The digital forensics market is projected to witness the growth at a CAGR of 10.19% during the forecast period to reach the total market size of US$5.817 billion by 2023, increasing from US$3.251 billion in 2017.
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 increase in a 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 cost of solutions over a period of time. The surge in demand for these solutions from banking, law enforcement, defence, 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 the market growth.
Major industry players profiled as part of the report are LogRhythm, Inc., AccessData, Open Text Corp and Cisco Systems, Inc. among others.