Digital Forensics Market

Digital Forensics Market Size & Revenue Forecast, Global Trends

[304 Pages Report] The global Digital Forensics Market size was valued at worth $9.9 billion in 2023. It is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.9% in between 2023-2028. The revenue forecast for 2028 is projected to reach $18.2 billion by 2028. The base year considered for estimation is 2022 and the historical data spans from 2023 to 2028.

The rise in cybercrimes has elevated digital forensics to a pivotal role in law enforcement and security. Initially focused on computer forensics, it has expanded to encompass all digital data devices, reflecting its growing significance. With the widespread use of digital devices, traditional investigative methods fail to address modern cybercriminal tactics. Digital forensics excels in identifying and prosecuting malicious actors, uncovering criminal intent, and aiding in civil dispute resolutions. The proliferation of IoT and BYOD practices adds complexity, requiring expertise in handling diverse devices and navigating legal intricacies.

Moreover, the demand for digital forensics has surged due to increased remote device usage, driving both investigations and data security solutions, making it an essential component in understanding and fortifying against cyber threats. As a result, the digital forensics market continues to grow rapidly.

To know about the assumptions considered for the study, Request for Free Sample Report

To know about the assumptions considered for the study, download the pdf brochure

Digital Forensics Market Growth Dynamics

Driver: Digital Forensics Driven by Remote Device Monitoring and the Growing Need for Data Security Solutions

The increasing use of remote devices, such as IoT gadgets and remote workstations, has significantly expanded the potential targets for cyber threats. Digital forensics has become crucial for investigating and mitigating these emerging risks. The need to monitor and investigate security breaches or suspicious activities on remote devices has led to a higher demand for digital forensics services and tools. At the same time, the growing awareness of data breaches and continuous cyberattacks has pushed organizations to invest heavily in robust data security solutions. However, despite preventive measures, security incidents persist. Digital forensics is now vital for dissecting these incidents, identifying vulnerabilities, and providing valuable insights to enhance data security. This demand for data security solutions and the critical role of digital forensics in investigating security incidents contributes to the ongoing growth of the digital forensics market.

Restraint: Expensive Nature of Digital Forensic Tools and Services

The high costs linked to digital forensics tools and services present a significant challenge in the industry. This financial burden affects law enforcement and private organizations, making it difficult to acquire state-of-the-art forensic software and hardware and the expertise to use them effectively. Ongoing technology advancements also drive up expenses due to the need for constant updates and training. This disadvantages smaller agencies and organizations as they struggle to keep up with rising costs. There's a pressing need for innovative solutions like open-source tools and collaborative initiatives to address this financial barrier, ensuring that digital forensics remains accessible and fair to all, regardless of financial constraints.

Opportunity: Utilization of cryptocurrency

The rise of cryptocurrencies like Bitcoin and Ethereum has opened up significant opportunities for digital forensics. These digital assets are decentralized and offer anonymity, making them attractive to criminals involved in money laundering, ransomware attacks, and cybercrimes. As a result, digital forensic experts are increasingly tasked with investigating such cases. Cryptocurrencies are built on blockchain technology, which provides a transparent and immutable record of transactions. Digital forensics investigators can leverage this technology to track financial movements and identify individuals linked to criminal activities. With the development of specialized tools and techniques for blockchain analysis, a growing subfield of digital forensics is emerging. As cryptocurrencies evolve, expertise in investigating these assets will be crucial in the ongoing fight against cybercrime.

Challenge: Challenges Arising from Encryption and Insufficient Advance Digital Forensics Preparation in Enterprises

Digital forensics faces significant challenges due to the widespread use of strong encryption in enterprises and the absence of comprehensive pre-planning strategies. While encryption is essential for safeguarding sensitive data, it often obstructs forensic investigators from accessing and analyzing digital evidence. Enterprises increasingly rely on robust encryption methods, making it difficult to retrieve data during investigations. Additionally, the lack of adequate pre-planning within organizations worsens the situation, as crucial evidence may be lost or made inaccessible during incidents, leading to prolonged investigations, higher costs, and potential legal issues. To tackle these challenges, enterprises must balance data security and effective digital forensics by implementing robust pre-planning strategies to preserve and access digital evidence.

Digital forensics Market Ecosystem

By vertical, the law enforcement segment is to grow at the highest CAGR during the forecast period.

