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The digital forensics market comprises software, hardware tools and services that help in examination and analysis of digital media in criminal investigations and other legal proceedings. Cybercrimes have become increasingly common and pose many threats in business and personal lives including financial loss, identity theft and information leakage. Digital forensics enables investigators to retrieve deleted files, recover passwords, trace digital activities and acquire conclusive evidence from digital devices and online accounts. With the ubiquitous use of smartphones, laptops and cloud services, digital evidence plays a crucial role in solving cases.
The global digital forensics market is estimated to be valued at US$ 4,501.0 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 key trends:
One of the major trends in the digital forensics market is the increased adoption of cloud and mobile device forensics. As individuals and enterprises utilize cloud-based applications and mobile devices at an expanding rate, cybercriminals are also targeting these mediums. Cloud and mobile forensics tools help recover deleted data, extract metadata and geolocations from smartphones and trace user activities on cloud platforms. They assist investigations related to theft of confidential data, child pornography, intellectual property theft and other cybercrimes committed via mobiles and cloud. Another important trend is the integration of artificial intelligence capabilities in digital forensic solutions. AI-powered tools expedite the process of data retrieval, analysis and report generation. They also have ability to uncover hidden patterns and link evidence that may go unnoticed otherwise. AI is playing a pivotal role in revolutionizing digital investigations.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the digital forensics market is moderate. Established players dominate the market along with proprietary tools and solutions, creating barriers. However, emerging technologies provides opportunities to new entrants.
Bargaining power of buyers: The bargaining power of buyers is high. Buyers can negotiate on price and demand added capabilities due to availability of various solution providers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Established digital forensic solution providers have strategic relations with technology providers.
Threat of new substitutes: The threat of substitutes is low. Digital forensics solutions require domain expertise that is not easily substitutable.
Competitive rivalry: The competitive rivalry is high. Players compete on parameters like pricing, capabilities, and geographic presence. Market consolidation is also observed.
Key Takeaways
The global digital forensics market is expected to witness high growth over the forecast period. Significant growth can be attributed to increasing cybercrimes and stringent government regulations for data protection.
Regional analysis: North America dominated the market and is expected to continue its dominance over the forecast period. This is due to stringent regulations and increasing adoption across various industries in the US. Asia Pacific is expected to witness the highest growth rate owing to the rapidly growing cybercrime in the region.
Key players: 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. Guidance Software and AccessData lead the market and offer comprehensive digital forensics solutions.
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- Source: Coherent Market Insights, Public sources, Desk research
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