by The Digital Forensics Market is estimated to be valued at US$ 6783.72 Mn or Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digital forensics refers to the use of advanced technologies for recovery and investigation of materials existing in digital form. Digital forensics include investigation of cyber crimes, tracing digital criminal activities, data recovery services, and evidence collection from digital devices such as computers, laptops, hard drives, and mobile devices. The market players offer digital forensic solutions and services for fields including law enforcement agencies, military and defense, corporate organizations, among others.
Market Dynamics:
The increasing instances of cybercrimes and growing demand from government and law enforcement agencies for digital crime investigation are expected to drive the growth of digital forensics market. According to Cybersecurity Ventures, cybercrime costs are projected to hit $10.5 trillion annually by 2025 up from $3 trillion in 2015. Another major driver for the market is the increasing adoption of smart devices and technologies such as IoT, mobility solutions, cloud computing, and big data analytics that have increased the attack surface for cyber threats which bolsters the need for digital forensic solutions. The growth of digital footprint of individuals has increased vulnerability and instances of theft, data loss, and leakages further necessitating digital crime investigations and fueling adoption of digital forensic solutions. Some of the key challenges hindering the market growth include lack of knowledgeable professionals, lack of necessary skills for investigation of complex and advanced cybercrimes, and lack of standardization in terms of procedure, tools, and reporting formats across different regions.
Segment Analysis
The Digital Forensics market is dominated by the Computer forensics sub-segment. Computer forensics comprises over 45% of the Digital forensics market as it allows investigators to retrieve data from computers, laptops and other devices in a forensically sound manner. The sub-segment is dominating due to the rising volume of cybercrimes that require investigations from digital devices.
PEST Analysis
Political: Data privacy regulations are being strengthened globally, driving the need for digital forensics. The EU’s General Data Protection Regulation has increased compliance requirements.
Economic: The digital forensics market is growing due to the rising spending on cybersecurity and increasing investments by government and law enforcement agencies to solve cybercrimes.
Social: Increased internet and social media usage has led to a rise in cyberbullying, identity theft issues that require digital evidence investigation.
Technological: Advancements like machine learning, AI are improving digital forensics capabilities. Tools can now rapidly scan devices and retrieve deleted files with more accuracy.
Key Takeaways
The Global Digital Forensics Market Size is expected to witness high growth of 10% over the forecast period of 2023 to 2030, reaching a market size of US$ 11623.78 Mn by 2030. The market is growing due to the rising instances of cybercrimes and data breaches that require forensic investigation of digital devices for evidence gathering.
North America dominates the Digital forensics market with over 35% share owing to stringent data regulations and high spending on cybersecurity in the region. Law enforcement agencies have increased budgets to modernize forensics labs and hire forensics professionals.
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 players are focusing on product innovation through integration with analytics and AI solutions to gain traction.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
