by The global Digital Forensics Market is estimated to be valued at US$ 6783.72 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digital forensics is the application of science to identify, collect, examine, and analyze data stored on both mobile and desktop devices and servers while preserving the integrity of the information. Digital forensics helps in acquiring and analyzing computer media during investigations to discover hidden, retrievable information for use as evidence in courts. Some of the key advantages of digital forensics are evidential continuity, proper documentation, and transparency of processes that help in addressing reasonable doubt and establishing digital evidence in courts beyond reasonable doubt.
Market key trends:
One of the major trends in the digital forensics market is the increasing use of advanced analytics. Advanced analytics leverages tools and techniques such as artificial intelligence, machine learning, data mining, natural language processing, and predictive analytics to gather useful insights from digital data and evidence. It helps in managing large volumes of complex digital data faster, reducing human bias, and identifying hidden patterns during investigations. Advanced analytics is enabling faster sifting through digital evidence, conducting cross-device correlation and link analysis, detecting anomalies and outliers, and automating mundane tasks. This is expected to boost the demand for digital forensics solutions integrated with advanced analytics capabilities.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the digital forensics market. Digital forensics require significant investment in R&D to develop advanced tools and techniques which makes entry difficult for new players. However, growing market opportunities attract new start-ups.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have several options available with presence of many vendors providing similar digital forensics solutions. However, switching costs are involved which provide vendors bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is low. Digital forensics requires expertise and tools which are not widely available. Vendors can easily switch between suppliers with minimal switching costs.
Threat of new substitutes: Threat of new substitutes is low. Digital forensics provides unique solutions for investigation which cannot be substituted. However, some open source tools offer limited substitution.
Competitive rivalry: The competitive rivalry is high due to presence of numerous international and regional players. Players focus on differentiating their offerings through continuous innovation and new product launches.
Key Takeaways
The Global Digital Forensics Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing cybercrimes and strengthening regulatory policies.
Regional analysis: North America dominates the digital forensics market, accounting for more than 35% share, due to stringent privacy laws and early adoption of new technologies. Asia Pacific is expected to witness fastest growth during the forecast period owing to growing cyber threats and awareness amongst organizations in the region.
Key players: 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
