phishing and ransomware attacks that are rising drastically in the industry. Global Digital Forensics Market Share by End-User, 2020 (%)īased on end-user, the market is segmented into banking, financial services, and insurance (BFSI), government and law enforcement agencies, healthcare and life science, defense and aerospace, IT and Telecommunication. Further, based on the end-user segment, the market is segmented into banking, financial services and insurance (BFSI), government and law enforcement agencies, healthcare and life science, defense and aerospace, IT and telecommunication, and others. Based on type, the market is segmented into computer forensics, mobile device forensics, network forensics, and others.
The market is segmented based on type and end-user. Digital Forensics is modern technology and it may not be cost-effective for small enterprises that is acting as a restraining factor for the market. However, the lack of skilled professionals is one of the major causes of restraining market growth. Increasing demand for cloud computing forensic and data security pushing the growth of the market. It is useful for storing evidence for any cases or investigation.ĭigital forensics is extremely useful to organizations as it can recover the data when the organization's computer networks have been compromised. Digital forensics is very useful against cyberattack and other cyber crimes as it can track down cybercriminals across the globe. It is useful in civil cases as it is useful in electronic discovery. It is used to secure evidence and provide it to the court for decision making. Digital forensics is used in criminal investigations and private investigations. The major factors that are augmenting the growth of the market include the rising incidences of cybercrime and the extensive usage of IoT devices. The global digital forensics market is growing at a CAGR of nearly 13.0% during the forecast period. Dublin, J(GLOBE NEWSWIRE) - The "Digital Forensics Market 2020-2026" report has been added to 's offering.
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