For several reasons, the law enforcement vertical is experiencing remarkable growth in the digital forensics market. Foremost among these is the escalating prevalence of cybercrime, compelling law enforcement agencies to rely increasingly on digital forensics to investigate and prosecute cybercriminals. Moreover, the ubiquitous adoption of digital devices, such as smartphones, laptops, and tablets, has given rise to a surge in criminal activities involving these technologies, necessitating digital forensics tools and expertise. Furthermore, regulatory compliance requirements mandate implementing digital forensics measures to safeguard data and systems. Additionally, growing awareness of the benefits of digital forensics, including its efficacy in evidence collection, suspect identification, and event reconstruction, has further fueled its demand in the law enforcement sector. With the proliferation of cloud computing and the Internet of Things, the evolving landscape has introduced new challenges that demand digital forensics solutions for effective investigation and prosecution of cybercrimes.

By deployment mode, the cloud deployment segment is to grow at the highest CAGR during the forecast period.

Cloud deployment mode is experiencing explosive growth in the digital forensics market, offering a compelling array of advantages. Law firms gravitate towards cloud-based solutions primarily due to cost savings; these solutions eliminate the need for expensive on-premises hardware and software, reducing IT expenditure significantly. Scalability is another pivotal factor, as law firms can effortlessly adjust their digital forensics capabilities to match the demands of diverse cases. Accessibility proves crucial for firms with remote employees and multiple locations, enabling seamless access to digital evidence from anywhere with an internet connection. Moreover, the security provided by reputable cloud providers ensures the confidentiality of sensitive data. Cloud-based digital forensics solutions offer specialized features tailored to law firms, such as eDiscovery for compliance, collaboration tools, and comprehensive reporting capabilities. This complete suite of benefits propels cloud deployment to unprecedented growth in the digital forensics market.

By region, North America accounts for the highest market size during the forecast period.

The digital forensics market in North America is experiencing rapid growth, primarily owing to several key factors. This region is renowned for its early adoption of new technologies, granting North American organizations a competitive edge in combating cybercrime. With its substantial economy and concentration of businesses and government agencies, North America is a prime target for cybercriminals, necessitating a heightened demand for digital forensics services to investigate and prosecute cyber threats. Moreover, the stringent regulatory compliance requirements imposed on North American organizations further fuel the growth of the digital forensics market. Additionally, major digital forensics vendors such as IBM and Cisco and a well-established ecosystem of skilled digital forensics professionals ensure easy access to cutting-edge tools and expertise, consolidating North America’s dominance in this crucial sector.

Key Market Players

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), Oxygen Forensics (US), Griffeye (Sweden), CCL Solutions Group Ltd (England), Global Digital Forensics Inc (US), Kroll Inc (US), Digital Intelligence (US), Optiv Security Ltd (US), Cado Security (England), Elcomsoft (Russia), Binalyze (Estonia), Varutra (US), Bluevoyant (US), Binary Intelligence (US), and Bounga Informatics (Singapore) are the key players and other players in the digital forensics market

Get online access to the report on the World's First Market Intelligence Cloud

• Easy to Download Historical Data & Forecast Numbers
• Company Analysis Dashboard for high growth potential opportunities
• Research Analyst Access for customization & queries
• Competitor Analysis with Interactive dashboard
• Latest News, Updates & Trend analysis

Request Sample

Click on image to enlarge

Scope of the Report

The study categorizes the Digital forensics market by segments - component, type, deployment mode, application, vertical, and region.

By Component:

• Software
• Hardware
• Services

By Type:

• Network Forensics
• Mobile Device Forensics
• Cloud Forensics
• Others

By Deployment Mode:

• Cloud
• On-Premise

Vertical:

• Government and Defense
• Law Enforcement
• Banking, Financial Services, and Insurance (BFSI)
• IT & Telecom
• Healthcare
• Energy and Utilities
• Other Verticals

By Region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

Recent Developments

1. In March 2023, Nuix expanded its partnership with Fujitsu, enhancing its European portfolio with a focus on investigative analytics and intelligence software to tackle crime, data privacy, and fraud challenges, enabling data-driven decision-making and comprehensive data management.
2. In February 2023, IBM and Palo Alto Networks partnered to improve incident response capabilities. This partnership uses Palo Alto Networks' Cortex products to enhance IBM's X-Force security, offering customers a holistic view of cyber threats, speeding up responses, and enhancing cybersecurity resilience.
3. In August 2022, OpenText's EnCase Forensic v22.3 introduced AFF4 functionality, enabling comprehensive digital evidence analysis with support for physical and logical image reading, expediting security investigations, and truth discovery.
4. In May 2022, Cisco AppDynamics and Alertops joined forces in a technology integration partnership, empowering users with advanced alerting, escalation policies, workflows, and scheduling for efficient major incident resolution.
5. In February 2021, Cellebrite and Axon joined forces, integrating Cellebrite's Digital Intelligence platform with Axon Evidence. This partnership streamlines digital evidence management for law enforcement, enhancing efficiency and speeding up the justice process.

Frequently Asked Questions (FAQ):

To speak to our analyst for a discussion on the above findings, click Speak to Analyst