Digital Forensics Market worth $18.2 billion by 2028, growing at a CAGR of 12.9%: Report by MarketsandMarkets™

Chicago, Nov. 14, 2023 (GLOBE NEWSWIRE) — The global Digital Forensics Market size is projected to grow from $9.9 billion in 2023 to $18.2 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period, according to a new report by MarketsandMarkets™.

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The rise in cybercrimes has catapulted digital forensics to a pivotal role in law enforcement and security, as traditional investigative methods fall short in combating modern cybercriminals. Digital forensics is now indispensable for identifying and prosecuting wrongdoers, elucidating criminal intent, establishing connections between events, and resolving civil disputes. Additionally, the proliferation of IoT and the BYOD culture has introduced complexity, with IoT devices generating valuable but challenging evidentiary data and BYOD devices blending personal and work-related information, demanding expertise in diverse device handling and legal nuances.

Furthermore, the expansion of remote devices and the demand for robust data security solutions have fueled the growth of digital forensics. The need to monitor these devices and dissect security incidents has increased the demand for digital forensics services, fortifying data security measures, thus driving the expansion of the digital forensics market.

Digital Forensics Market Dynamics:

Drivers:

• Rise in cybercrimes to elevate digital forensics as crucial tool for law enforcement
• Penetration of IoT and BYOD culture
• Monitoring of remote devices and demand for data security solutions to drive digital forensics

Restraints:

• Lack of skilled professionals
• High cost of digital forensics tools and services

Opportunities:

• Adoption of digital forensics solutions in highly regulated verticals
• Increase in cloud computing applications
• Use of cryptocurrency

List of key players in Digital Forensics Market:

• IBM (US),
• Cisco (US),
• Cellebrite (US),
• OpenText (Canada),
• Nuix (Australia),
• Exterro (US),
• MSAB (Sweden),
• Magnet Forensics (Canada),
• LogRhythm (US),
• KLDiscovery (US),
• Paraben (US),
• Cyfor (UK)

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Trend: IoT Forensics

IoT forensics is a burgeoning field dedicated to analyzing digital evidence from IoT devices, which generate extensive data with potential value for criminal investigations. However, it’s complex due to the diversity of devices and systems. As IoT adoption grows, the demand for experts in this field increases, emphasizing the need for forensic professionals to stay updated with evolving IoT technologies for effective use in digital investigations and law enforcement.

Trend: Blockchain Forensics

Blockchain forensics is gaining importance as it investigates illicit activities within blockchain technology, including money laundering, drug trafficking, and intellectual property theft. Experts use advanced techniques to analyze transactions, smart contracts, and addresses for suspicious patterns. This field is crucial for law enforcement, regulators, and businesses to maintain security and compliance in blockchain ecosystems as the technology becomes more prevalent in various industries.

Trend: Artificial Intelligence and Machine Learning

AI and ML have transformed digital forensics by automating data collection, analysis, and reporting tasks. This automation enables investigators to efficiently expand the operations and uncover crucial evidence that would be hard to find manually. AI excels at identifying malware patterns and detecting anomalous network behavior, improving cyber threat detection. Altogether, AI and ML empower digital forensic professionals to enhance their investigative abilities and effectively tackle modern cybercrime’s challenges.

By component, the services segment accounts for the highest CAGR during the forecast period.

The rapid growth of services in the digital forensics market can be attributed to the cost savings and numerous advantages it offers organizations. Outsourcing digital forensics to qualified providers is more convenient and affordable than maintaining an in-house team. It saves companies money on hiring, training, and tool expenses. Moreover, digital forensics service providers have access to a pool of experienced and certified professionals who stay updated on the latest cyber threats and investigation techniques. This expertise ensures thorough and efficient investigations, which can be scaled to suit organizations of all sizes. Additionally, outsourcing helps companies adhere to industry regulations mandating robust digital forensics measures, ensuring data and system protection while bolstering compliance efforts. This combination of cost-efficiency, expertise, scalability, and compliance support drives the rapid growth of services in the digital forensics market.

By type, the mobile device forensics segment accounts for a larger market share.

Mobile Device Forensics holds the largest market share within digital forensics due to its pivotal role in addressing the evolving landscape of cybercrime. The ubiquity of mobile devices, encompassing smartphones and tablets, has created a vast repository of potential evidence for criminal investigations. These devices store extensive data, ranging from personal and financial information to location data, making them attractive targets for criminals seeking valuable information for illicit purposes, like identity theft or fraud. Additionally, due to its portability and discreetness, criminals are increasingly employing mobile devices to facilitate various forms of illegal activities. Consequently, there is a surging demand for mobile device forensics tools and services to extract and scrutinize data from these devices, enabling law enforcement agencies to investigate crimes and bring offenders to justice effectively. This dynamic ecosystem firmly establishes mobile device forensics as the dominant player in the digital forensics market.

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