The digital forensics market consists of software and services that are used by law enforcement as well as private organizations to recover and investigate evidence related to digital and cybercrimes. Digital forensics helps in gathering, retaining and analyzing data from digital devices such as computers, smartphones and digital storage media. With the escalating cases of cybercrimes such as hacking, identity thefts, phishing scams and malware attacks, the demand for digital forensics has significantly grown. The global digital forensics market is estimated to be valued at US$ 4,501.0 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 Dynamics:
One of the major drivers fueling the growth of the digital forensics market is the increasing instances of cybercrimes across the world. Cybercrime refers to criminal activities carried out using internet and digital devices which involves activities like identity theft, hacking personal as well as organizational data and spreading malware. According to Cybersecurity Ventures, cybercrimes are estimated to cost the world over $10.5 trillion annually by 2025. The rising threat of cyber-attacks has increased the adoption of digital forensics solutions among law enforcement agencies and corporate organizations to effectively investigate cybercrimes. Digital forensics tools help in gathering and analyzing digital evidence from compromised systems and networks, which aids in identifying the perpetrators and strengthening legal cases. Moreover, increasing digitization of data coupled with popularity of internet-of-things devices is creating more opportunities for cybercriminals, which is expected to further propel the demand for digital forensics solutions over the forecast period.
Segment Analysis
Digital forensics market can be segmented into hardware, software and services. The services segment currently accounts for the largest market share and is expected to dominate the market during the forecast period. This is because companies dealing in digital forensic solutions offer various services like consulting, training and support to enable effective implementation of digital forensic software along with hardware.
PEST Analysis
Political: Increase in cybercrimes has led governments across the world to enforce stricter data protection laws which is promoting adoption of digital forensic solutions by organizations.
Economic: Rising number of businesses and growth in digital data volumes is driving the need to securely manage and analyze digital evidence during corporate investigations and litigation support, boosting market revenues.
Social: Rising awareness among consumers about online security and privacy is compelling companies to strengthen their digital infrastructure with forensics capabilities to detect internal data breaches and protect customer information.
Technological: Advent of technologies like artificial intelligence, blockchain and cloud are being leveraged by forensic solution providers to develop more powerful tools for automated data analysis, report generation and remote acquisition of evidence.
Key Takeaways
The global digital forensics market is expected to witness high growth during the forecast period aided by increasing cybercrimes, data breaches and stringent regulations.
Regional analysis indicates North America currently holds the largest share driven by strong legal frameworks and rising investments in cybersecurity by governments and enterprises in the region.
Key players like AccessData Group, Guidance Software, Oxygen Forensics and Paraben Corporation offer an array of forensic hardware, software and services to law enforcement agencies, corporate legal teams and investigation firms globally. Key players operating in 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.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
