The global market for network forensics is at a developing stage and is likely to attain a strong growth over the next few years, states a new market study presented by Transparency Market Research. At present, the market is fragmented in nature with the presence of several players operating across the globe. The market is expected to experience a substantial rise in the competitiveness over the next few years. Technological advancements and the development of new products are projected to create potential growth opportunities for the players in the near future. Also, the launch of new products is likely to support the development in the coming years. The key players engaged in the network forensics market across the globe are NETSCOUT Systems Inc., RSA Security, VIAVI Solutions Inc., NIKSUN Incorporated, IBM Corporation, FireEye, Inc., LogRhythm, Inc., Savvius, Inc., Symantec Corporation, and Cisco Systems, Inc.
As per the research study by TMR, in 2016, the global market for network forensics stood at US$ 1,324.8 Mn and is estimated to attain a value of US$ 4,232.0 Mn by the end of 2025. The market is anticipated to register a promising 14.10% CAGR between 2017 and 2025. The North America market for network forensics is expected to account for around 30% of the market share and is likely to register a healthy growth rate in the next few years. The rising number of cyber security threats in banking sectors and government organizations are the key factors that are predicted to ensure the development of this region in the coming few years. Asia Pacific is estimated to experience a potential growth in the coming years.
Rising Cases of Cyber Threats to Ensure Growth of Network Forensics Market
In the last few years, there have been several cases of advanced cyber threats, such as DDOS, Ransomware, and APTS, which is considered as the prime factor that is anticipated to accelerate the development of the network forensics market in the coming few years. The rise in the demand for next-generation and integrated network forensics solutions is further projected to ensure the growth of the overall market in the coming years. In addition to this, the growing level of sophistication in hacking and attacking techniques is further projected to boost the demand for network forensics in the coming years.
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Furthermore, the technological developments and the launch of new products are estimated to enhance market growth in the coming years. The increasing adoption of cloud-based network forensics solutions is predicted to accelerate the growth of the network forensics market over the next few years. Also, the strict rules and regulations and the regulatory compliances imposed by government are expected to drive the network forensics market in the next few years.
Rising Concern for Data Storage to Inhibit Market Growth
The market for network forensics is estimated to observe a minor downfall in the growth as the key players are expected to face a few challenges in the coming years. The lack of skilled network forensics investigators is one of the main factors that is likely to restrict the growth of the market in the near future. In addition to this, the rising issues that are related to the storage and collection of the rising data for investigation are estimated to hamper the market growth in the coming years. Nevertheless, the rising trend and use of the Internet of Things and the evolution of mobile and web applications are further anticipated to generate substantial opportunities for the players in the coming years.