Digital forensics plays a vital role in enterprise applications in order to address numerous problems such as facilitating IT security and incident response to empower the human resource investigations and forensic analysis of digital devices. Digital forensics is a multifaceted process that helps business organizations to streamline and simplify their business tasks by detecting issues and increase litigation, investigations, and regulatory readiness. The digital forensics include number of steps and has impact on various stages of an investigation including Data Collection, Hosting, Review, Data Processing, Production, e-mail analytics, and Social networking & timeline analysis.
The global digital forensics market is expected to witness significant growth during the forecast period (2020–2027) due to the growing consumer goods & retail industries. Frauds could be a challenge for the consumer goods industry, with the potential to impact finances, brand value, and customer trust. Enterprises dealing with consumer goods tend to have various third-party touch points, which include transporters, vendors/suppliers, third party manufacturers or subcontractors, stockiest, packers, and other third party service providers. These third-party touch-points of consumer goods industry are responsible for the increasing risk of collusive frauds that are difficult to identify. According to CMI’s analysis, most of the survey respondents belonging to the consumer goods industry have experienced bribery, diversion of goods, and corruption over the past few years. To minimize these security issues, enterprises in consumer goods industry are implementing digital forensic tools to streamline their business processes. Furthermore, the e-commerce is emerging as a new distribution channel for the consumer goods industry. The supply chain have become a source of fraud such as counterfeiting. For instance, unauthorized and illegal online third-party sales channel may sell branded products at heavy discounted prices. Such branded products are usually obtained through leaks in the supply chain.
Lack of awareness among the small and medium enterprises is a major factor hindering growth of the digital forensics market. Since, these forensics tools are expensive and complex, small and medium-sized enterprises (SMEs) are reluctant to adopt, owing to budget constraints. Moreover, SMEs also lack skilled labor, which is another major factor hindering growth of the market. According to the Institute of Electrical and Electronics Engineers (IEEE) Analysis, enterprises in the U.S. have widely embraced digital forensics technology; however, European enterprises especially small and medium enterprises (SMEs) have yet to tap the potential of this technology.
Global Digital Forensics Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, most of the countries are affected by COVID-19 and most of the countries have announced lockdown. Due to COVID-19 pandemic, the need for digital forensics has increased as businesses have suddenly shifted towards digital infrastructure with remote solutions. Instances of cyber-attacks targeted at valuable enterprise information have been increasing across sectors, including healthcare, manufacturing, banking, logistics, administration, and government organizations.
Additionally, due to the lockdown measures, the number of digital transactions have increased drastically, with governments advising people to make transactions using contactless payment methods to prevent the spread of COVID-19. But this trend has led to unethical hacking and other cybercrimes over the internet. Therefore, the need for digital forensics has increased due to COVID-19 pandemic, which will provide growth opportunities for the market players in coming years.
|Base Year:||2019||Market Size in 2019:||US$ 4,501.0 Mn|
|Historical Data for:||2017 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||10.8%||2027 Value Projection:||US$ 9,453.0 Mn|
AccessData Group, Inc., Guidance Software, Inc./OpenText Corp., Oxygen Forensics, Paraben Corporation, Cellmark Forensic Services, Binary Intelligence, LLC, FireEye, Nuix Pty Ltd., IBM Corporation, LogRhythm, Inc., Magnet Forensics Inc., and Cisco Systems, Inc.
|Restraints & Challenges:||
North America held dominant position in the global digital forensics market in 2019
North America held dominant position in the global digital forensics market in 2019, accounting for 42% share in terms of value, followed by Europe and Asia Pacific.
Figure 1: Global Digital Forensics Market Share (%), By Region, 2019
North America is expected to account for the largest market share during the forecast period, owing to the high presence of key players such as AccessData Group, Inc., Guidance Software, Inc./OpenText Corp., Oxygen Forensics, Paraben Corporation, and Binary Intelligence, LLC. For instance, in November 2020, OpenText Corp, the U.S. based software development company, announced that OpenText EnCase Forensic and OpenText EnCase Endpoint Investigator will be available on the cloud with Microsoft Azure. With OpenText Encase solutions in the cloud, law enforcement and corporate investigators can more easily collaborate, enhance evidence processing, investigate in cloud environments, and adjust more quickly to the needs of a remote workforce.
