Digital Forensics Market to Reach US$ 9,453.0 Million by 2027 - Coherent Market Insights

 

Digital Forensics Market

Digital Forensics is essential to enterprise applications because it helps with incident response and IT security, which in turn helps with human resource investigations and the forensic examination of digital devices. By identifying problems and boosting litigation, investigation, and regulatory readiness, digital forensics is a multifaceted process that aids business organisations in streamlining and simplifying their operational tasks. The digital forensics process entails a number of steps and has an impact on different stages of an investigation, including data collection, hosting, review, processing, production, email analytics, and social networking & timeline analysis.

Because of expanding consumer goods & retail industries, the Global Digital Forensics Market is anticipated to expand significantly over the forecast period (2020–2027). With the potential to affect finances, brand value, and customer trust, frauds could present a problem for the consumer goods sector. Transporters, vendors/suppliers, third-party manufacturers or subcontractors, stockiest, packers, and other third-party service providers are examples of the various third-party touch points that businesses that deal with consumer goods frequently have. The risk of difficult-to-identify collusive frauds is rising as a result of these third-party touch points in the consumer goods sector.

Businesses in the consumer goods sector are streamlining their business procedures by implementing digital forensic tools to reduce these security concerns. Additionally, the consumer goods industry is beginning to use e-commerce as a new channel of distribution. A source of fraud, including counterfeiting, is now the supply chain. For instance, a third-party sales channel operating illegally and without authorization online might offer steep discounts on branded goods. The majority of the time, supply chain leaks allow for the acquisition of such branded goods.

The small and medium business sector's lack of awareness is a significant barrier to the market's expansion for digital forensics. Small and medium-sized businesses (SMEs) are hesitant to adopt these forensics tools because of budgetary restrictions because they are costly and complex. Another significant obstacle to the Digital Forensics Market expansion is the shortage of skilled labour among SMEs. According to the Institute of Electrical and Electronics Engineers (IEEE) Analysis, businesses in the U.S. have embraced digital forensics technology to a large extent, but businesses in Europe, particularly small and medium-sized businesses (SMEs), have not yet fully realised this technology's potential.

Segmentations of Digital Forensics Market-

·        By Forensic Type: Computer forensics, Network forensics, Mobile device forensics, and Cloud forensics

·        By Component: Hardware, Software, and Services

·        By Tools: Data Acquisition and Preservation, Forensics Data Analysis, Data Recovery, Review and Reporting, Forensic Decryption, and Others

·        By Vertical: Government and Defense, Banking, Financial Services, and Insurance (BFSI), Telecom and IT, Retail, Healthcare, and Others

Key Vendors- AccessData Group, Inc., Guidance Software, Inc./OpenText Corp., Oxygen Forensics, Paraben Corporation, Cellmark Forensic Services, Binary Intelligence, LLC, FireEye, Nuix Pty Ltd., IBM Corporation, LogRhythm, Inc., Magnet Forensics Inc., and Cisco Systems, Inc.

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