Home > Media & Technology > Next Generation Technologies > AI and Machine Learning > Digital Forensics Market

Digital Forensics Market Size

Report ID: GMI7367
Published Date: Nov 2023
Report Format: PDF

Download Free Sample

Digital Forensics Market Size

Digital Forensics Market size was valued at USD 8.1 billion in 2022 and is estimated to register a CAGR of over 11% between 2023 and 2032. The escalating number of cybercrime complaints has significantly increased the demand for digital forensic services. As cybercriminals become more sophisticated, organizations and law enforcement agencies require expertise in investigating & mitigating cyber threats.

What are the growth opportunities in this market?

Download Free Sample

To get key market trends

Download Free Sample

According to the FBI's Internet Crime Report 2022, the FBI received 800,944 cyber-crime complaints from the public in 2022, marking a 5% drop from the previous year. Despite this decline, the total loss surged to USD 10.2 billion, a significant increase from USD 6.9 billion in 2021. The U.S. states with the most cybercrime victims included California, Florida, and Texas. The growing reliance on digital forensics tools and expertise is a direct response to the rising frequency & complexity of cybercrimes, driving the expansion of the digital forensics market.

Digital Forensics Market Report Attributes
Report Attribute	Details
Base Year:	2022
Digital Forensics Market Size in 2022:	USD 8.1 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	11%
2032 Value Projection:	USD 23 Billion
Historical Data for:	2018 to 2022
No. of Pages:	250
Tables, Charts & Figures:	351
Segments covered:	Type, tools, component, and industry vertical
Growth Drivers:	Rising cybercrimes The wide use of smartphones Rising demand in financial fraud investigation Stringent regulations and compliance requirements
Pitfalls & Challenges:	Shortage of skilled digital forensic professionals Increasing use of encryption technologies

Learn more about the key segments shaping this market

Download Free Sample

Identifying the causes and implications of cyberattacks is crucial in combating cybercrimes. Digital forensics plays a pivotal role by meticulously analyzing cyber incidents, determining their origins, and understanding the potential repercussions. Additionally, safeguarding digital evidence is essential for legal proceedings and strengthening cybersecurity measures. The need for expert investigators adept at preserving, analyzing, and presenting digital evidence has led to a significant demand for digital forensic services, propelling market growth.

The shortage of skilled digital forensic professionals poses a significant hindrance to market size. As cybercrimes increase in complexity, the demand for forensic analysis experts escalates. The lack of qualified professionals leads to delays in investigations and inefficiencies in handling diverse cases, compromising the quality of forensic analysis. Addressing this skill gap through education, training programs, and industry incentives is crucial to ensure that the market can effectively respond to the evolving cyber threats.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of digital forensics reached USD 8.1 billion in 2022 and is set to witness 11% CAGR from 2023 to 2032, due to the escalating number of cybercrime complaints worldwide.

The government industry vertical registered 25% of the market share in 2022, owing to crucial role in ensuring national security by addressing cyber threats posed by state actors, terrorists, and organized crime groups.

North America held 36% of the market share in 2022, attributed to the rising technological advancements and growing corporate landscape in the region.

Cellebrite, Exterro, IBM Corporation, Magnet Forensics, Microsoft Corporation, MSAB, OpenText, Oxygen Forensics, and Paraben, are some of the major digital forensic companies worldwide.