According to Renub Research’s latest report, “Digital Forensics Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” Digital Forensics Market is estimated to reach US$13.93 Billion by 2028. Digital forensics is a versatile field of investigation that can disclose digital evidence related to various electronic device-related crimes and incidents. It may include cyber bullying, hacking, financial fraud, intellectual property theft, data breaches, insider threats, network intrusions, and other computer-related offenses.
Apart from criminal investigations, digital forensics can have diverse applications in civil litigation cases, employment disputes, and internal investigations within organizations. The primary objective of digital forensics is to gather electronic data in a legally defensible manner. This data is then analyzed and presented in a way that is admissible in a court of law.
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Digital forensics market has evolved from investigating minor computer crimes to complex international cases with global impact, involving recovering and analyzing digital evidence from electronic devices related to computer crimes. The rapid use of Internet of Things (IoT) devices, stringent government regulations, and the rise in cyber-attacks on businesses and other malpractices drive the demand for digital forensics software.
In addition, Cloud adoption and BYOD policies have increased with digital transformation, in enterprises to address challenges such as digital device forensic analysis, IT security, incident response, and streamlining business tasks. Despite challenges such as a shortage of skilled professionals and a need for preplanning investments, organizations can overcome these issues by investing in top digital forensic vendors who can analyze and reconstruct data for threat protection and investigation.
Many organizations extensively use network forensics to provide mobile internet access to users, but they remain vulnerable to interception during data transmission. However, to deal with such issues, network forensics has emerged as an essential practice for capturing, recording, and analyzing network packets to identify the source of network security attacks. Unfortunately, using security mechanisms such as Wired Equivalent Privacy (WEP) and Wi-Fi Protected Access (WPA) does not guarantee wireless communication security. As a result, network forensics is recognized as a critical solution in the technology industry, leading to more significant investments in security measures.
The rapid advancement of technology has made it accessible for cybercriminals to commit crimes and hide their tracks. In addition, advances in forensic software tools have also made it easier for investigators to detect and trace digital evidence. Software-based digital forensics tools are widely available and can be easily accessed online. It uses to collect raw data from digital storage devices, including the recovery of hidden and deleted files, in support of e-discovery and makes them accessible to a broader range of users, including law enforcement agencies, legal professionals, and private investigators. However, the rise of cybercrime, including hacking, identity theft, and data breaches, has created a greater demand for forensic software tools.
As the industry deals with highly confidential data vulnerable to hacking and other personnel misbehavior, ensuring the integrity and availability of data to relevant personnel becomes a necessity and a significant concern. It can attribute to their essential responsibility for ensuring national security, their substantial budgets that allow for investments in advanced digital forensics technologies and tools, the need to protect critical infrastructure such as power plants, transportation systems, and communication networks, and their strict regulatory compliance requirements such as FISMA and HIPAA. These factors significantly influence the development and advancement of digital forensics tools and technologies, making these sectors essential players in the market.
The North American digital forensics market is growing due to the rapidly increase of mobile devices such as cell phones, laptops, and USBs for business continuity and law enforcement, increasing the incidence of cyber-attacks in the region. In addition, the broad adoption of regulatory data requirements by all businesses and the quick response of the cloud drive the area significantly. For example, cyber-attacks on central US banks, including Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo, resulted in consumer data exposure due to muscular network weaknesses. In response, federal officials recommended that these banks monitor their network activities, driving the region’s demand for digital forensics solutions.
Companies compete in the Digital Forensic market by developing innovative solutions which offer various digital forensic services, including data recovery, computer, and mobile device forensics, incident response, malware analysis, and forensic auditing. Major players competing in the Global Digital Forensic market are IBM, Micro Systemation AB, Open Text Corporation, Nuix Pty Ltd, KLDiscovery Inc., Cisco Systems, Inc., Trend Micro Incorporated, Secureworks Inc. (Dell Technologies, Inc.
In January 2022, STG, the company that acquired FireEye’s name and products business, announced the launch of Trellix. Trellix is an extended detection and response company that combines FireEye and the McAfee enterprise business.
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