US: 1.646.568.9797 (24x5)
UK: 44.330.808.0580 (24x5)
Worldwide: 91.703.051.960 (24x7)
Industry Insights, Market Size, CAGR, High-Level Analysis: Digital Forensics MarketThe global digital forensics market size was valued at USD 1.72 billion in 2018 and is expected to expand at a CAGR of 12.3% over the forecast period. Increasing cases of sophisticated digital crime coupled with rising security concerns across various industries, such as financial institutions, IT and telecom, and retail, among others is expected to drive the market growth. Furthermore, emergence of Internet of Things (IoT) and increasing use of smartphones, computers, tablets, and other electronic devices is anticipated to further contribute to the growth. Rising adoption of cloud services and devices with in-built IoT has given a leeway to cyber criminals to exploit technological limitations and gain access to customer information. Increased risk of viruses and malwares, allows hackers to gain access to customer information. Rising use of electronic devices along with rising penetration of internet gives hackers easy access to customer data, such as emails, messages, and financial transactions, among others. These factors are expected to drive demand for digital forensics to investigate financial frauds and cyberattacks. Enterprises across the globe are focusing on digitization of data. Sharing this large volume of data in an internal and external environment has made enterprises vulnerable to cybercrime. Cyberattacks adversely affect the enterprises in terms of data breach and revenue loss and create a dent on the brand and reputation. For instance, according to the Cyber Security Breaches Survey 2019, commissioned by Department for Digital, Culture, Media and Sport, U.K., 32% businesses and 22% charities in U.K. experience data breaches or cyber-attacks. Thus, growing vulnerability of enterprises to cyberattack has led to a high demand for digital forensics solutions and services. To counter rising cyberattacks, various universities and government facilities are emphasizing on organizing workshops for demonstrating digital forensics and cybercrime investigation tools. For instance, in May 2019, Cybercrime Programme Office of the Council of Europe (C-PROC) along with the University College Dublin Center for Cybersecurity and Cybercrime Investigation (UCD CCI) organized FREETOOL Showcase Workshop in Romania. The workshop demonstrated tools for live data forensics, encryption detection, memory analysis, and open source intelligence gathering. Such initiatives are instrumental in increasing awareness about the benefits of digital forensics. However, significant cost incurred in installing and licensing digital forensics solutions and services is expected to pose as a challenge to the market growth. In addition, rising usage of proprietary operating systems and high level of encryption used in the new smartphone apps are other factors that may hinder the market growth. Lack of technical expertise among digital investigators and lack of pre-planning to deploy digital forensics solutions and services among the enterprises are further anticipated to thwart the market growth. Furthermore, lack of availability of cloud forensic tool may hinder the growth of the market to investigate cloud based frauds.
Component Insights of Digital Forensics MarketBased on component, the digital forensics market is segmented into hardware, software, and services. The services segment is further bifurcated into professional services and managed services. Software segment accounted for a significant market share in 2018 as it minimizes processing time and also detects fraud and theft on the basis of evidence. Digital forensic software allows a user to understand the trends related to the relevant data, fluctuations in data, and to analyze potential risk factors. Digital forensic software enables user to quickly search, identify, and prioritize the evidence, through mobile devices and computers. Also, the companies are focusing on developing flexible digital forensic software, which can gather data from various mobile devices. For instance, EnCase Forensic, a flexible digital forensic solution offered by OpenText Corp, can gather data from GPS, smartphones, and tablets, among other mobile devices. The development of such flexible software digital investigation is further expected to propel the segment growth.
Type Insights of Digital Forensics MarketThe computer forensics segment dominated the market in terms of revenue with USD 555.8 million in 2018. Increasing adoption of computer forensics in both criminal and private law investigation to inspect and recover data related to computer crime is expected to drive the segment growth. Furthermore, increased organizational spending on improving information technology for computer and network security is expected to propel the segment growth over the forecast period. Technological advancements have strengthened the sophistication of-attacks on digital devices, such as laptops and computers. The computer forensics solution deals with the collection, identification, analysis, and reporting on evidence found on such devices. Computer forensics is widely accepted as a reliable investigation tool within European and U.S. court system to recover deleted files from computer, live analysis, and cross-drive analysis. These solutions can extract device information, calendar events, contacts, messages, and also metadata, which is important for digital investigations.
