Dublin, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The "Digital Forensics Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Digital Forensics market is expected to surge in the coming years, due to the rising cyber and digital crimes, worldwide. According to the report by the Herjavec Group, one of the major players in the cybersecurity market, had stated that cybercrime has been a big and major threat to every firm, worldwide.
The cybersecurity ventures had predicted that cybercrime would cost the world around US$6 trillion, per year, by the year 2021, with a surge from US$3 trillion in 2015. Ransomware has become a bigger threat, worldwide. The United States Department of Justice had described and stated that ransomware is a novel business model for cyber-related crimes.
Major cybersecurity ventures had stated that a firm or a business would become victim to a ransomware attack every 14 seconds in the year 2019, and around 11 seconds in the year 2021. Moreover, ransomware damages had been projected to cost the world around US$20 billion in 2021, from US$11.5 billion in 2019.
The Federal Bureau of Investigation had stated that the total amount of ransom payments had been around US$1 billion, per year. These trends and developments are expected to play a major role in the digital forensics market growth, in the coming years.
The digital forensics market is expected to grow at a compound annual growth rate of 12.14% over the forecast period to reach a market size of US$8.973 billion in 2026, from US$4.024 billion in 2019.
Digital Forensics helps in the extraction and evaluation of evidence from digital devices such as computers, mobiles, laptops, and others. Internet of things, a higher sophistication of digital crimes, and increasing regulatory compliances are major factors driving the Digital Forensics Market growth.
Other factors include an increase in the number of digital devices, technology advancements, increasing the need for data recovery, and a surge in the usage of cloud computing applications.
The rapid advances in this field have enabled declining costs of solutions over a period of time. The surge in demand for these solutions from the banking, law enforcement, defense, and technology sector has further contributed to the growth of the market considerably. However, the growing complex functionalities in the digital field pose a challenge for market growth.
Increasing fraud and identity theft.
The market is expected to surge in the coming years, due to the rising fraud and identity theft, worldwide. Digital forensics experts and professionals have been imperative in addressing fraud and identity theft. They can obtain and get hidden or encrypted data, recover deleted files stored on digital devices, and do other related work.
The Federal Trade Commission in the United States had stated that they received around 4.8 million identity theft and fraud complaints in the year 2020, with a rise of 45% in the year 2019. Some of the common types of identity theft are credit card fraud, government benefits applied, business or personal loans, tax fraud, and others.
Major companies have been making significant developments in the market. For instance, Digital Forensics Corporation, one of the key players in the market, offers its customer tracking and identifying criminals hiding behind fake accounts.
Increasing concern of terrorism.
The market is expected to surge in the coming years, due to the rising concern of terrorism, worldwide. Digital forensics plays a major role in combating terrorism. Military and defense professionals and experts use computer forensics to examine network infrastructure and vulnerable systems that terrorists might try to exploit.
The United Nations of Drugs and Crime, and the European Union had stated that they recognize the imperativeness and significance of digital forensics to perform counter-terrorism operations. These trends and developments are expected to play a major role in the market growth, in the coming years.
Mobile Device Forensics
By End-user industry
Aerospace & Defense
Communication & Technology
Binary Intelligence LLC
Digital Detective Group Ltd.
Cisco Systems Inc.
Global Digital Forensics Inc.
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