Global Digital Forensics Market Research, Industry Growth, Market Size, Share and Forecast 2018-2023

The digital forensics market is estimated to grow at a CAGR of 10.9% during the forecast period. Factors that are augmenting the digital forensics industry include increasing cyber-attacks and crimes on enterprise devices and rising demand for Internet of Things (IoT) devices globally. Moreover, rising demand for cloud computing forensic and data security coupled with the regulatory enforcement and compliance is expected to further augment the market. Global digital forensics is a process that identifies, collects, and analyses digital evidence that is stored in a digital device. The growth of cybercrimes and attacks lead to an increase in the requirement of digital forensics. The digital forensics are utilized in different sectors such as IT & telecommunication, retail and logistics, military and defense, and media and entertainment. These are utilized to store data with security in different sectors of applications to preserve the important information related to that of the sector or a company.

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By the end-user, the digital forensics market is divided into BFSI, government & law enforcement agencies, healthcare and life science, defense and aerospace, information technology (IT) & telecommunication, and others. BFSI is expected to hold the largest share during the forecast period. It is due to the huge number of online frauds along with frauds at e-commerce websites and wallets. Asia-Pacific will be the fastest-growing market during the forecast period. Continuous increase in the mobile penetration and IoT devices in the region and low awareness toward cyber-crime is the major factor raising the need for digital forensics in the region.

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There are several cybercrimes that are performed by utilizing computer and internet such as marketing information, blackmailing, virus distribution, money laundering and hacking of mail, bank account. For example, on the 14th of January 2018, 2 bank accounts of State Bank of India were hacked and an amount of 2.2 million was transferred to buy digital currency bitcoin. The cybercriminals are targeting businesses. Scams such as BEC (Business Email Compromise) /EAC (Email Account Compromise), which are considered as another form of fraud, include lottery, employment, and rental scams. These scams target businesses that regularly perform wire payments. During 2016, IC3 received almost 12,005 BEC/EAC complaints that made a loss of over $360 million. This increase in cybercrimes creates enormous opportunities for the digital forensics market.

Several companies are contributing significantly to the growth of the digital forensics market by providing different advance security products, software and tools for preventing data breaches. Companies such as Guidance Software, FireEye, Cisco and IBM Corp are also fuelling the growth of the market. Cisco Systems Inc. had partnered with IBM during 2017. According to the agreement, Cisco security solutions will integrate with IBM’s QRadar to protect organizations across networks, endpoints, and cloud. The collaboration also initiates a new conjunction between the IBM X-Force and Cisco Talos security research teams and will begin collaborating on threat intelligence research and major cybersecurity incidents.

Global Digital Forensics Market Segmentation

By Type

• Computer Forensics
• Mobile Device Forensics
• Network Forensics
• Others

By End-User

• Banking, Financial Services and Insurance (BFSI)
• Government and Law Enforcement Agencies
• Healthcare and Life Science
• Defense and Aerospace
• IT and Telecommunication

Global Digital Forensics Market by Region

North America

• US
• Canada

Europe

• Germany
• UK
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Digital Forensics Market Top Keyplayers:

AccessData, Perkinelmer, Inc. Guidance Software, Inc., FireEye, Inc.,Oxygen Forensics, Paraben Corporation Nuix Pty Ltd. , Logrhythm , Binary Intelligence LLC Cellmark, CCL Solutions Group Ltd., IBM Corporation, Magnet Forensics Inc., Cisco Systems, Inc., Lancope Inc., and SecureWorks Inc.

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Source: Global Digital Forensics Market

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