May 21, 2024
Ict

Digital Forensics Market is Estimated to Witness High Growth Owing to Increasing Cybercrime Cases

Digital forensics, also known as computer forensics, is a branch of forensic science involving the recovery and investigation of material found in digital devices, often related to computer crime. It has wide applications in several sectors including law enforcement agencies, banking and corporate organizations for the identification, preservation, acquisition, analysis and presentation of digital evidence. With the surge in cybercrimes such as hacking, phishing, data theft and online fraud, digital forensics has emerged as a crucial tool for law enforcement authorities to investigate cybercrimes and prosecute perpetrators.

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. The growing severity of cybercrime and the increasing complexity of digital evidence is creating lucrative market opportunities for key players. With increasing digitization across sectors, companies are investing heavily in upgrading their digital forensic capabilities for strengthening incident response and fostering operational resilience. The growing economic losses due to cybercrimes is prompting law enforcement agencies and governments across regions to bolster their digital investigation capabilities, which is fueling the global expansion of the digital forensics market.

Market drivers

The growing instances of cybercrimes such as hacking, phishing, and ransomware attacks are a major growth driver for the digital forensics market. As per estimates, total global economic losses due to cybercrimes are expected to surpass USD 6 trillion annually by 2021. With the proliferation of personal computing devices and mobile internet usage, more individuals and enterprises are prone to cyber attacks. This is prompting increased forensic spending on software, hardware, and professional services required for digital investigations. The advent of advanced technologies like AI, cloud computing, IoT is also generating new types of digital evidence that needs to be analyzed using forensics tools and expertise. This is expected to drive continuous demand for advanced digital forensic solutions over the forecast period.

PEST Analysis
Political: Increased incidents of cybercrimes across the world have forced governments to strengthen laws and introduce stricter regulations for digital forensic practices. Law enforcement agencies are making greater use of digital forensics solutions to gather evidence for criminal investigations.

Economic: Organizations across industries are allocating more funds to ensure data security and protect customer privacy as increasing digitalization has raised the risk of cyber threats. The need to minimize revenue losses from digital crimes is driving greater adoption of digital forensics solutions.

Social: Rapid digital transformation and rising usage of connected devices have led to the generation of massive digital data. However, concerns around data breaches and privacy are prompting organizations to secure data through secure storage and stringent access controls.

Technological: Advancements in artificial intelligence, blockchain, cloud computing are making digital data more complex to investigate. Vendors are focusing on developing solutions integrated with these technologies to effectively gather, analyze and present digital evidence.

Geographical regions with high market concentration in terms of value
North America holds the largest share of the global digital forensics market owing to stringent data protection laws and rising cybercrime cases involving government and corporate sectors in the US and Canada. Asia Pacific is also among the highly lucrative regions due to increasing digital footprint of APAC countries and rising investment in digital forensics by law enforcement agencies to curb cybercrime.

Fastest growing region for the digital forensics market
Asia Pacific region is expected to witness the highest growth over the forecast period attributed to growing digitalization, emergence of SMEs adopting advanced technologies and increasing government focus on strengthening cybersecurity against rising cyber-attacks in countries like India, China and Japan. Initiatives such as “Digital India” are enhancing internet and smartphone penetration in the region thereby driving investments towards digital forensics solutions to secure the expanding attack surface.

*Note:

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