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Digital forensics involves the recovery and investigation of materials found in digital devices, usually for the purpose of identifying the commission of crimes or related acts. With more businesses and individuals embracing digital technologies and storing sensitive data online, the need for digital forensics services have risen considerably.
The global Digital Forensics Market size 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 from 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 rising instances of cybercrimes such as hacking, phishing, and ransomware attacks present significant opportunities for digital forensic vendors to provide solutions that help in such investigations. Furthermore, the growth of cloud computing and use of smart devices has led to more complex digital investigations requiring advanced forensic tools and techniques.
Technological advancements such as cloud and mobile device forensics, network forensics, and social media forensics have made the extraction of potential evidence from diverse sources much more effective. These enable the retrieval of deleted files, geolocation data, call logs, chat histories, and other relevant information to solve crimes involving new technologies.
Market Drivers
One of the key drivers for the digital forensics market is the increasing sophistication of cybercrimes. As cyberattacks become more advanced due to emerging technologies, it becomes imperative for law enforcement agencies and enterprises to have forensic solutions that can efficiently investigate cybersecurity incidents involving new modus operandi. This is expected to significantly drive the demand for advanced digital forensics tools and services.
Challenges in Digital Forensics Market
The digital forensics market is facing challenges due to shortage of skilled professionals, lack of standardization, and evolving nature of cybercrimes. As digital forensics deals with extraction and analysis of digital evidences from various electronic devices, lack of trained experts to handle sophisticated technologies and crises is a key issue. Moreover, absence of common standards for conducting forensic investigations and sharing findings among agencies adds complexity. Further, growth in advanced cyber threats like ransomware, zero-day exploits requires constant upgradation of tools and methods adopted.
SWOT Analysis
Strength: Growing instances of cybercrimes and regulatory mandates driving the need for digital evidence collection and analysis. Capabilities to retrieve eliminated files and trace online activities help investigations.
Weakness: Shortage of experienced professionals trained in diverse file systems, operating systems and devices poses operational challenges. Absence of global evidence handling standards.
Opportunity: Rising deployment of IoT, cloud and big data technologies present new terrain for digital evidence. Demand for managed security services provides opportunities.
Threats: Resistance from civil liberties groups against government surveillance. Vulnerabilities in tools/systems exploited by bad actors pose risks. Rapid evolution of cyberattacks challenges forensic preparedness.
Geographical Regions
North America dominates the market currently with a share of over 35%, driven by strong regulatory environment and early technology adoption. Significant developments in investigations techniques and integration of AI/ML is witnessed in the US and Canada.
Asia Pacific is poised to grow at the fastest pace during the forecast period led by increasing investment from countries like China, India and Japan to address rising cybercrime. Initiatives like Digital India and Make in India presents opportunities for market players.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
