Growing consumer goods and retail industries are expected to bolster the global digital forensic components market growth during the forecast period (2020–2027).
The Global Digital Forensics Component Market size was valued at USD 4805.2 Million in 2020 and is likely to reach USD 5303.7 Million by 2027, growing at a CAGR of 10% during the forecast years (2021– 2027). Legally retrieving information from digital devices is known as digital forensics by applying forensic and scientific knowledge. This legally fetched information is then presented as a piece of evidence in the courtroom further. The process of investigating digital crimes include the identification, recovery, examining, and presentation of evidence. The need for forensic experts is rising with the rise of cybercrime, cyber attacks and cyber terrorism. The Digital Forensics Components industry has witnessed changes recently due to the dynamic shift in business models. Facilitating and safe guarding data, regulating investigations of cybercrime and re-establishing forensic analysis of digital devices. New practices in businesses around the world in the retail and consumer industry has become a challenge as the information exposed is available on the world wide web. This information can be compromised and increase the risk of frauds. To reduce the risk of security issues, digital forensic tools are implemented to streamline their business processes.
Digital forensics components market is expected to grow significantly to safeguard privacy, security as there is a rise in use of smart digital devices. Rising cases of cyber attacks, confidential information available on the world wide web, technological advancements are major reasons for the boost the digital forensic components market. Digital forensic components are beneficial for SMEs where financial frauds and cyberattacks are concerned. However, lack of awareness is a major factor hindering growth of the digital forensic components market. High-cost forensics tools and complexity in use are restraining factors of the digital forensic components market. Reluctance to adopt use of digital forensic components is another roadblock for the market growth. Additionally, lack of skilled labor, is another major factor hindering growth of the digital forensic components market.
The outbreak of the COVID-19 pandemic has shaped a different dynamic of the business world. Government organizations are pressing on industries to lead businesses as remotely as possible. This has increased the risk of data theft and cybersecurity issues. With this major shift in the business world, the demand for the digital forensics component market is expected to rise.
In terms of region, North America is expected to account for the largest market share during the forecast period, owing to the high presence of key players. North America faced a rise in cyber crimes and this led to various compliances proposed by the government for the protection of confidential data. To protect the data of consumers, the digital forensic components market is expected to soar. This will propel the demand for digital forensic components in North America. Investments in the digital forensic components industry due to the rise in technological advancements is another reason for the boost of the digital forensic components market.
The Global Digital Forensic Components Market Segmentation:
2. Forensic Devices
2. Managed Services
By End Use
Company Profiles and Competitive Intelligence
The key players operating in the market are: