The digital forensics market is estimated to be valued at US$ 6783.72 Mn in 2023 and is expected to exhibit a CAGR of 10. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digital forensics is the application of investigation and analysis techniques to identify, preserve, recover, analyze and present digital information found in digital devices such as desktops, laptops, smartphones, etc. Digital forensics helps in investigation of cybercrimes, IP theft, recovery of deleted files among others. With the rise in cybercrimes and data privacy regulations, digital forensics has become crucial for law enforcement agencies and enterprises.
Market key trends:
Continued adoption of cloud computing and IoT gives access to a large amount of digital data making it vulnerable to cybercrimes and data breaches. Cybercriminals are finding new ways to steal data from cloud and IoT devices. As a result, enterprises and law enforcement agencies are increasingly investing in digital forensics solutions to securely retrieve, analyze and present digital evidence from cloud and IoT networks. Regulatory compliances around data protection such as GDPR and CCPA also created demand for digital forensic solutions to comply with data regulations. Increased deployment of advanced technologies such as AI and analytics is further helping digital forensic solutions to efficiently investigate large volumes of digital evidence. This is expected to drive the growth of the digital forensics market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirement and low switching costs allow new players to easily enter the market. However, established players have strong economies of scale and experience higher barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and price sensitivity. However, switching costs tend to be low.
Bargaining power of suppliers: Suppliers face low threat as key raw materials and components are widely available. Suppliers have little influence on prices due to presence of multiple alternatives.
Threat of new substitutes: Threat of substitutes is moderate as alternative investigation techniques can be used. However, digital forensics offers advantages over traditional methods.
Competitive rivalry: Intense competition due to large number of global and regional players. Players compete based on technology, skills, experience and service portfolio.
SWOT Analysis
Strengths: Rapidly growing market. Ability to analyze complex digital evidence. Strong technical capabilities and expertise.
Weaknesses: High infrastructure and maintenance costs. Require well trained professionals. Privacy and security concerns.
Opportunities: Increasing cybercrimes and litigation activities. Emerging technologies like IoT and cloud forensics. Growth in government funding and initiatives.
Threats: Compliance with changing regulations. Difficulty in obtaining and preserving digital evidence. Threat of cyberattacks and data breaches. Intense competition.
Key Takeaways
The Global Digital Forensics Market Size is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing instances of cybercrimes and data theft. Rise in number of digital devices per person expands the attack surface for criminals.
Regional analysis: North America dominates currently with a share of over 35% owing to stringent data protection laws and advanced security investments in countries like the US. Asia Pacific is poised to grow at a fastest pace led by countries such as China, India and Japan where digital crimes are escalating rapidly accompanied with strengthening of cybersecurity policies and laws.
Key players operating in the digital forensics market are AccessData Group, Inc., Guidance Software, Inc./OpenText Corp., Oxygen Forensics, Paraben Corporation, Cellmark Forensic Services, Binary Intelligence, LLC, FireEye, Nuix Pty Ltd., IBM Corporation, LogRhythm, Inc., Magnet Forensics Inc., and Cisco Systems, Inc. The market is relatively concentrated with top vendors accounting for over 60% share.
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