GLOBAL CLOUD NETWORK FORENSICS MARKET SIZE (2023 - 2030)

The Global Cloud Network Forensics Market is estimated to be worth USD 24.3 Billion in 2022 and is projected to reach a value of USD 61.47 Billion by 2030, growing at a CAGR of 12.3% during the forecast period 2023-2030.

This market is anticipated to experience substantial growth due to the rising number of cyber-attacks and the need to investigate them. The increasing acceptance of cloud-based technologies and the rise in the number of network security ruptures are propelling the demand for cloud network forensics solutions. Moreover, the integration of advanced technologies, such as artificial intelligence and machine learning, in cloud network forensics solutions is further fueling market growth. The increasing demand for cloud-based network forensics solutions is also driven by the rise in the number of connected devices and the rising volume of network traffic generated by them. Moreover, the rapid advancements in technologies such as artificial intelligence (AI), machine learning (ML), and blockchain are estimated to create new lucrative opportunities for the cloud network forensics market in the forthcoming years.

COVID-19 impact on the Cloud Network Forensics Market:

The COVID-19 pandemic has had a significant impact on the global Cloud Network Forensics market. With the integration and implementation of social distancing measures and remote work policies, there has been a growing reliance on cloud-based technologies for communication, collaboration, and amalgamation. This has led to an increase in demand for cloud-based network forensic solutions as organizations look for more secure and safe solutions for their network infrastructure to prevent cyber threats and attacks. However, due to the advent of the pandemic, it has also disrupted several supply chains and caused delays in the deployment of new technologies, which has hampered the growth of the market. Moreover, the economic slowdown and budget restraints faced by organizations have also affected their willingness to invest in new network forensic solutions. As the world continues to tackle the aftermath of the pandemic, the Cloud Network Forensics market is predicted to see a gradual recovery as businesses adapt to the new normal and prioritize cybersecurity.

Market Drivers:

The increasing frequency and complexity of cyberattacks are fueling market growth.

The increasing number of cyberattacks and security breaches has led to a growing demand for cloud network forensics solutions. These solutions are used to investigate and analyze network security incidents, identify the root cause of the incident, and prevent future occurrences. With the increasing adoption of cloud computing and the growing volume of sensitive data being stored in the cloud, there is a pressing need for advanced cloud network forensics solutions that can provide real-time threat detection and response. The rising concerns about data breaches and cyber threats have prompted organizations to invest in cloud network forensics to protect their networks, applications, and data. As a result, the market for cloud network forensics is expected to grow significantly in the coming years.

The continuous and rapid technical evolution is driving the market growth.

The increasing number of government initiatives and investments made in the research and development sector to integrate cloud-based solutions into organizational functions are majorly driving market growth. Additionally, all the major key players operating in the market are investing heftily in the technologies augmenting market sales.

Market Restraints:

Lack of skilled professionals:

The market restraints on the cloud network forensics market can be attributed to a few factors. Firstly, the lack of skilled professionals in the field of network forensics can pose a significant challenge to the growth of the market. The complex nature of cloud networks requires specialized knowledge and expertise, which can be hard to find. Additionally, concerns over data privacy and security can also hinder market growth, as organizations may be hesitant to share sensitive information with third-party providers. Another potential restraint is the high cost of implementing cloud network forensics solutions, which may not be affordable for smaller organizations or those with limited budgets. Finally, the regulatory landscape for network forensics is constantly evolving, which can create uncertainty for market players and make it difficult to develop and implement effective strategies.

CLOUD NETWORK FORENSICS MARKET REPORT COVERAGE:

Market Segments:

This research report on the global cloud network forensics Market has been segmented based on component, deployment mode, organization size, industry vertical, and regions.

