|Study Period:||2019- 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The Global Digital Forensics Market is expected to register a growth at a CAGR of 10.97% during the forecast period (2021-2026). The massive use of Internet of Things (IoT) devices coupled with factors such as stringent government regulations and the increasing instances of cyber-attacks on enterprises are expected to drive the demand for digital forensics software during the forecast period.
- 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 2020, 43,300 cases of online identity theft were reported to the IC3. Phishing and similar fraud ranked first, with 2,41,342 complaints.
- Additionally, as enterprises across the world are transforming digitally, cloud adoption has been on the rise, which brings policies, such as BYOD, to the forefront in many industries. The increase in the use of cloud computing applications providing access to files and other data from anywhere has made the work collaboration for different teams from different locations simpler for companies. Therefore, if more devices are connected to an enterprise, more sources would be available for hackers to intrude into the enterprise networks.
- During COVID-19, the demand for remote working solutions has seen a surge owing to the organization’s transition from their conventional workplace methods to work from home environment. Due to this, during this period, significant organizational stress and crisis, newer frauds and misconduct risks have emerged, internal controls are lagging behind the evolving risks, and the need for forensic investigations has been witnessing an increase.
- Furthermore, the COVID-19 pandemic will require investigation techniques that reflect the new patterns of employee remote working environment and comply with the legal and societal goals, such as social distancing and self-isolation. 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 their uses in different end-user industries across the world.
|By End-user Vertical|
|Government and Law Enforcement Agencies|
|IT and Telecom|
|Other End-user Verticals|
|Middle East and Africa|
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 interception by way of data transmission. Network forensics involves capturing, recording, and analyzing 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 in 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 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 United States financial system has been a target for foreign cyber adversaries for a considerable period. Based on this phenomenon, the United States 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.
- United States 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. Federal officials recommended these banks to monitor their network activities. Such government impositions, therefore, drive the demand for digital forensics solutions in the region.
- For instance, in July 2021, Paraben Corporation (a US-based company) launched the “E3 Forensic Platform” 3.0 version for data investigations and digital evidence. The new edition enabled a unified study of digital data from a variety of sources, including smartphones, computers, the Internet of Things, and the cloud.
- 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.
- 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.
- The technological advancements in the forensics department and the growth in cybercrimes and advanced theft mechanisms are expected to increase the investments in the digital forensics 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.
- October 2021 - FireEye and McAfee Enterprise announced that Symphony Technology Group (STG) had closed its sponsored acquisition of FireEye in an all-cash transaction totaling USD 1.2 billion. This transaction completed the combination of McAfee Enterprise with FireEye.
- July 2021 - Oxygen Forensics released flagship software, Oxygen Forensic Detective v.13.7. The update significantly improves the Oxygen Forensic Cloud Extractor and KeyScout, which is an additional Device and Case Description field, and new extraction methods for multiple apps. Such updates benefit various government bodies to which the company caters.
- January 2021 - LogRhythm, backed by private equity firm Thoma Bravo backs, acquired MistNet to boost SIEM (security information and event management) with cloud-based analytics, network visibility, and threat detection capabilities. According to the company, this acquisition will allow the user to deliver intelligent, machine-learning-based detection and response capabilities that incorporate network detection, user and entity behavior analytics (UEBA), endpoint detection and response data (EDR), and additional MITRE ATT&CK detections to solve current and emerging security and risk problems.
- October 2020 - Paraben unveiled the Halloween release of the E3 Forensic Platform with the 2.7 version. The 2.7 version added Support for Slack with cloud acquisitions, ExFAT file system support and analysis, iOS 14 support for acquisition and analysis, Android 11 support for acquisition and analysis, and New Registry Key parsing of Data Triage SAM, Explorer, and Applications. Users employing Image Analyzer options received two new detection categories, namely money, and gambling.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Technology Snapshot
4.4 Assessment of the Impact of COVID-19 on the Industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Adoption of IoT Devices Driving Demand for Digital Forensics Solutions and Services
5.1.2 Growing Cybercrimes and Security Concerns across Industries
5.2 Market Challenges
5.2.1 Lack of Skilled Professionals and Preplanning among Organizations
6. MARKET SEGMENTATION
6.1 By Component
6.2 By Type
6.2.1 Mobile Forensic
6.2.2 Computer Forensic
6.2.3 Network Forensic
6.2.4 Other Types
6.3 By End-user Vertical
6.3.1 Government and Law Enforcement Agencies
6.3.3 IT and Telecom
6.3.4 Other End-user Verticals
6.4 By Geography
6.4.1 North America
6.4.3 Asia Pacific
6.4.4 Latin America
6.4.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
*List Not Exhaustive
7.1 Company Profiles
7.1.1 IBM Corporation
7.1.2 Binary Intelligence LLC
7.1.3 Guidance Software Inc. (Opentext)�
7.1.4 AccessData Group LLC
7.1.5 KLDiscovery Inc.
7.1.6 Paraben Corporation
7.1.7 FireEye Inc.
7.1.8 LogRhythm Inc.
7.1.9 Cisco Systems Inc.
7.1.10 Oxygen Forensics Inc.
7.1.11 MSAB Inc.
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Global Digital Forensics Market market is studied from 2019 - 2026.
What is the growth rate of Global Digital Forensics Market?
The Global Digital Forensics Market is growing at a CAGR of 10.97% over the next 5 years.
Which region has highest growth rate in Global Digital Forensics Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Digital Forensics Market?
North America holds highest share in 2020.
Who are the key players in Global Digital Forensics Market?
IBM Corporation, Binary Intelligence LLC, Guidance Software Inc., AccessData Group LLC, KLDiscovery Inc. are the major companies operating in Global Digital Forensics Market.