The global 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.
Digital forensics involves the process of identification, collection, acquisition, extraction, analysis and reporting of digital evidence found in digital devices and digital records. It helps in detecting any criminal activities such as financial crimes, terrorist activities, identity thefts etc.
Market key trends:
Digital forensics market is witnessing significant growth due rising incidences cybercrimes. According to a survey, average global cost of a data breach in 2022 was $4.35 million, up from $3.86 million in 2021. Moreover, increasing adoption of internet of things (IoT) devices is also fueling demand for digital forensics solutions. However, lack of cybersecurity skills and absence of standardization in digital forensics practices are some of the factors hampering market growth. Going forward, increasing adoption of artificial intelligence and blockchain technologies in digital forensics is expected to create lucrative growth opportunities for players in the digital forensics market over the forecast period.
Strength: Digital forensics has strong demand across various industries such as BFSI, government, healthcare, and telecom to investigate cybercrimes. It helps in gathering evidence from digital devices in a forensically sound manner.
Weakness: Digital forensics solutions require heavy investment in advanced tools, infrastructure, and training of professionals. The evolving nature of cybercrimes introduces new challenges.
Opportunity: Increasing incidents of cybercrimes and data breaches are driving the need for advanced digital forensic solutions globally. Growth in IoT and cloud computing also present new opportunities.
Threats: Any vulnerability in digital forensic tools could allow manipulation of evidence. Lack of awareness and preparedness are also threats.
The Global Digital Forensics Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing cybercrimes. North America dominates the market currently due to strong regulatory policies and growing digital attacks. Asia Pacific is expected to grow at the fastest pace due to rising internet usage and digitalization.
Regional analysis: North America accounts for the largest share in the global digital forensics market owing to stringent data protection laws and rising cyber threats in the region. Asia Pacific is expected witness the highest growth during the forecast period. This is attributed to factors such as rapid digitalization, rising internet penetration, and growth of the BFSI sector in countries such as China and India.
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.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it