Digital Forensics Market is driven by rising cybercrimes
Digital forensics involves the process of identification, collection, acquisition, analysis and reporting of digital evidence found in digital devices such as computers, laptops, smartphones, hard drives and others. It helps organizations and law enforcement agencies to preserve, analyze and present digital information that may be useful for legal proceedings. The demand for digital forensics is increasing across industries due to rising cases of cybercrimes, data thefts, financial frauds and network intrusions.
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 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. These players are focusing on new product launches and partnerships to gain competitive advantage in the market. For instance, in 2022, Paraben Corporation partnered with PoliceOne to provide discounted digital forensics training and services for law enforcement.
The demand for digital forensics is increasing globally due to rising instances of cybercrimes such as hacking, phishing, identity thefts and ransomwares. As more organizations are adopting advanced technologies such as cloud computing and IoT, it has led to higher vulnerabilities and risks of cyberattacks. This has fueled the adoption of digital forensic solutions across industries.
The digital forensics market is expanding globally with growing investments and partnerships between technology providers and law enforcement agencies. The increasing focus on data privacy regulations in major economies has also boosted the demand. Key players are focusing on emerging markets through partnerships to leverage the opportunities in developing nations of Asia Pacific, Latin America, Middle East and Africa.
Market Drivers
Rising cybercrimes is a major driver boosting the digital forensics market. Cybercrimes such as phishing, hacking, data leaks and ransomware attacks have increased manifold over the past few years. This has led to higher need for digital forensics solutions across industries and law enforcement agencies to investigate cybercrime incidents and gather digital evidence. As organizations are adopting digital transformation through technologies like cloud, mobility and IoT, the attack surface has expanded significantly, fueling the adoption of digital forensic solutions.
The current geopolitical situation is impacting the growth of the digital forensics market in several ways. With rising political tensions and security threats across many regions, the need for digital evidence collection and investigation is increasing. Geopolitical instability raises cybercrime risk as bad actors may try to exploit vulnerabilities. This drives greater demand for digital forensics services to investigate incidents and strengthen security systems. However, geopolitical conflicts also introduce challenges as travel and transportation restrictions can hamper the ability of forensics experts to access crime scenes or collect evidence internationally in a timely manner. service providers need strategies to ensure they have the right capabilities and partnerships locally to continue serving clients remotely or virtually during times of crisis. they also need to invest in developing portable or mobile forensics tools that law enforcement and investigators can use on-site without relying on large fixed lab infrastructure. Looking ahead, as geopolitical tensions remain high in various parts of the world, the digital forensics industry must focus on building resilience through decentralized operations, virtual services, cross-border collaborations and portable solutions.
The digital forensics market in North America currently accounts for the largest value share globally due to stringent data protection regulations, rising incidence of cybercrimes, and considerable investments by organizations and law enforcement agencies in this region. However, the Asia Pacific region is anticipated to record the fastest growth during the forecast period owing to rapid digitalization of economies, increasing internet usage, and rising popularity of connected devices in countries like China, India. There is also a greater focus by governments and enterprises in Asia to enhance cybersecurity infrastructure and combat cyber threats. This will contribute to the strong growth of the digital forensics industry across emerging Asia Pacific nations.
In terms of geographical regions where the market value is concentrated, North America is currently the largest concentrated market for digital forensics globally. This is attributed to stringent data protection laws and the presence of many large organizations and agencies actively investing in digital forensics services and technologies. However, the Asia Pacific region is anticipated to witness the fastest growth during the forecast period owing to factors like rising digital connectivity, expansion of internet usage, and Greater focus on cybersecurity infrastructure development across emerging economies of China and India.
Key Takeaways
Key players operating in the digital forensics 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. These players are focusing on new product launches and partnerships to gain competitive advantage in the market. For instance, in 2022, Paraben Corporation partnered with PoliceOne to provide discounted digital forensics training and services for law enforcement.
The demand for digital forensics is increasing globally due to rising instances of cybercrimes such as hacking, phishing, identity thefts and ransomwares. As more organizations are adopting advanced technologies such as cloud computing and IoT, it has led to higher vulnerabilities and risks of cyberattacks. This has fueled the adoption of digital forensic solutions across industries.
The digital forensics market is expanding globally with growing investments and partnerships between technology providers and law enforcement agencies. The increasing focus on data privacy regulations in major economies has also boosted the demand. Key players are focusing on emerging markets through partnerships to leverage the opportunities in developing nations of Asia Pacific, Latin America, Middle East and Africa.
Market Drivers
Rising cybercrimes is a major driver boosting the digital forensics market. Cybercrimes such as phishing, hacking, data leaks and ransomware attacks have increased manifold over the past few years. This has led to higher need for digital forensics solutions across industries and law enforcement agencies to investigate cybercrime incidents and gather digital evidence. As organizations are adopting digital transformation through technologies like cloud, mobility and IoT, the attack surface has expanded significantly, fueling the adoption of digital forensic solutions.
The current geopolitical situation is impacting the growth of the digital forensics market in several ways. With rising political tensions and security threats across many regions, the need for digital evidence collection and investigation is increasing. Geopolitical instability raises cybercrime risk as bad actors may try to exploit vulnerabilities. This drives greater demand for digital forensics services to investigate incidents and strengthen security systems. However, geopolitical conflicts also introduce challenges as travel and transportation restrictions can hamper the ability of forensics experts to access crime scenes or collect evidence internationally in a timely manner. service providers need strategies to ensure they have the right capabilities and partnerships locally to continue serving clients remotely or virtually during times of crisis. they also need to invest in developing portable or mobile forensics tools that law enforcement and investigators can use on-site without relying on large fixed lab infrastructure. Looking ahead, as geopolitical tensions remain high in various parts of the world, the digital forensics industry must focus on building resilience through decentralized operations, virtual services, cross-border collaborations and portable solutions.
The digital forensics market in North America currently accounts for the largest value share globally due to stringent data protection regulations, rising incidence of cybercrimes, and considerable investments by organizations and law enforcement agencies in this region. However, the Asia Pacific region is anticipated to record the fastest growth during the forecast period owing to rapid digitalization of economies, increasing internet usage, and rising popularity of connected devices in countries like China, India. There is also a greater focus by governments and enterprises in Asia to enhance cybersecurity infrastructure and combat cyber threats. This will contribute to the strong growth of the digital forensics industry across emerging Asia Pacific nations.
In terms of geographical regions where the market value is concentrated, North America is currently the largest concentrated market for digital forensics globally. This is attributed to stringent data protection laws and the presence of many large organizations and agencies actively investing in digital forensics services and technologies. However, the Asia Pacific region is anticipated to witness the fastest growth during the forecast period owing to factors like rising digital connectivity, expansion of internet usage, and Greater focus on cybersecurity infrastructure development across emerging economies of China and India.
