Incident Forensics Market Size, Share, Growth, and Industry Analysis, By Type (On-Premise and On-Cloud), By Application (BFSI, IT & Telecom, Healthcare, Manufacturing, Retail, Energy & Utilities, and Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 01 April 2024

Incident Forensics Market Report Overview

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The global incident forensics market size is USD 7400.71 million in 2021 and is projected to touch USD 24918.57 million by 2031, exhibiting a CAGR of 12.91% during the forecast period.

When it comes to computer crime, digital forensics, or what we can refer to as digital forensic science, entails both the analysis of things found using digital technology and the recovery of these goods. One of the top specialties emerging from the original field of forensic science is digital forensics investigation. A skilled digital forensics analyst can use the database that MNCs have about each person to do background checks on various originations using this cutting-edge market technology.

COVID-19 Impact: Pandemic to Foster Market Expansion

The global COVID-19 pandemic has been unprecedented and staggering, with incident forensic experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Vendors are announcing COVID-19 pandemic control measures in the market today. This technology makes advantage of the phones to track users' whereabouts, contacts, and activity history as well as any other crucial information that may be required. In the end, COVID-19 significantly increased the market for digital forensics by detecting several fraud-related actions.

LATEST TRENDS

"Rising Investment by Government to Augment Growth"

Investments in digital forensics solutions have been motivated by an increase in ransomware, malware, cyberattacks, and other unlawful data collection techniques. Furthermore, the demand for the incident forensics market has grown as a result of the expansion of government requirements to meet data protection standards.

The proliferation of obscene, offensive, or illegal content, particularly for threats and harassing purposes, is the cause of incident forensics market growth. In recent years, worries over privacy and security have grown. This has opened the door for new advancements and applications in developing technologies related to security, privacy, and digital forensics.

Incident Forensics Market Segmentation

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• By Type Analysis

By type, the market is segmented into On-Premise and On-Cloud.

• By Application Analysis

Based on application, the market is classified into BFSI, IT & Telecom, Healthcare, Manufacturing, Retail, Energy & Utilities, and Others.

DRIVING FACTORS

"Technological Advancements to Offer Growth Opportunities"

Even though wireless communication systems are helpful for giving users access to the internet while on the go, they are also weak points that can be easily exploited for data transmission interception. In order to identify the origin of network security assaults, network forensics entails capturing, recording, and analyzing network packets.

The security measures, such as Wi-Fi Protected Access (WAP) and Wired Equivalent Privacy (WEP), are insufficiently equipped to guarantee security in wireless communication. As a result, network forensics is becoming more and more in demand in many enterprises.

When ransomware or another kind of network intrusion affects an organization, Digital Forensics and Incident Response (DFIR) is being implemented to perform forensics.

"Increasing Adoption of Digital Forensics to Surge Market Growth"

Cybercriminals now have more opportunities to acquire customer data because of the growing use of cloud services and IoT-enabled devices. Hackers are better able to get client data due to increased susceptibility to viruses and malware. A few examples of the types of data that hackers can easily access include customers' emails, texts, and financial transactions. This is due to the internet and technological gadgets' rising popularity. These factors are expected to lead to a rise in the demand for incident forensics to investigate financial frauds and cyberattacks. The main goals of digital forensics are to extract data from electronic evidence, transform it into useful information, and then present the findings for prosecution.

RESTRAINING FACTORS

"High Cost and Complexities to Impede Market Development "

One of the main factors impeding the growth of the digital forensics industry is a lack of knowledge among small and medium-sized businesses. Due to their high cost and complexity, small and medium-sized businesses (SMEs) are hesitant to employ these forensics technologies. This is because of their limited financial resources.

Incident Forensics Market Regional Insights

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"Cloud Technologies to Flourish Market Expansion in North America"

Due to North America's early adoption of new technologies, the region is seeing a surge in the number of cybercrimes, which is driving up demand for digital forensics. During the projected period, the incident forensics market share in North America is expected to be the greatest. The market growth has been further accelerated by the rising usage of cloud technologies, which now account for the largest share of the global market value for digital forensics.

Modern technological developments and a rise in the use of cloud-based services are fostering market expansion in China. The market in China is rising quickly because of the increasing need for protecting important data and reducing cybercrime.

KEY INDUSTRY PLAYERS

"Key Players Focusing on Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

List of Market Players Profiled

• F-Secure Inc. (Finland)
• Juniper Networks, Inc. (U.S.)
• AlienVault, Inc. (U.S.)
• Dell Technologies, Inc. (U.S.)
• Splunk, Inc. (U.S.)
• Symantec Corporation (U.S.)
• Optiv Security, Inc. (U.S.)
• Check Point Software Technologies Ltd. (Israel)
• IBM Corporation (U.S.)
• Trend Micro Incorporated (Japan)
• McAfee LLC (U.S.)
• Cyber X, Inc. (U.S.)

REPORT COVERAGE

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