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Global Digital Forensics Market to Grow at a CAGR of 15.95% During 2022-2027, Aided by the Growing Digitalisation and the Prevalence of Cybercrimes Worldwide

According to a new report by EMR titled, ‘Global Digital Forensics Market Report and Forecast 2022-2027’, the market attained a value of around USD 8.35 billion in 2021. The industry is further expected to grow at a CAGR of 15.95% in the forecast period of 2022-2027 to reach a value of nearly USD 20.29 billion by 2027.

The global digital forensics industry is being driven by the heightened prevalence of cybercrimes globally. The rapid spread of digital technology and the growing connectivity through the internet are posing challenges, creating a need to ensure the security of the data being transferred and stored on digital platforms. Moreover, the demand for digital forensics is being observed in most industry verticals in order to investigate cybercrimes such as financial scams and identity theft, among others. In addition, with the rising prevalence of cryptocurrency, the digital forensics industry is expected to notice a rising demand.

The growing focus of the leading players to develop improved digital forensic services through increased mergers and collaborations is expected to significantly catalyse the industry growth in the forecast period. For instance, in April 2021, IBM Corporation (NYSE: IBM) and Blackberry Limited announced their new partnership under which IBM will resell Blackberry's Blackberry Spark platform that enables endpoint management, endpoint security and critical event management software in various industry verticals. Furthermore, another leading digital forensics service vendor KL Discovery Inc. (OTCMKTS: KLDS), in April 2019, announced the strategic partnership between KL Discovery and HubStor, a leading storage software company, to integrate KL Discovery’s eDiscorvery platform Nebula with HubStor’s cloud data management platform. These developments are expected to positively impact the digital forensics industry in the forecast period.

Market Breakup by Component, Type, End User, and Region:

  • The market is divided based on component into hardware, software, and service.
  • On the basis of type, the market can be distributed into mobile forensic, computer forensic, network forensic, and others.
  • Based on end user, the industry is segregated into government and law enforcement agencies, BFSI, IT and telecom, and others.
  • Region-wise, the global market for digital forensics can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for digital forensics is being driven by the prevalence of cybercrimes worldwide.
  • The demand for data security in various industry verticals has significantly contributed to the market expansion.
  • Increased digitalisation and the rapid spread of the internet are also aiding the industry growth.
  • The rising technological advancements and growing investments in the R&D of digital forensics technology are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for digital forensics for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the components, types, end users, and major regions of digital forensics.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global digital forensics market are IBM Corporation, Binary Intelligence LLC, Guidance Software Inc, AccessData Group LLC, KL Discovery Inc., and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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