The global digital forensics market size is projected to reach USD 4.24 billion by the year 2026, advancing at a healthy CAGR of 12.3% during the forecast period, as per a report by Grand View Research, Inc. Digital forensics is the science of extracting evidence and information from various forms of digital media such as computers, network, or mobile phones. Complicated cases in the digital space can be solved efficiently through the use of this technology. The rising internet penetration coinciding with the increased smartphone penetration, advancements in computing technology, and the rising cases of cyberattacks in various sectors around the globe are some of the key growth driving factors. Digital forensics is very helpful for SMEs with regards to financial frauds and cyberattacks.
Digital
forensic tools assist in the analysis and reconstruction of lost data, as well
as evidence collection from digital devices. Enterprises are required 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 process of digital
forensics involves a number of steps, which include identification of the
investigation objective and the tools required, data preservation, analysis and
interpretation of the data, documentation of the scene, and presentation of the
findings and conclusion to gather facts. Major organizations in domains such as
BFSI, healthcare, and government across the globe, have all faced cybercrime
issues at some point of time. According to data by the FBI IC3 for 2019, cyber
crimes were responsible for the loss of revenue totaling up to USD 3.5 billion,
with 467,351 such incidents being reported by individuals and businesses.
The
foremost application of digital forensics is found in private and criminal
investigation. Digital forensics tools are increasingly being used to resolve
issues related to cyber threat in the enterprises. The market is broadly
divided on the basis of component (hardware, software, and services); type
(computer forensics, network forensics, cloud forensics, and mobile device
forensics); tool (data acquisition and preservation, forensic data analysis,
data recovery, review and reporting, and forensic decryption, among others);
and end-use sectors (government, BFSI, IT and Telecom, retail, and healthcare,
among others). Key organizations driving the industry growth include Guidance
Software Inc., LogRhythm Inc., AccessData, Paraben Corporation, FireEye Inc.,
Digital Detective Group Limited, MSAB, and Oxygen Forensics Inc.
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Further key
findings from the report suggest:
1
As per research by Cybersecurity Ventures, cybercrimes are
expected to cost the world USD 10.5 trillion annually by the year 2025; this
data points towards the importance of cybersecurity and digital forensics for
organizations in the coming years
2
According to the data from Cyber Security Breaches Survey
2019, commissioned by Department for Digital, Culture, Media and Sport, U.K.,
32% businesses and 22% charities in the region experience data breaches or
cyber-attacks, thus shining light on the importance of digital forensics
solutions and services
3
With regards to component, the service segment is poised
to advance at the highest CAGR of 13.1% over the forecast period, as services
offer broad reporting capabilities for authenticating the regulatory compliance
with security policies for users
4
The cloud forensics segment is projected to expand at the
fastest CAGR of 13.3% through 2026, attributed to the rising adoption of cloud
technologies in enterprises globally, which have corresponded to a rise in
number of cyberattacks
5
Data acquisition and preservation is projected to witness
attractive market growth over the forecast period, aided by the requirement to
obtain and preserve evidence without any effect on the data integrity
6
The review and reporting tool segment is projected to
register highest growth over the forecast period, as it offers effective
evidence analysis and aids jurists in making fact-based decisions
7
The digital forensics solutions and services are being
widely adopted in the BFSI sector across the world, owing to the rising number
of financial frauds, and the consequent demands to investigate these frauds
8
North America led the global digital forensics market in
2018 and is expected to maintain its dominance over the forecast period, aided
by the presence of a large number of notable digital forensics solution and
services providers in the region, coupled with the availability of a robust
infrastructure to adopt these tools
9
The outbreak of the COVID-19 pandemic has led to remote
working operations across most of the industries, which has increased the risk
of data theft and cybersecurity issues. With many companies expected to persist
with this model over 2021, the demand for the digital forensics market is
expected to remain strong
10 In December 2020, Exterro announced
the acquisition of AccessData, a leading digital forensic investigation
technology provider, thus offering companies and agencies an integrated
platform across e-Discovery, data privacy, and forensics
11 In November 2020, FireEye announced
the acquisition of the cybersecurity investigation automation company ‘Respond
Software’. The acquisition is expected to provide new avenues for delivering
eXtended Detection and Response (XDR) capabilities to a wide range of customers
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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