Digital Forensics Market at a CAGR of 9.32% Rising Enterprise Efficiency and Dominated by Top Competitors (AccessData, Guidance Software, FireEye, LogRhythm, Oxygen Forensics, Stroz Friedberg) and Forecasts 2018-2023
The digital forensics market was worth USD 3.14 billion in 2017 and is projected to reach USD 5.37 billion by 2023 growing at a CAGR of 9.32 % over the forecast period (2018 – 2023). The scope of the report is limited to component hardware, software, services, and type, along with the segmentation based on type, including computer forensics, mobile device forensics, network forensics, and others. The report is segmented on the basis of end-user verticals into telecommunication & IT, BFSI, retail, automotive, government, healthcare, manufacturing, and others. The regions considered in the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study emphasizes the benefits of digital forensics with respect to diverse industries and the future prospects of the same.
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Digital forensics or computer forensics deals with the activity of collecting, identifying, extracting, and analyzing evidence from digital devices, such as computers, laptops, hard disks, etc. This type of forensics is used in criminal and civil court cases. Currently, this technology is being highly used in the private sector for their internal investigations. The rise in cyber-criminal activities is expected to have a positive impact on the digital forensics market growth over the forecast period. Cyber-attacks, industrial espionage, information security breaches, identity fraud, financial fraud, and many other illegal activities leave a digital fingerprint which can be used by highly skilled investigators to trace the origin of the attack. The process of collection and extracting is a very delicate process. Highly specialized tools and techniques are used to take the data with a write blocker so as to not tamper with the evidence.
Recent Developments in Digital Forensics Market
• February 2018 - AccessData introduced next-gen competences for directing digital investigations or forensics which is likely to boost the company’s financial and expand their product portfolio.
• July 2017 - Guidance Software was acquired by OpenText, a leader in Enterprise Information Management operating globally. This acquisition is expected to bring more customers and expand regional presence.
Digital Forensics Market Major Companies:
• Guidance Software Inc.
• FireEye Inc.
• LogRhythm, Inc.
• Oxygen Forensics Inc.
• Stroz Friedberg.
• Secureworks Inc.
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Service to Exhibit the Highest Growth
The services offered by the industry players are expected to witness the highest growth over the next six years owing to a wide range of managed and professional services. In addition, the companies provide services associated with consulting and training which is highly required due to the lack of skilled personnel. This is expected to increase the usage of services offered, thereby, fueling the market growth over the forecast period. Moreover, the hardware and software require regular maintenance which most industry players offer as a package which is likely to boost the market over the projected period.
Rise in Cloud Computing Forensics and Data Protection & Security
The adoption of cloud computing in a diverse application like forensics is increasing at a rapid pace owing to the ease of sharing and storing data on a packed budget. Moreover, with the rising crime rate, the need for data protection is growing which is likely to increase the utilization , thereby, propelling the market growth over the forecast period. Usually, a criminal leaves behind a digital trace of their activity, the key target for an investigation is to recover and catch hold of this digital trace. In addition, the most common application of digital forensics is in both criminal as well as private investigation. An example for this could be the follow up of an unauthorized network intrusion. A specialist forensic examination into the nature and extent of the attack is performed as a damage limitation exercise. Digital forensics could be used to both easily establish the extent of this intrusion and identify the attacker. The key intent behind digital forensics is to recover objective evidence of a criminal activity.
Asia-Pacific to Have the Highest Growth in Digital Forensics Market
There is a surge in internet users in the Asia-Pacific region, specifically in India and China, owing to the rapid integration of Internet of Things (IoT). This is leading to an increase in the internet-based crime rates in the region, which is expected to be the key driver for the market growth. In addition, there is a rising trend of cryptocurrency trading owing to which the hacker’s prime target is to steal these coins. In February 2018, the government website of Australia was compromised/ hacked to mine Bitcoin and other cryptocurrencies. These situations are increasing the need for digital forensics, thereby, propelling the market growth and opportunities.
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