Digital forensics products gather and analyze digital evidence from computing devices such as mobile phones, computers, and mobile devices to investigate cybercrimes or criminal activities. Mobile device forensics has become essential as people use smartphones and tablets to carry out daily activities like banking, shopping, messaging etc.
The global Digital Forensics Market is estimated to be valued at US$ 4,501.0 Mn or Bn 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 key trends:
The increasing usage of mobile devices as primary computing tools has been a major driver of growth in the mobile device forensics segment. According to reports, people now spend an average of 3 hours daily on their smartphones. As device data gets increasingly complex with high storage capacities and multiple layers of artefacts, extracting useful evidence in a forensically sound manner requires specialized tools and deep technical expertise in mobile forensics. Leading players are focusing on continual innovations like developing improved memory acquisition techniques, carving capabilities to reconstruct deleted files, and advanced decryption utilities to access locked and encrypted devices. Newer areas like IoT forensics are also emerging with increasing adoption of connected devices.
SWOT Analysis
Strength: The digital forensics market is growing rapidly due to an increase in cybercrime cases globally. Rising demand for cloud services and mobile applications also drives the need for digital forensics solutions.
Weakness: Lack of awareness about cyber threats and digital forensics in many parts of the world. Skilled professionals required to handle complex digital forensic tools and techniques which is a challenge.
Opportunity: Emerging regions like Asia Pacific and Latin America offer significant growth opportunities due to increasing digitalization. New technologies such as AI, blockchain, IoT also create demand for advanced digital forensics solutions.
Threats: Rapid evolution of cybercrime techniques poses threat to the effectiveness of existing digital forensic solutions. Heavy reliance on third party cloud services by organizations increases data security challenges.
Key Takeaways
The global digital forensics market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing cybercrimes and demand for robust cybersecurity solutions.
Market size: The digital forensics market size for 2023 is US$ 4,501.0 Mn. Rapid digital transformation across industries is driving the market growth substantially. The market is estimated to reach around US$ 10 Bn by 2030.
Regional analysis: North America dominates the global digital forensics market currently owing to stringent data protection regulations and early adoption of new technologies in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by increasing investments in digital forensics by law enforcement in countries like China, India and growing cyber threats.
Key players: 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. These players are focusing on developing advanced forensic solutions through partnerships and M&A activities.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
