Digital forensics involves uncovering and interpreting electronic data to preserve any evidence in its original form while performing a structured investigation by collecting, identifying and validating digital information for the purpose of reconstructing past events. Evidence is most often collected through digital forensics for the usage of data in a court of law. Digital evidence is stored or transmitted in binary form and can be found on a computer hard drive, mobile phone, personal digital assistant (PDA), CD or flash card in a digital camera. Currently, digital forensic technology is widely being used in the private sector for internal investigations.
Rising cybersecurity attacks and security concerns, coupled with increasing insider attacks, are expected to positively impact the digital forensics market during the forecast period. For instance, in 2016, Uber reported that hackers stole information pertaining to over 57 million riders and drivers. In addition, rapid advancements in forensic technology are further boosting market growth and this momentum is expected to continue in the coming years. Moreover, societies in today’s world are becoming more and more dependent on digital technologies such as the Internet where commercial activities, business transactions, and government services are realized. Therefore, the complexity of crimes has been increased, which makes crime investigation a difficult task; thus, for evidence-based investigations, there is a need for digital forensics. The fact that multiple channels are utilized for the purpose of hacking confidential information from various organizations and companies further necessitates digital solutions and forensic tools for investigation purposes.
The global digital forensics market accounted for over USD 4.62 billion in 2017 and is expected to grow at a CAGR of 11.7% during the forecast period, 2019–2026.
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The digital forensics market has been segmented on the basis of type, component, and industry vertical. On the basis of type, the market has been segmented into computer forensics, mobile device forensics, and cloud forensics. By component, the digital forensics market has been segmented into hardware and software. On the basis of industry vertical, the market has been segmented into telecommunication & IT, BFSI, retail, automotive, government, healthcare, and manufacturing.
Geographically, the digital forensics market has been segmented into North America, Europe, Asia Pacific, and LAMEA.
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North America is projected to account for the largest share in the digital forensics market during the forecast period as a large number of manufacturers in the region are offering digital forensic technology. Also, North America registers high demand from customers, from both public and private sectors, which further fuels market growth.
Europe is projected to register significant market growth as the need for digital forensics has been increasing in tandem with the increasing illegal activities in the region. Also, there is a dedicated office, European Anti-Fraud Office (OLAF), for digital investigations on happenings in the digital environment. In addition, many private companies are implementing digital forensic solutions for internal investigations to deal with fraudulent cases.
Asia Pacific is anticipated to grow at the fastest rate during the forecast period, due to the significant adoption of digital forensics across various verticals, such as government and defence, BFSI, and telecom and IT. Furthermore, high acceptance of mobile and computer devices has intensified the threat of cybercrime and cyberattack, which in turn has been contributing to digital forensic market growth.
The LAMEA region is anticipated to exhibit significant market growth, owing to the rapid adoption of digital forensic solutions by corporates for the preservation, collection, validation, identification, and analysis of evidence.
Some of the key players that operate in the digital forensics market include ADF Solutions (U.S.), Digital Detective (U.S.), Magnet Forensics (Canada), AccessData (U.S.), OpenText (Canada), MSAB (Sweden), Oxygen Forensics (U.S.), Cellebrite (Israel), Paraben (U.S.), Coalfire (U.S.), and LogRhythm (U.S.).
The forensic science landscape has been undergoing a number of rapid changes and positive developments. In March 2018, ADF Solutions released new software versions of its Digital Evidence Investigator, Triage-Investigator, and Triage-G2 software. Its revolutionary digital investigation approach will help organizations solve their forensic backlog problems and reduce the workload on digital forensic analysts by providing a fast, scalable solution for field triage and investigative tasks.
In December 2018, Oxygen Forensic launched an update for its product, enabling forensic investigators to process and examine large volumes of data at record speed. The update includes a new module called Oxygen Forensic JetEngine, an analysis tool used for examining data from mobile devices, cloud services, drones, and IoT devices.
This report offers key insights pertaining to the digital forensics market with emphasis on recent developments across geographies and development strategies adopted by prominent market participants. The following sections have specifically been covered in the report.