May 22, 2024
Ict

Digital Forensics Market is anticipated to Witness High Growth Owing to Increasing Cyber Crimes

Digital forensics refers to the application of investigation and analysis techniques to gather and preserve evidence from digital devices and systems. It involves capturing, analyzing, extracting, and preserving data during investigations of cybercrimes by organizations and law enforcement agencies. Digital forensics focuses on recovering and investigating digital artifacts like log entries, registry files, media files, folders, and metadata from devices such as hard drives, servers, mobile phones, and social network accounts. The need for digital forensics has increased with the proliferation of digital devices and rising instances of cybercrimes like hacking, data breach, and theft. Digital forensics helps trace and retrieve deleted files, recover overwritten data, and reconstruct events to aid investigations.

The Global Digital Forensics Market is estimated to be valued at US$ 4,501.0 Mn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the digital forensics market are AccessData Group, Inc., Guidance Software, Inc./OpenText Corp., Oxygen Forensics, Paraben Corporation, Cellmark Forensic Services, Binary Intelligence, LLC, FireEye, Nuix Pty Ltd., IBM Corporation, LogRhythm, Inc., Magnet Forensics Inc., and Cisco Systems, Inc. These players are focused on developing advanced digital forensic solutions and services to analyze a wide range of digital devices and digital media. With increasing cyber threats, there is a significant growth opportunity for digital forensic solution providers in areas like network forensics, mobile device forensics, and cloud forensics.

The key opportunities in the digital forensics market include increased adoption across various sectors due to stringent data privacy regulations, surge in demand for digital evidence during civil litigation and e-discovery, integration of AI and machine learning capabilities to automate processes. Digital forensics solution providers are expanding globally through partnerships and acquisition strategies to cater growing needs across international law enforcement agencies and enterprises.

Market Drivers and Restrain

The key driver for the growth of digital forensics market is increasing instances of cybercrimes propelling law enforcement agencies and enterprises to collect and examine digital evidences. Escalating threats from advanced persistent threats, targeted attacks, and zero-day malware are driving organizations across industries to invest in digital forensics capabilities for threat hunting, incident response and compliance purposes. Another driver is stringent data privacy regulations forcing companies to tighten their data security and properly handle digital records during investigations.

However, factors like lack of trained cybersecurity workforce, complex nature of investigations involving multiple devices, and data migration to cloud pose challenges for digital forensic professionals. Concerns around destruction or modification of digital evidences during examination also acts as a key restraint. Lack of globally harmonized cybercrime laws further complicates cross-border investigations involving digital forensics.

Segment Analysis
The digital forensics market can be segmented based on component, type, tool, application, and end-use industry. The hardware sub-segment dominates the components segment as it forms the base for collecting and analyzing digital evidence. Hardware devices aid in imaging hard drives or extracting crucial pieces of data from damaged storage devices.

The network forensics sub-segment dominates the type segment as it helps investigate network security breaches, detect insider threats, and investigate hacking activities. Network forensic tools analyze routers, switches, firewalls, intrusion detection systems, intrusion prevention systems, and proxy servers to acquire digital evidence from network traffic.

Regional Analysis
North America dominates the global digital forensics market due to stringent data privacy regulations and a greater awareness of cybercrimes within organizations. The region witnesses major instances of cyberattacks, which fuels the demand for digital forensics solutions from law enforcement agencies and enterprises. Europe follows North America in terms of market share and is anticipated to grow at a significant rate during the forecast period, owing to the increasing adoption of digital devices across industry verticals. Developing regions like Asia Pacific are expected to offer growth opportunities for market players, mainly due to the rising cyber-attack incidences in countries like India and China.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it