The global digital forensics market size is expected to reach USD 4.24 billion by 2025, exhibiting a CAGR of 12.3% during the forecast period, according to a new report by Grand View Research, Inc. Rising internet penetration, advancements in computing technology, and instances of cyberattacks are some of the key growth driving factors. Additionally, increasing demand for sophisticated cybersecurity tools to detect and investigate cyberattacks and financial frauds among large as well as small and medium enterprises is expected to drive the market growth.
Digital forensic tools assist in lost data analysis, reconstruction, and evidence collection from digital devices. Enterprises across the globe focus on adopting these tools to identify and avoid cyberattacks. The enterprises have to follow several regulations and compliances regarding consumer data privacy, such as General Data Protection Regulation (GDPR), California Consumer Privacy Act of 2018 (CCPA), and Personal Information Protection and Electronic Documents Act (PIPEDA), among others. This is expected to encourage the adoption of digital forensic solutions and services.
The foremost application of digital forensics is found in private and criminal investigation. Factors, such as rising internet penetration, usage of electronic devices, and smart devices, among others have led to a surge in cyberattacks across the globe. Rising intensity of cyberattacks is anticipated to further propel the demand for digital forensic tools over the forecast period. Digital forensics tools are increasingly being used to resolve issues related to cyber threat in the enterprises. The tools aid in investigating data stored in digital devices, examine suspect data, and then use it as a digital evidence in the court.
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Further key findings from the report suggest:
- The service segment is expected to expand at the highest CAGR of 13.1% over the forecast period, as the services provide broad reporting capabilities for authenticating the regulatory compliance with security policies for users
- The cloud forensics segment is anticipated to expand at the fastest CAGR of 13.3% over the forecast period, attributed to rising adoption of cloud technologies in enterprises globally, which have led to a rise in number of cyberattacks
- Review and reporting segment is expected to register highest growth over the forecast period as it provides effective evidence analysis and also helps jurists make fact-based decisions
- In BFSI sector, digital forensics solutions and services are being widely adopted owing to increasing number of financial frauds and rising demand to investigate these frauds globally
- North America dominated the market in 2018 and is expected to maintain its dominance over the forecast period, attributed to presence of large number of digital forensics solution and services providers and robust infrastructure for adopting these solution and services
- Key players in the digital forensics market include Guidance Software Inc.; LogRhythm Inc.; Accessdata; Paraben Corporation; FireEye Inc.; Digital Detective Group Limited; MSAB; and Oxygen Forensics Inc.