Digital Forensics Market Technological Advancements, Growth Opportunity and Forecast 2018-2026
Digital forensics
is used for preservation, identification, extraction, and interpretation of
computer evidence. The aim of digital forensics is to preserve evidence in its
most original form while performing a structured investigation by collecting,
identifying, and validating digital information for the purpose of
reconstructing of past events. Major benefits of digital forensics is that it
can aid in efficiently tracking down cyber criminals and terrorists, globally.
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It can track down
criminals that utilises internet for communication with help digital forensics
tools. Therefore, adoption of digital forensic tools is increasing in
organizations, in order to protect the data from computer-related incidents
such as cyber stalking, cyber bullying, and other cases that involves the use
of computers and related technologies.
Increasing cyber-attacks on enterprises is one of the major driving
factors for growth of the market
Organizations are
increasingly focusing on digitization of data and the sharing of this large
volume of data in an external and internal environment has made organizations
susceptible to cybercrime. Thus, cyber-attack hampers enterprises negatively
(in terms of revenue loss and data breach) as well as the reputation and brand
of the company. For instance, according to the Coherent Market Insights’
analysis, in 2016, number of data breaches was pegged at 1,091 and it reached
to 1,579 by 2017, which witnessed 44.7% growth.
Therefore,
increasing vulnerabilities to cyber-attack in organizations has led to
increasing adoption of digital forensics solution and services. Digital
forensics solution examines the sensitive information that is stored in a
devices. Furthermore, it also aids in investigating digital devices that stores
digital data, examines the suspect data to determine details such as origin and
content, and then utilises this evidence in the courts. Hence, digital
forensics tools are used for resolving the issues related to threats occurring
in the enterprises which in turn helps in propelling digital forensics market
growth.
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Cloud Forensics will provide the growth opportunity for the digital
forensics market
The major factor
for fast growth rate of the cloud forensics segment is increasing adoption of
cloud computing by companies globally. Organizations in sectors such as BFSI,
retail, and government are shifting their workload in the cloud for
cost-savings, agility, and flexibility, which has led to increasing
susceptibility for cyber-attacks. For instance, according to the CISCO’s
analysis, the global cloud IP traffic is expected to reach 19.5 ZB by the end
of 2021, up from 6.0 ZB in 2016. Therefore, demand for cloud forensics is
expected to increase along with increase in shifting of workload to the cloud.
Lack of awareness is one of the key challenges for growth of the
market
Lack of awareness
among the small and medium enterprises is a major factor hindering growth of
the market. Since, these forensics tools are expensive and time consuming SMEs
are reluctant to adopt, owing to budget constraints. Moreover, SMEs also lack
skilled labour, which is another major factor hindering growth of the market.
Based on verticals government and defence segment is expected to
account for the largest market share over the forecasted period
On the basis of
verticals, government and defense segment is expected to hold the largest
market share during the forecast period. Government and defense vertical is the
most susceptible segment to cyber-attacks. Cyber-attacks on this segment is for
political gains, terrorism, or for regional rivalry. For instance, according to
Coherent Market Insights’ analysis, in 2015, the cyber-attacks in government
and defense sector was around 7% of global cyber-attacks in all sectors, which
reached to 14% in 2017. Therefore, government agencies are more concerned for
cyber security and data privacy. Thus, government and defense sector is
adopting best-in-class digital forensic solutions and services, which is
expected to aid in growth of the market.
Digital Forensics Market: Regional Insights
On the basis of
region, the global digital forensics market is segmented into North America,
Europe, Asia Pacific, Latin America, Middle East, and Africa. North America
accounted for largest market share in global forensics market in 2017, owing
increasing number of cyber-attacks in this region. For instance, according to
the Coherent Market Insights’ analysis, in 2016, the number of data breaches
was pegged at 1,971, in the U.S of which 1,224 data breach cases were recorded
as compare to other regions. Moreover, the region also have the
well-established infrastructure that allows faster implementation of advanced
technologies. Hence, growing number of data breaches will positively aid in
growth of the digital forensics market in this region.
Digital Forensics market: Competitive Background
Some of the
prominent players in the global digital forensics market are AccessData,
Perkinelmer, Inc. Guidance Software, Inc., FireEye, Inc.,Oxygen Forensics,
Paraben Corporation Nuix Pty Ltd. , Logrhythm , Binary Intelligence LLC
Cellmark, CCL Solutions Group Ltd., IBM Corporation, Magnet Forensics Inc.,
Cisco Systems, Inc., Lancope Inc., and SecureWorks Inc.
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