Asia Pacific is expected to exhibit significant growth during the forecast period, owing to the increasing use of cloud environment for data storage. Organizations operating in sectors such as banking, financial services and insurance (BFSI), retail, and government are shifting their workload to cloud for cost-savings, agility, and flexibility, which has increased organisations' susceptibility to cyber-attacks. Therefore, cloud forensics have gained much attention from forensics experts in Asia Pacific.
Computer forensics segment is expected to drive the market growth during the forecast period
Among forensic type, the computer forensics segment is expected to hold dominant position in the global digital forensics market during the forecast period. Increasing demand for computers for personal and professional use is driving demand for computer forensics. For instance, according to Coherent Market Insights’ analysis, computer forensics segment accounted for around 1.3 billion across the globe in 2019.
Figure 2: Global Digital Forensics Market Value (US$ Mn) Analysis and Forecast, 2017 - 2027
The global digital forensics market was valued at US$ 4,501.0 Mn in 2019 and is expected to reach US$ 9,453.0 Mn by 2027 at a CAGR of 10.8% between 2020 and 2027.
Major players operating in the global digital forensics market include AccessData Group, Inc., Guidance Software, Inc./OpenText Corp., Oxygen Forensics, Paraben Corporation, Cellmark Forensic Services, Binary Intelligence, LLC, FireEye, Nuix Pty Ltd., IBM Corporation, LogRhythm, Inc., Magnet Forensics Inc., and Cisco Systems, Inc.
Digital forensic is a branch of forensic science that focuses on the recovery and investigation of material found in digital devices related to cybercrime. Digital forensics is the scientific acquisition, analysis, and preservation of data contained in electronic media whose information can be used as evidence in a court of law. There are different types of digital forensics solutions that are used in enterprise application, which includes computer forensics, mobile devices forensics, network forensics, and cloud forensics. Digital forensics solutions help to improve visibility in the enterprise application, which enable them capability to rapidly address incidents, enact effective containment, and minimize technical issues.
Rapid advancement in the forensic technology is expected to drive growth of the digital forensics market. Companies offer several different features in digital forensic software including multi-case functionality such as tagging, searching, labelling, and bookmarking across multiple cases. Additionally, companies offer different specifications such as face and image detection, panels-driven interface, and customized interface. For instance, in September 2020, AccessData Group, a leading provider of integrated digital forensics and e-discovery software, announced the launch of V7.4, the latest version of the company’s digital forensics software solution that feature enhancements that make it possible for users to investigate all types of devices and data types regardless of what device they are stored on. For instance, in November 2017, AccessData Group announced the launch of its new versions suits of digital forensics solutions with new enhanced features that allows customers to gain greater control to their digital investigations.
The global digital forensics market is expected to grow significantly during the forecast period, owing to the growing focus on social media forensics. The advancement in Industry 4.0 and Web 2.0 technologies has significantly increased acceptance of social media platforms and it has become a primary source of socialization. Users actively share their information, create accounts, and engage in social interaction through these sites. Moreover, different social media applications such as LinkedIn, Instagram, Facebook, and Twitter have been exposed to multiple cyber threats and malware. Attacks on social media platforms can take place outside the system/network or within the network. Outside systems attack usually include DDoS (Distributed Denial-of-Service) or (DoS Denial-of-Service), while attacks within the network include retrieving cookies data. The database of these social media applications is most vulnerable to such attacks. Considering this situation, digital investigators have shifted their interest towards social media forensics.
Among vertical, government and defense segment is expected to exhibit the highest growth during the forecast period. Government and defense vertical is the most susceptible segment to cyber-attacks. Cyber-attacks in Government and defense sector are for political gains, terrorism, or for regional rivalry. For instance, according to Coherent Market Insights’ analysis, in 2015, the cyber-attacks in government and defense sector was around 7% of the global cyber-attacks in all sectors, which reached to 14% in 2017. Therefore, government agencies are more concerned about cyber security and data privacy. Thus, government and defense sector is adopting best-in-class digital forensics solutions and services, which is expected to aid in growth of the market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.