Global Cloud Network Forensics Market- By Component

• Solution
• Services
  • Professional Services
  • Managed Services

The global cloud network forensics market can be segmented by component into solution and services, which includes professional services and managed services. The solution segment includes various software tools and platforms used for cloud network forensics such as intrusion detection systems, packet capturing and analysis tools, network traffic analyzers, and forensic data analysis software. The services segment includes professional and managed services that help in deploying, maintaining, and managing cloud network forensics solutions. Professional services include consulting, integration, and training, whereas managed services include outsourced monitoring, support, and maintenance services. The growing complexity of cloud networks and the need for advanced network security solutions are driving the demand for both solution and services segments in the global cloud network forensics market.

Global Cloud Network Forensics Market- By Deployment Mode

• Public Cloud
• Private Cloud
• Hybrid Cloud

The deployment mode is a crucial segmentation for the global cloud network forensics market, and it is classified into three types, including public cloud, private cloud, and hybrid cloud. Public cloud deployment is a type of computing in which a service provider makes resources such as applications and storage available to the general public over the internet. Private cloud deployment, on the other hand, refers to the delivery of computing services dedicated to a particular organization, and the infrastructure is managed by the organization or a third-party vendor. Hybrid cloud deployment combines the public and private cloud models and allows organizations to use the best of both worlds, with sensitive data stored in private clouds and other data stored in public clouds. The choice of deployment mode depends on the organization's needs, security requirements, and budget.

Global Cloud Network Forensics Market- By Organization Size

• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises

The global cloud network forensics market can also be segmented by the size of the enterprises that are utilizing these solutions. SMEs are typically characterized by having fewer than 500 employees and lower annual revenue than larger companies. SMEs generally have more limited resources and smaller IT departments compared to larger enterprises. On the other hand, large enterprises are those with more than 500 employees and typically have larger IT departments and resources. The adoption of cloud network forensics solutions varies between SMEs and large enterprises due to differences in their budgets, IT infrastructure, and security requirements.

Global Cloud Network Forensics Market- By Industry Vertical

•            Banking, Financial Services, and Insurance (BFSI)

•            Government and Defense

•            IT and Telecom

•            Healthcare and Life Sciences

•            Retail and Consumer Goods

•            Energy and Utilities

•            Others (Education, Media and Entertainment, Transportation and Logistics, and Manufacturing)

The global cloud network forensics market is segmented based on industry verticals and includes banking, financial services, and insurance (BFSI), government and defense, IT and telecom, healthcare and life sciences, retail and consumer goods, energy and utilities, and others such as education, media and entertainment, transportation and logistics, and manufacturing. The BFSI segment is anticipated to hold a significant share of the market due to the need for secure financial transactions and regulatory compliance. The government and defense segment is also estimated to show significant growth as government agencies require secure communication and data transfer. The IT and telecom segment is predicted to grow due to the increased use of cloud computing in this industry. The healthcare and life sciences segment is also anticipated to grow as healthcare providers require secure data storage and transfer for patient records. The retail and consumer goods segment is predicted to grow due to the increasing use of e-commerce and online transactions. The energy and utilities segment is likely to grow as companies in this industry require secure communication and data transfer for their operations.

Global Cloud Network Forensics Market- By Region

• North America
• Europe
• Asia-Pacific
• Rest of the World

North America is expected to dominate the market during the forecast period, owing to the early adoption of cloud technology and the presence of major market players in the region. The European market is also anticipated to witness significant growth due to the increasing adoption of cloud-based solutions in various industries. The Asia-Pacific market is expected to grow at the highest rate during the forecast period, driven by the increasing adoption of cloud technology in emerging economies such as India and China. The rest of the world segment includes the Middle East and Africa and South America, which are also expected to witness steady growth in the cloud network forensics market due to the increasing adoption of cloud technology in various industries.

Major Key Players in the Market

1. IBM Corporation
2. Cisco Systems Inc
3. FireEye Inc
4. Symantec Corporation
5. RSA Security LLC
6. Viavi Solutions Inc
7. LogRhythm, Inc
8. NIKSUN Incorporated
9. EMC Corporation
10. Corero Network Security Inc

Market Insights and Developments

• In 2020, FireEye, a cybersecurity solutions provider, acquired Cloudvisory, a cloud security posture management provider, to expand its cloud security capabilities.