The global digital forensics market was valued at US$ 4,501.0 Million in 2019 and is expected to surpass US$ 9,453.0 Million by 2027, registering a CAGR of 10.8% during the forecast period (2019-2027), according to the Global Digital Forensics Market Report, 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), published by Coherent Market Insights.
Organizations are increasingly focusing on digitization of data, and sharing of this large volume of data in an external and internal environment has made organizations susceptible to cyber attack. This is affecting enterprises in terms of revenue loss and data breach and impacting the reputation and brand of the company. For instance, according to the Identity Theft Resource Center (ITRC), in 2016, the number of data U.S. data breaches were around 1,091 and reached 1,579 in 2017, which was a 44.7% growth. Therefore, increasing susceptibility of organizations cyber-attacks has led to increasing demand for digital forensics solution and services. Digital forensics solution examines sensitive information stored in devices. Furthermore, it also aids with investigation of digital devices that store digital data, examine data and determine details such as origin and content, and then utilises this evidence in the courts. Hence, digital forensics tools are used for resolving threats occurring in enterprises which is propelling the digital forensics market growth.
BFSI (Banking, Financial Services and Insurance) industry deals with numerous confidential digital data that could lead to digital frauds and cybercrime. The enterprises in this industry heavily invest in sophisticated cyber security tools. Banks are facing an increasingly difficult scenario with increased fraud incidents. Therefore, digital forensics are used extensively in the banking sector to determine digital evidence for bank account investigation or fraud investigation. Furthermore, the increasing business and personal transaction via online and mobile banking has led to an increase in fraud incidents, wherein hackers gained access to customer’s critical data. So, enterprises in the BFSI industry are opting for various digital forensic tools and solutions for investigating various cyber threats that are affecting their business organizations. Digital forensic solutions enable rapid addressing of fraudulent incidents and minimize technical issues. According to the International Business Machines (IBM), in 2020, the global average cost of data breach is estimated to be around US$ 3.86 million
Digital Forensics Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has significantly disrupted almost all the industries including, infrastructure, retail, manufacturing, and others. To combat COVID-19 pandemic, most of the countries have implemented lockdowns and are now easing it phase-wise and industry wise. Due to COVID-19 pandemic, majority of the organizations across the world are adapting to remote working policies and employees are working from homes. Due to this, cyber-attacks and other digital crimes, are on the rise. Organizations are migrating to cloud-based solutions that enable them to continue their operations by working remotely. The Federal Bureau of Investigation (FBI) has reported a 300% increase in cyber-attacks since the imposition of the lockdowns. Furthermore, the Cyber security and Infrastructure Security Agency (CISA) published a press release indicating Internet vulnerabilities associated with Virtual Private Networks (VPN), Wi-Fi networks at homes, and other hardware as well as software infrastructure installed at homes. However, to overcome and deal with these issues, digital forensics companies are playing a vital role, delivering digital forensics and incident response tools to prevent cyber-attacks.
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