May 29, 2024
Ict

Digital Forensics Market is Poised to Accelerate the Investigations of Cybercrimes

The digital forensics market comprises products and tools that help law enforcement and investigation agencies retrieve digital evidence from electronic devices to solve cybercrimes. Advances in digital devices like smartphones, computers, and IoT have made it crucial for forensics teams to have strong technical skills and forensically sound tools to extract, identify, recover, analyze and interpret digital evidence. Digital forensics solutions scrutinize digital evidence to determine criminal activities, identify perpetrators through online footprints, and recover deleted files and hidden documents.

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 occurrence of cyber-attacks along with the rising adoption of advanced technologies such as IoT and cloud computing have increased the demand for digital forensic solutions in recent years. Several law enforcement agencies and government organizations are also adopting these solutions to solve complex crimes and investigate online criminal plans. With the increasing globalization of cybercrimes, major players in this market are also expanding their footprint across different geographies.
One of the key trends driving the digital forensics market growth is the adoption of mobile device forensics. Law enforcement agencies are increasingly retrieving digital clues from smartphones seized as part of an investigation. Mobile device forensics solutions extract deleted records, geotags, passwords and other vital evidence from mobiles to link perpetrators to the crime scene. This trend is expected to further accelerate over the forecast period with bringing more such advanced devices under the umbrella of digital forensics.

Porter’s Analysis
Threat of new entrants: Digital forensic technologies and investigative skills require large capital investments limiting new competition. Bargaining power of buyers: Individual companies have limited influence in dictating prices due to availability of several solution and service providers. Bargaining power of suppliers: Suppliers have moderate influence as customers can choose from various technology providers and tools. Threat of new substitutes: Alternate technologies like cloud forensics and network forensics can be considered as substitutes but digital forensics has established itself as core investigative technique. Competitive rivalry: Market comprises numerous global and regional players competing on basis of technology, security capabilities, and services.

In terms of value, North America region holds largest share in digital forensics market owing to early technology adoption and stringent regulations regarding data protection. Presence of major players and government investments for cybercrime investigations further boost the regional market.

Asia Pacific region is expected to witness fastest growth during forecast period due to increasing cyber threats, growing digital evidence needs in investigations and enforcement of data protection laws across countries. China, India, Japan and South Korea are emerging as high potential markets in the region.

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