Digital forensics market

Digital Forensics Market, By Forensic Type (Computer forensics, Network forensics, Mobile device forensics, and Cloud forensics), By Component (Hardware, Software, and Services), by Tools (Data Acquisition and Preservation, Forensics Data Analysis, Data Recovery, Review and Reporting, Forensic Decryption, and Others), By Vertical (Government and Defense, Banking, Financial Services, and Insurance (BFSI), Telecom and IT, Retail, Healthcare, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

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Feb 2021
CMI1522
220 Pages
Excel & Pdf
Smart Technologies

Summary

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.

Digital Forensics Market Report Coverage

Report Coverage	Details
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
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:	By Forensic Type: Computer forensics, Network forensics, Mobile device forensics, and Cloud forensics By Component: Hardware, Software, and Services By Tools: Data Acquisition and Preservation, Forensics Data Analysis, Data Recovery, Review and Reporting, Forensic Decryption, and Others By Vertical: Government and Defense, Banking, Financial Services, and Insurance (BFSI), Telecom and IT, Retail, Healthcare, and Others
Companies covered:	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.
Growth Drivers:	Increasing Cyber-attacks on Enterprises Increasing Adoption of Digital Forensic Techniques in the BFSI Sector
Restraints & Challenges:	Lack of Awareness of Digital Forensics Technology among SMES

North America held dominant position in the global digital forensics market in 2019

Statistics:

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.

Table of Content

*Browse 60 market data tables and 40 figures on "Digital Forensics Market - Global forecast to 2027”.

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- Frequently Asked Questions -

What is the expected market size of digital forensics in 2027?

The global digital forensics market is expected to reach US$ 9,453.0 million by 2027.

What is the expected compound annual growth rate (CAGR) of the market during the forecast period (2020-2027)?

The market is expected to witness a CAGR of 10.8% during the forecast period (2020-2027).

What is the primary factor contributing to growth of the market?

Increasing adoption of digital forensic techniques in the BFSI sector is expected to boost the growth of the market.

Based on vertical, which segment held the largest market share in the market in 2019?

The Government and Defense segment held the largest market share among industry verticals, contributing 29.7% in terms of value in 2019.

Which region held the largest market share in the market in 2019?

North America region held the largest share in the market in 2019, accounting for 42% share in terms of value.

Who are the key players operating in the market?

Key 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.