by The digital forensics market in South Korea has been growing at a steady pace over the past couple of years. Digital forensics refers to the application of scientific techniques for the identification, acquisition, authentication, preservation, and interpretation of digital evidence presented in administrative, civil, or criminal court proceedings. It involves capturing and analyzing data from smartphones, laptops, hard drives, databases, and other digital devices and media. Advancements in digital technologies and the widespread use of digital devices have resulted in an exponential increase in cybercrimes such as hacking, malware attacks, data breaches, online financial frauds, and others. This has fuelled the need for digital forensics tools and services to efficiently investigate cybercrimes and curb their occurrence.
The South Korea Digital Forensics Market is estimated to be valued at US$ 231.6 Mn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the South Korea Digital Forensics are AhnLab, FireEye, IBM Corporation., Guidance Software, Inc./OpenTextCorp., FireEye, HancomWITH and Among Others.
Rising penetration of internet-enabled smart devices and increasing instances of cyber threats have opened up several growth opportunities for digital forensics solution providers in South Korea. Development of AI-powered forensics tools and cloud-based investigation platforms are expected to drive revenues for key players in the coming years.
Growing international collaborations and jurisdictional rights allow digital forensics firms to expand their global footprint. South Korean companies are actively exploring forensic opportunities in overseas markets like Southeast Asia, Australia, and the Middle East through partnerships and M&A deals.
Market Drivers
The rising rates of cybercrimes in South Korea is a major driver for the digital forensics market. According to recent statistics, the total number of cybercrime reports in the country increased by over 30% between 2017 to 2020. This has urged private organizations and law enforcement agencies to heavily invest in advanced forensic capabilities. The implementation of strict data protection laws and increased penalties for cyber-offenses have also propelled the demand for digital investigation services.
PEST Analysis
Political: South Korea has strict data protection laws and regulations which require companies to securely store customer data. This boosts the demand for digital forensics solutions from various industries to ensure compliance.
Economic: The strong economic growth of South Korea has increased digital crimes over years. Growing e-commerce sector and adoption of digital services across industries is driving the use of digital forensics solutions by companies.
Social: High internet and smartphone penetration in South Korea has increased cybercrimes. People are more aware now about online security and data privacy due to rising incidents of cyber threats which is positively impacting the digital forensics market.
Technological: Advancements in technologies like cloud, IoT, and 5G has increased the attack surface for cybercriminals. It has also made investigations more complex for agencies. This is promoting upgrades to existing digital forensic solutions and development of new offerings integrating advanced technologies.
Geographical Concentration
The market in South Korea is concentrated in major cities like Seoul, Busan, Daegu, Incheon, Gwangju, Daejeon, and Ulsan due to higher internet usage and presence of large companies from various industries. These cities account for over 70% of the total market value in the country.
Fastest Growing Region
The digital forensics market is poised to grow fastest in Seoul, which is the economic and technological hub of South Korea. As cybercrimes are increasing rapidly in the capital city owing to growing digitization of services, enterprises and government agencies in the region are investing heavily in advanced forensic solutions. This is expected to help Seoul emerge as the fastest growing market during the forecast period.
What Are The Key Data Covered In This South Korea Digital Forensics Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the South Korea Digital Forensics’s growth between 2024 and 2031.
:- Accurate calculation of the size of the South Korea Digital Forensics and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- South Korea Digital Forensics Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of South Korea Digital Forensics vendors
FAQ’s
Q.1 What are the main factors influencing the South Korea Digital Forensics?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top South Korea Digital Forensics companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the South Korea Digital Forensics’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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