Demand for Network Forensics Grows with Connected Devices
In recent years, use of smartphones and computer devices has increased significantly. Most cyber-attacks are carried out with the help of Internet-connected machines, smartphones, and computer devices.
For instance, in 2019, according to the Federal Bureau of Investigation (FBI) and the Internet Crime Complaint Center (IC3), around 16,503 cases of online identity theft were reported to the IC3. Also, as per the Federal Trade Commission (FTC), in the United States, around 271,823 identity theft complaints were filed due to credit card fraud.
Thus, increasing number of cybercrimes due to rapid adoption of electronic devices such as computers, laptops, smartphones, and other smart devices is fueling demand for network forensics.
As per the findings of a revised market research report by Persistence Market Research, the global network forensics market reached a valuation of close to US$ 2.2 Bn in 2020, and is anticipated to exhibit a CAGR of 12.6% over the next ten years.
Increasing demand for network forensics services and cyber-security forensics services to secure firms, organizations, networks, endpoints and data centers from malicious attacks, numerous ransomware and APTs, and detect and resolve network security breaches is propelling the growth of the global network forensics market.
Several industry players are introducing advanced network forensics tools in the market to mitigate cyber-threats.
- For instance, CounterFlow AI introduced a new solution based on what it calls ‘network forensics’. The platform, called ThreatEye, is an open, scalable AIOps platform designed to ease the burden of SOC analysts who are in need of high-fidelity analysis for investigations but are overwhelmed by unnecessary volumes of data flowing through the network.
- Savvius is a leader in actionable forensics solutions for network performance and security. The company has added extra features into its existing network forensics solutions for network performance diagnostics, visualization, and security investigations. The solution enables packet capture and analysis appliances operate at up to 25 Gbps and are available with storage capacity up to 192TB.
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Companies in this industry are also focusing on mergers and acquisitions in order to expand their consumer base.
- For instance, Palo Alto Networks, a leading cybersecurity vendor, acquired The Crypsis Group” an incident response, risk management, and digital forensics consulting firm. This acquisition enabled company to help customers not only predict and prevent cyberattacks but also mitigate the impact of any breach they may face.
Companies are also entering into partnerships to expand their customer base across several developing economies.
- For instance, Pelorus Technologies, a leading provider of specialized digital forensics technology solutions to businesses and governments, entered into a collaboration with MSAB, a global leader in digital forensic technology for mobile device examination. The collaboration helps Pelorus establish technological supremacy in India. Together, the two leading technology companies are going to sell comprehensive network forensics solutions to Indian clients at competitive rates.
Key Takeaways from Market Study
- Professional services hold a market share of 64.6%; however, demand for managed network services will witness a CAGR of 17.9%.
- Services are expected to register high growth throughout the forecast period, expanding at a CAGR of 14.8% through 2031.
- Germany holds 39.8% share of the Europe market, driven by mass adoption in small- and mid-sized enterprises and stringent government rules on end-user verticals.
- The U.S. is a high potential market in North America, and is expected to account for more than 60% of the regional market by 2031, supported by rising investments in small/medium-scale enterprises and large enterprises.
- China dominates East Asia and accounts for over 48.7% value share on the back of a vast consumer base.
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“Increased need to secure network infrastructures from sophisticated cyber- attacks, such as ransomware, DDoS, and APTs, expected to drive market growth,” says a Persistence Market Research analyst.
Opportunities in the Market
- Increasing digitization of information expected to spur demand for network forensics
- Rising adoption of IoT technology to fuel need for network forensics
- Demand for next-generation and integrated network forensics market solutions rising
- Demand for cloud-based network forensics solutions increasing
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Find More Valuable Insights
Persistence Market Research puts forward an unbiased analysis of the global market for network forensics market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031.
To understand the opportunities in the market, it has been segmented on the basis of component [solution (IDS/IPS, SIEM, threat intelligence, packet capture analysis, log management, analytics and firewall) and service {professional services (consulting services, training and education, design and integration, and incident response) and managed services}], deployment mode (cloud-based and on-premises), application (data center security, endpoint security, network security, application security, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and lucrative evaluate opportunities in the market.
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