Digital Forensics Market Size

Digital Forensics Market Analysis

The Digital Forensics Market size is estimated at USD 6.65 billion in 2024, and is expected to reach USD 12.21 billion by 2029, growing at a CAGR of 12.92% during the forecast period (2024-2029).

• The massive use of Internet of Things (IoT) devices coupled with factors such as stringent government regulations and increasing cyber-attack instances 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 investigating complex international cases that significantly affect the world. Digital forensics includes recovering and investigating material found in digital devices, often concerning computer crimes.
• Most forensics are oriented toward desktops, laptops, and associated media, including hard drives, floppy disks, 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 IoT devices, such as 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), 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 worldwide 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 cloud computing applications providing access to files and other data from anywhere has made 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.
• Lack of skilled professionals and preplanning investments among Organizations could restrain the market unless the organization could invest in the best digital forensic vendors who could able to detect, analyze and reconstruct the data and make the enterprises follow a proactive approach for threat protection and digital forensics where there is a chance for the market growth. Other factors, such as lack of specialized skills, usage of proprietary operating systems, and high level of encryption in new mobile applications, may hinder the market's growth.
• During COVID-19, the demand for remote working solutions surged due to the organization's transition from conventional workplace methods to working from home by complying with legal and societal goals, such as social distancing and self-isolation. During this period, significant organizational stress and crisis, newer fraud and misconduct risks emerged, internal controls lagged behind the evolving threats, and the need for forensic investigations increased.