Digital forensics encompasses the recovery and investigation of material found in digital devices, often related to computer crime. With the growing use of internet amongst individuals and increasing digitalization of business operations, volumes of digital data being generated have increased exponentially. Digital forensics helps in gathering evidence from digital devices that can be used in criminal or civil cases. It also helps in investigating cybercrimes like hacking, identity theft, online scams etc. The global Digital Forensics Market is estimated to be valued at US$ 4,501.0 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing usage of internet and growing digitalization has led to rising instances of cybercrimes like hacking, phishing etc. Digital forensics plays a crucial role in investigating such cybercrimes by gathering digital evidence from devices. With development of new technologies, cybercriminals are employing sophisticated methods to commit crimes anonymously which is challenging traditional digital forensics techniques. This has accelerated research and development activities to develop more advanced digital forensics solutions capable of extracting evidence even from encrypted devices and cloud applications. New technologies like machine learning, artificial intelligence and blockchain are being leveraged to make digital forensics more robust, automated and quicker in solving cybercrimes.
The global digital forensics market is dominated by the computer forensics sub segment. This is because digital crimes related to computers such as hacking, data theft, and malware attacks are increasingly common. Computer forensics help law enforcement and corporate organizations retrieve deleted or hidden digital evidence from computers, laptops, and other devices to track illegal online activities.
The global digital forensics market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising cybercrimes and the need for robust cybersecurity solutions.
Regional analysis: North America currently dominates the global digital forensics market. This is owing to stringent data privacy regulations in the region and significant adoption of digital forensics solutions by law enforcement agencies and enterprises to investigate cybercrimes. Europe is anticipated to grow at a high pace during the forecast period supported by the widespread use of internet and mobile devices in the region making it more prone to cyber threats.
Key players: Key players operating in the digital forensics market are 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. These players are focusing on product innovation and partnerships to consolidate their market presence.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it