Digital Forensics Market to Hit 4.8 Billion USD in Revenues by 2020
According to the market research report published by IndustryARC, by 2020, the digital forensics market will reach 4.8 billion USD. IndustryARC also predicts that the maximum use of digital forensics is from the federal sector and this would grow from $1,097.2 million, in 2015, to $2,060.5 million by 2020. The major drivers for this are increasing threats from cybercrime and terrorist attacks.
“The rise and rise of cyber-crime” is, even in a climate of political upheaval and social realignment, still a headline-grabber on a regular basis. Foote Partners, which tracks information technology (IT) jobs across all skill levels, projects the global demand for cyber security talent to rise to six million by 2019, with an expected shortfall of 1.5 million professionals.
The exponential growth in the volume of data with the proliferation of a wide variety of mobile devices and formats has led to a rise in the use of digital forensics. According to Industry ARC most of the market growth will occur in the Americas.
The digital forensics market in the Americas will hold around 60% share by 2020.
In Europe, the use of digital forensics in the corporate sector will grow at a maximum rate of 19.2% between 2015 and 2020.
The Asia-Pacific market will grow at a rate of 25.2% between 2015 and 2020.
The global market is estimated to grow at about 14.2% during the same period.
Globally, North America leads the market in terms of revenue, however for the coming years APAC is anticipated to grow exponentially. APAC is a rapidly developing region with several technological initiatives taking place simultaneously. Some of the developed countries such as China and Japan have readily adopted digital forensics in various sectors.
Why is it gaining importance?
Every year digital crime costs the world $400 billion.
97% of companies have been the victim of digital attack.
55% have seen an increase in cyber attack.
Only 22% are fully prepared to deal with incidents in the future.
73% say digital security is on the agenda.
Only 22% companies are fully prepared to deal with incidents in the future.
Digital technologies are changing the face of business. As organizations rapidly embracing digital technologies such as cloud, mobile, big data, and IOT, the context of digital forensics is more relevant than ever before. The growing number of cybercrimes has caused a shift of focus in the forensics field — from DNA to digital.
For example, the kind of personal scam barely known five years ago, dating fraud increased by 10 percent from 2014 to 2015 and now accounts for around £33 million a year in the UK alone. In one astonishing case, a newly divorced mother signed over £1.6 million in a matter of weeks.
