The market for disposing of IT assets is anticipated to grow at a CAGR of 7.4% between 2022 and 2032. It is anticipated that the market for selling IT assets will increase from US$ 15.6 billion in 2022 to US$ 31.8 billion in 2032. The industry increased 7.6% year over year between 2021 and 2022.
Despite being in great demand, digital forensics solutions are only available in SMEs due to a variety of reasons, including a lack of understanding, limited resources, budgetary restrictions, and others.
Additionally, issues like idle industrial facilities during a lockdown, a reduction in labor, a lack of raw materials, and others have hindered the market growth, which is anticipated to continue through the end of this year.
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Some of the key takeaways from the report are highlighted below-
- The increasing cases of cyber threats and attacks in the government, law enforcement, and others sectors is resulting in higher adoption of digital forensics solutions over the world
- Among the end users, government & law enforcement sector will maintain the lead, followed by the legal services firms throughout the forecast period
- North America digital forensics market will lead other regions during the forecast period
“Increasing adoption of artificial intelligence in digital forensics coupled by the rising cyber threats is expected to steer the global digital forensics market growth during the forecast period,” says an FMI analyst.
Rising Adoption of Artificial Intelligence Boosting Growth
Since the past decade, artificial intelligence is being increasingly adopted by the digital forensics market in order to obtain more advanced results.
As artificial intelligence is highly efficient in locating, and identifying relevant elements in video clips and pictures in order to spot the commonalities in time stamps, places, communications, and others, it is widely preferred by the digital forensics market across the globe.
With the increasing adoption of artificial intelligence, digital forensics market is getting more efficient and fast in data investigation, data recovery, and other crucial parts of crime investigations.
As artificial intelligence is getting more widely popular, its increased adoption is expected to grow the global market further in the near future.
COVID-19 Impact Analysis
The outbreak of novel coronavirus outbreak in the current year has negatively impacted the global digital forensic market. Various restraining factors such as closed manufacturing units, scarcity of raw materials, unavailability of labors, economic crisis, and others have declined the market growth.
Despite facing decreased demand due to the ongoing pandemic, the global digital forensics market has high potential to grow further.
According to FMI, the global market is expected to grow by both value and volume during the forecast period from the year 2020 to 2030.
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Who is Winning
The global digital forensics market has unlimited potential worth getting utilized by the key market players. The top companies such as FireEye Inc., IBM Corporation, Micro Systemation AB, KPMG and others are giving their best efforts to leverage the market potential.
For instance, FireEye Inc. has released their new digital forensics and incident response for PLCs in order to effectively response to the attacks against Industrial Control Systems (ICS).
Recently, KPMG has come up with their dedicated forensic technology lab for recovery and use of critical digital evidence to support investigations and litigation.
IBM Corporation has launched their extensive range of digital evidence management and saving solutions to provide fast actions during the investigation.
More Valuable Insights on Digital Forensics Market
In the latest report by Future Market Insights, we offer an unbiased analysis of the global digital forensics market, providing historical data for the period of 2015-2019 and forecast statistics for the period of 2022-2030.
Digital Forensics Industry Survey
Digital Forensics Market by Type:
- Computer Forensics
- Mobile Device Forensics
- Network Forensics
- Database Forensics
- Cloud Forensics
Digital Forensics Market by Component:
- Digital Forensics Hardware
- Digital Forensics Software
- Digital Forensics Services
Digital Forensics Market by End User:
- Government & Law Enforcement
- Legal Services Firms
- Military & Defense
- IT & Telecom
- BFSI
- Others
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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