Digital Forensics Global Market Navigating Trends, Share Report, Growth Drivers, Market Size And Future Outlook 2024-2033 | Cisco Systems Inc., KLDiscovery Inc., Cyber Triage, Cellebrite DI Ltd., LogRhythm Inc.

The digital forensics market size has grown rapidly in recent years. It will grow from $11.77 billion in 2023 to $13.49 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to increase in cybercrime, rise in digital data volume, expansion of e-commerce, growing use of digital devices, regulatory compliance requirements.

The digital forensics market size is expected to see rapid growth in the next few years. It will grow to $23.28 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to ncreasing demand for cybersecurity solutions, rise in digitalization initiatives, expansion of cloud computing, globalization of businesses, higher adoption of internet of things (iot) devices. Major trends in the forecast period include integration of artificial intelligence in digital forensics, automation in forensic processes, adoption of blockchain for data integrity, focus on proactive threat intelligence, increased use of machine learning in forensic analysis.

Market Overview -
Digital forensics refers to a branch of forensic science that deals with the recovery, investigation, examination, and analysis of material found in digital devices, often concerning mobile devices and computer crime. It is used in criminal law and private study and is often part of a more comprehensive investigation spanning several disciplines.

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The Surge In Cybersecurity Threats Fuels Growth In The Data Forensics Market
The intensifying cyber-security threats are expected to propel the growth of the data forensics market going forward. Cybersecurity threats refer to potential risks and attacks on digital systems, networks, and data by malicious actors seeking to exploit vulnerabilities and compromise information confidentiality, integrity, and availability. Data forensic techniques are used in cyber security to investigate and analyze cyber risks, pinpoint their source, and provide vital proof for incident response and mitigation. For instance, in January 2023, according to a report published by BNP Media Inc., a US-based media company, global cyberattacks increased by 38% in 2022 compared to 2021. Furthermore, in 2021, according to the Federal Bureau of Investigation, a US-based federal agency, there were 847,376 complaints and a $6.9 billion loss in 2021. Therefore, intensifying cyber-security threats are driving the data forensics market.

Competitive Landscape -
Major companies operating in the digital forensics market report are International Business Machines Corporation, Cisco Systems Inc., OpenText Corporation, Kroll Associates Limited, KLDiscovery Inc., Guidance Software Inc., Cellebrite DI Ltd., LogRhythm Inc., Nuix Pty Ltd., Magnet Forensics Inc., Digital Detective Group Limited, AccessData Group Inc., CCL Solutions Group Ltd., Cellmark Forensic Services Inc., MSAB ( Micro Systemation), CYFOR Technologies LLC, Cyber Triage, IntaForensics Ltd., Techfusion Pty Ltd., R3 Digital Forensics LLC, Intersec Worldwide Inc., Global Digital Forensics, Elcomsoft Co. Ltd., Digital Shield Ltd., Binary Intelligence LLC, Autopsy, Alias Forensics Inc., Advanced Digital Forensic Solutions Inc., Paraben Corporation, Oxygen Forensics Inc.

Cloud-Based Forensic Navigator Redefining Efficiency In The Digital Forensics Market
Technological advancement is a key trend gaining popularity in the digital forensics market. Major companies operating in the digital forensics market are adopting innovative technologies to sustain their position in the market. For instance, in April 2022, LabVantage Solutions Inc., a US-based provider of laboratory informatics solutions and services, launched LabVantage Forensic Navigator, a cloud-based software platform that is innovatively designed to help organizations manage the entire forensic lifecycle, from evidence collection to analysis to reporting. The platform includes various features designed to help organizations streamline their forensic processes and improve the efficiency of their investigations. Additionally, the forensic navigator controls data flows in real-time, from the beginning of the investigation until the evidence collection at the crime scene. It streamlines, connects, and analyzes every component of a criminal case, including the gathering of evidence, the administration of property, and the analysis conducted in forensic labs. Moreover, this software is a valuable tool for organizations investigating digital crimes.

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Key Segments -
The digital forensics market covered in this report is segmented -
1) By Type: Computer Forensics, Network Forensics, Mobile Device Forensics, Cloud Forensics
2) By Component: Hardware, Software, Services
3) By Tool: Data Acquisition And Preservation, Data Recovery, Forensic Data Analysis, Forensic Decryption, Review And Reporting, Other Tools
4) By Vertical: Government And Defense, Banking, Financial Services, And Insurance, Telecom And Information Technology, Retail, Healthcare, Other Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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