According to a new report, published by KBV research, The Global Digital Forensics Market size is expected to reach $26.3 billion by 2031, rising at a market growth of 14.8% CAGR during the forecast period.
The Hardware segment is generating the highest revenue in the Global Digital Forensics Market by Component in 2023; thereby, achieving a market value of $13.2 billion by 2031. With the rise in cyberattacks and data breaches, there's a heightened demand for advanced hardware tools for collecting, preserving, and analyzing digital evidence. The capabilities of forensic tools have been improved by advancements in hardware technology, including more efficient data acquisition devices, larger storage capacities, and faster processors, which have facilitated their adoption.
The On-Premise segment would register a CAGR of 13.7% during (2024 - 2031). Organizations with stringent security requirements often prefer on-premise solutions as they offer greater control over data and infrastructure. Sensitive data can be stored and processed within the organization's own facilities, reducing the risk of external breaches. Additionally, for organizations requiring high performance and low latency in their forensic processes, on-premise solutions can be more reliable.
The Computer Forensics segment is leading the Global Digital Forensics Market by Type in 2023; thereby, achieving a market value of $9.6 billion by 2031. With computers being ubiquitous in both personal and business environments, the need for computer forensics to investigate cybercrimes, data breaches, and insider threats is paramount. This segment caters to examining digital evidence on desktops, laptops, servers, and storage devices. Computer forensic tools have evolved to handle complex data structures, file systems, and encryption methods commonly found in modern computing environments.
The BFSI segment is experiencing a CAGR of 14.5% during (2024 - 2031). The telecom & IT sector relies heavily on digital technologies for communication, data storage, and information processing. As such, these organizations accumulate vast amounts of digital data that require protection against cyber threats, data breaches, and insider risks. Telecom & IT companies face diverse cyber threats, including network intrusions, malware infections, data exfiltration, and service disruptions.
Full Report: https://www.kbvresearch.com/digital-forensics-market/
The North America region dominated the Global Digital Forensics Market by Region in 2023; thereby, achieving a market value of $10.3 billion by 2031. The Europe region is poised to grow at a CAGR of 14.4% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 15.7% during (2024 - 2031).
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