Tool InsightsThe forensics data analysis segment dominated the market in 2018, and is expected to maintain its dominance over the forecast period. This tool offers retrieval and recording competences with deep analysis competences through metadata to offer better visibility of data risks. Increasing incidences of financial crimes and rising demand to investigate structured data for financial crimes is further driving the segment growth. Data acquisition and preservation segment is expected to witness remarkable growth over the forecast period. The primary part of a forensic investigation is to safely obtain the evidence and preserve it without making any damage to the integrity of the data. The data acquisition and preservation tool provides the functionality to preserve the obtained evidences. The tool also provides functionality to preserve digital evidence at secure physical site so that the original data cannot be changed or modified.
End Use InsightsGovernment was the leading end use segment in 2018 accounting for a high revenue share. This dominance can be attributed to increasing adoption of digital forensics solutions in court systems. Government vertical is the most vulnerable segment to cyberattacks. Cyberattacks on government vertical are usually for political gains, for regional rivalry, and terrorism, among others. For instance, in August 2019, The Texas Department of Information Resources (DIR) stated that, 23 government agencies in Texas witnessed a cyberattack. To deal with such incidence, the government agencies are now focusing on adopting digital forensics solutions and services. Criminals use advanced technology to attack financial institutions and steal funds. For instance, in 2018, 54% of total fraud cases registered in U.K. were cyber related. Increasing incidence of breaking bank databases and stealing customer information are major factors expected to drive demand for digital forensics solutions in BFSI segment. Furthermore, financial institutions have now digitalized their business functions, which increases the need to opt for cybersecurity. Digital forensic is one such tool BFSI prefers to avoid financial frauds and conduct fraud investigation.
Regional Insights of Digital Forensics MarketNorth America dominated the market in 2018 and was valued at USD 667.0 million. This steady regional demand can be attributed to growing instances of cybercrimes and the need to follow various compliances proposed by the government for the protection of organizational data. Banks in U.S. such as the Citigroup, Bank of America, Wells Fargo, and JPMorgan Chase, have confronted cyberattacks that led to exposed data of their consumers. These banks were recommended by the government authorities to screen their network activities. Such government impositions are further expected to drive the regional market growth. Presence of major market players such as FireEye Inc.; Accessdata; OpenText Corp; and LogRhythm Inc.; among other is expected to propel the demand for digital forensics in North America. Furthermore, increasing penetration of internet and electronic devices in the region is anticipated to drive the growth. Rising technological advancements in the forensics department and development of advance theft mechanisms is encouraging public as well as public sectors to invest in the market, providing lucrative revenue generation opportunities for established players as well as new entrants to gain greater market share.
Market Share Insights of Digital Forensics MarketGuidance Software Inc.; LogRhythm Inc.; Accessdata; Paraben Corporation; FireEye Inc.; Digital Detective Group Limited; MSAB; and Oxygen Forensics Inc.; are some of the key market players. Most players heavily invest in R&D activities to drive product innovation and boost the value of their offerings. For instance, in 2018 OpenText Corporation invested USD 926 million in R&D activities. The market players focus on initiatives, such as product update and new product launches, to stay competitive in the market. For instance, in November 2018, Paraben Corporation launched a Version 2.0 of the E3 Platform, a digital forensic tool. The platform includes features, such as Python SDK allowing customers to develop their own scripts of the E3 Platform. The developed scripts are expected to support the latest mobile operating system.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Digital Forensics Market Research ReportThis report forecasts revenue growth at global regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the global digital forensics market report based on component, type, tool, end use, and region:
Component Outlook (Revenue, USD Million, 2019 - 2030)
- Professional Services
- Managed Services
Type Outlook (Revenue, USD Million, 2019 - 2030)
- Computer Forensics
- Network Forensics
- Mobile Device Forensics
- Cloud Forensics
Tool Outlook (Revenue, USD Million, 2019 - 2030)
- Data Acquisition & Preservation
- Forensics Data Analysis
- Data Recovery
- Review & Reporting
- Forensic Decryption
End Use Outlook (Revenue, USD Million, 2019 - 2030)
Banking, Financial Services, and Insurance (BFSI)
- IT & Telecom
Table of Contents Chapter 1 Methodology and Scope 1.1 Research Methodology 1.2 Research Scope and Assumptions 1.3 List of Data SourcesChapter 2 Executive Summary 2.1 Digital Forensics Market - Industry Snapshot & Key Buying Criteria, 2015 - 2026 2.2 Global Digital Forensics Market, 2015 - 2026 2.2.1 Global digital forensics market, by region, 2015 - 2026 2.2.2 Global digital forensics market, by component, 2015 - 2026 2.2.3 Global d | read more...