Digital Forensics Market - Growth, Trends, Forecasts (2020 - 2025)
The Digital Forensics Market is Segmented by Component (Hardware, Software, Service), Type (Mobile Forensics, Computer Forensics, Network Forensics), End-user Vertical (Government and Law Enforcement Agencies, BFSI, IT and Telecom), and Geography.
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The digital forensics market was valued at USD 4,170.0 million in 2019, and it is expected to reach USD 7,410.9 million by 2025, registering a CAGR of 10.03% during the forecast period of 2020-2025. Digital forensics has grown from addressing minor computer crimes to the investigation of complex international cases that significantly affect the world. Digital forensics includes the recovery and investigation of material found in digital devices, often concerning computer crimes.
Most forensics are oriented toward desktops, laptops, and associated media, including the hard drive, floppy disk, and optical discs. However, other forms of digital forensics, such as mobile phones and other handheld devices, are becoming increasingly popular for digital curation and preservation.
The adoption of digital forensics is growing due to the advancements in the traditional crime lab infrastructure, increasing penetration in corporate sectors, and the rise in cyber attacks and crimes. For instance, according to the Internet Crime Complaint Center (ICC) and Federal Bureau of Investigation (FBI), in 2019, 16,503 cases of online identity theft were reported to the IC3.
The emergence of computing shaped by the IoT and the rapid increase in the number of mobiles, computers, and other electronic devices worldwide contributes to the demand for digital forensics.
Financial crimes include insurance fraud, investment fraud, robbery, forgery, and identity theft. According to the Federal Trade Commission, in 2019, about 271,823 identity theft complaints filed were due to credit card fraud in the United States. According to the Gemalto, during H1 2018, the global data breaches of identity theft were 609.
Digital forensics comprises mobile forensics, network forensics, computer forensics, and other types. Network forensics solutions can be used to identify traffic patterns that look malicious, DDoS vectors, attempted breaches, and malware.
The COVID-19 will boost the digital forensics market as it helps to tackle increased fraudulent activities. Europe is witnessing an increase in cybersecurity measures with the outbreak of COVID-19.
Vendors in the market are also announcing solutions for controlling the COVID-19 pandemic. For instance, in 2019, MSAB announced that its technology could be used to assist first responders, law enforcement officials, public health officials, and others involved in controlling the current coronavirus pandemic. The technology uses mobile phone data to identify where individuals have been, whom they have been in contact with, and their activity timeline, along with other key information that might be needed.
However, factors, such as lack of specialized skills, usage of proprietary operating systems, and high level of encryption in new mobile applications, may hinder the growth of the market.
Scope of the Report
Digital forensics is the process of identifying, preserving, analyzing, and presenting digital evidence. Digital forensic enables the extraction of evidence through the analysis and evaluation of data from digital devices and is used to recover and inspect the data while maintaining the originality of the same. The scope of the study covers the market based on various digital forensics types, such as mobile forensic, computer forensic, and network forensic, and its uses in different end-user industries across the world.
Government and Law Enforcement Agencies
IT and Telecom
Other End-user Verticals
Middle East and Africa
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Key Market Trends
Network Forensics is Expected to Hold a Significant Market Share
Even though wireless communication systems are useful in providing mobile internet access to the user, they are still vulnerable and easily exposed to the interception by way of data transmission. Network forensics involves capturing, recording, and analyzing of network packets to determine the source of network security attacks.
The security mechanisms, like Wired Equivalent Privacy (WEP) and WiFi Protected Access (WAP), are not sufficiently capable of providing guaranteed security in wireless communication. Hence, network forensics is increasing demand in several organizations.
Digital Forensics and Incident Response (DFIR) is being incorporated to perform forensics when an organization is infected with ransomware or another type of network intrusion. More recently, there has been a trend in Advanced Persistent Threat (APT) groups attempting to hack into industrial control systems (ICS).
Many companies are implementing SaaS backups that come with an intrusion detection system that safeguards critical data from malicious attacks, whether its external or internal. For instance, in 2020, Attivo Networks announced the availability of its ADSecure solution for Google Cloud's Managed Service for Microsoft Active Directory (AD). The Google Cloud team has reviewed the Attivo solution that operates and reduces the risk of attack escalation for organizations running Active Directory with Google's managed service.
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North America to Account for Largest Market Share
The US financial system has been a target for foreign cyber adversaries for a considerable period. Based on this phenomenon, the US government imposed a law for the private sector to have a dedicated cyber protection team (CPT) sector to provide surge capacity in the event of an ongoing cyberattack in the form of advanced analysis and network and endpoint forensics.
US banks, such as the Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo, have faced cyberattacks that eventually led to exposed data of consumers. It was considered to be a result of weaknesses in the firms’ networks. These banks were recommended by the federal officials to monitor their network activities. Such government impositions, therefore, drive the demand for digital forensics solutions in the region.
Moreover, North America houses the significant players of the digital forensics market like IBM, Cisco, FireEye, which offer other enterprise applications, such as LogRhythm, Guidance Software, Access Data, Paraben, that specialize in forensic solutions. For instance, Paraben’s Device Seizure has an established reputation in handheld forensics.
Xpera Risk Mitigation and Investigation, which is Canada’s largest national provider of investigations and risk solutions, recently announced a powerful new digital evidence tool with capabilities not offered anywhere in the Canadian private risk management market.
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The digital forensics market is moderately competitive and consists of a significant number of major players. The vendors are involved in releasing new features on their products frequently, as the market is technology-driven. The leading players include IBM Corporation, Binary Intelligence LLC, and Guidance Software Inc., among others.
March 2020 - AccessData Group announced the latest release of Quin-C. The new version delivers prebuilt workflow options for both legal reviewers and forensic investigators, important mobile data processing, review and analysis capabilities, and improved viewer technology.
December 2019 - FireEye Inc. introduced FireEye Cyber Physical Threat Intelligence. The new subscription provides context, data, and actionable analysis on threats to cyber physical systems, including operational technology (OT), industrial control systems (ICS), Internet of Things (IoT), and other equipment used to manage interconnected physical processes.