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Digital forensics is a branch of forensics where recovered evidence found in computers, tablets, smartphones, cloud services, etc. Digital forensic research helps stop cyber-crimes or cyber-attacks and allows organizations to carry out certain miscellaneous operations. The key method followed to perform a forensic would be the collection, examination, and preservation of the data. Digital forensics helps to save both credibility and money.
Global digital forensics market size was held at a market size of USD 5.2 Billion in 2019 and is anticipated to flourish at a CAGR of 12.1% during the forecast period.
Companies across the globe are working on automating data. The sharing in an internal and external world of this vast amount of data has made businesses vulnerable to cybercrime. Cyber-attacks have a detrimental impact on businesses in terms of data theft and loss of sales and create a dent on the brand and credibility. Enterprises' rising vulnerability to cyber-attacks has led to high demand for digital forensics tools and services. To counter those cyber-attacks, different universities and government facilities emphasize holding seminars to demonstrate digital forensics and methods for investigating cybercrime.
Increasing usage of IoT devices
IoT refers to interconnected devices that communicate and interact with each other all the time. In many application areas, the widespread use of IoT devices is observed, such as smart city programs, smart transportation, vehicle communication, and autonomous vehicles, smart grids, and smart homes. The growing computing power of IoT system processors has created a connected environment and simplified tasks which have been difficult to perform by conventional means. IoT computers are a good target for cybercriminals. Adopting the best-in-class digital forensic tools and facilities that will assist in retrieving the data loss in an unexpected incident is important for companies and organizations. The growing use of IoT devices is expected to increase demand for digital forensic solutions, and services are expected to propel the global digital forensics industry.
Rising usage of Crypto Currencies
Cryptography guarantees the confidentiality, honesty, non-repudiation, and authentication of data exchanged between 2 parties. However, even cases of fraud are rising with the crypto-currency rise. Cryptocurrencies are subject to cyber-attacks on account of financial profits, geographic rivalry, interpersonal rivalry, and loss of credibility. The artifacts can be difficult to detect when a crypto-currency fraud occurs. It will take an effective digital forensic solution to retrieve the vital data that could have been lost during the storage or trading of crypto currency. Therefore, crypto currency is one of the prime places where cybercriminals can explore, which in turn is anticipated to spark the need for digital forensics.
However, substantial costs incurred in the implementation and licensing of digital forensics solutions and services are expected to pose a market growth challenges. Additionally, the growing use of proprietary operating systems and the high encryption level used in the latest mobile apps are other factors that hinder the market growth. It is further anticipated that the lack of technical expertise among skilled investigators and the lack of planning and readiness to implement enterprise-wide digital forensic technologies and services would affect market growth. In addition, the lack of cloud forensic tools available can affect market growth for investigating cloud-based frauds.
In 2019, the North American region has the world's largest market share, followed by Europe, and the Asia Pacific region. The U.S. and Canada dominated the North American market, owing to growing technological advancements and increasing digital crime in the region. The area also has a well-established infrastructure that enables new technology to be applied more rapidly. In addition, the growing case of insider attacks is another important factor driving the growth of the region's computer forensics industry.
The report also covers detailed competitive analysis of major market players of the global digital forensic market such as AccessData, Perkinelmer Inc., Guidance Software Inc., OXYGEN FORENSICS, Paraben Corporation, Cisco Systems, IBM Corporation, SecureWorks Inc., Stroz Friedberg LLC, Guardian Digital Forensics, and other major & niche players. The global market for digital forensic is witnessing a wide range of industry activities such as product launch, innovation, acquisition, partnership, research & development, and expansion across the globe.
Competitive landscape analysis provides a detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development, and other market activities). The study also provides the company’s positioning and market share of the overall market.
The report offers a comprehensive insight on the Digital Forensics Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
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