Digital Forensics Market Analysis Report By Type, By Component, By Tool, By End Use, By Region And Segment Forecasts From 2019 To 2026

Report ID: MN17620015  |  Published: August 2020  |  No of Pages: 120
Format: Electronic (PDF)  |  Industry: Computing & Technology

Industry Insights

The global digital forensics market size was accounted for USD 1.72 billion in 2018. It is anticipated to grow at a CAGR of 12.3% from 2019 to 2026. The growing security concerns and digital crime across IT, Telecom, retail, and financial institution are projected to boost the market growth. In addition, increasing digital, media, internet networks, and development in electronic devices are anticipated to spur the demand for digital forensic solutions.

The growing application of cloud services along with development in IoT technology is expected to support the market growth. However, the rising risk of malware & viruses helps hackers to get access to data. Furthermore, increasing penetration of electronic devices is allowing consumers to access large financial data through messages, emails. Thus, these factors are projected to surge the need for digital forensic solutions.

U.S. digital forensics marketMedium & small enterprises share a large amount of data through external & internal environments which tend to cause cybercrime. cyber-attacks or information hacks impact an enterprise's reputation. For example, according to a security survey, in 2019, 22.0% of charities, and 32.0% of businesses have suffered from cyber-attacks in the U.K. Thus, the growing incidence of an information breach is expected to foster the demand for digital forensic services.

To resolve these cyberattacks, many governments and universities are arranging workshops regarding cybercrime investigation & digital forensic solutions. For instance, in 2019, FREETOOL Workshop was arranged by the European Council for cybercrime and Dublin University in Romania. These initiatives help in increasing awareness among consumers.

High installation and licensing costs are expected to restrain the market growth. Moreover, lack of expertise and pre-planning in deployment solutions are also expected to adversely impact market growth. Additionally, less availability of cloud forensic solutions may hamper the market growth.

Component Insights

The digital forensics solution is divided into hardware, services, and software depending on the component. The service segment is comprised of managed & professional services. In 2018, the software segment dominated the market with the largest share in the overall market. Software solutions help to track and analyze variations in the data to mitigate risk factors.

Digital forensic solutions help in identify, search & prioritize evidence through a computer or mobile application. Moreover, the companies emphasize building a flexible software solution for data collection. For example, EnCase Forensic solution provided by Open Text Corp can collect information from smartphones, GPS, and other mobile devices. These key factors are projected to increase the demand for forensic solutions in the coming few years.

Type Insights

Based on type, the digital forensics market is segmented into network forensics, computer forensics, cloud forensics, and mobile device forensics. In 2018, computer forensics led the market with the highest revenue of around USD 555.8 million in the overall market. The rising demand for computer forensic in private & criminal law investigations is projected to proliferate the market growth. Additionally, enterprises are investing high in advanced technologies for data security which is anticipated to boost segmental growth.

Computer solutions collect large data and help in analyzing evidence data by using digitally enabled devices. Thus, these solutions are globally accepted owing to their greater efficiency and reliability. It is also useful while extracting metadata, messages, and calendar events, which are necessary for any criminal investigation.

Tool Insights

In 2018, the forensic data analysis segment led the market with the highest share. This tool provides recording competencies and retrieval analysis through metadata. The increasing incidence of financial fraud & crimes is projected to surge the demand for these tools for investigation.

Preservation & data acquisition is anticipated to propel at a significant rate during the forecast period. Data preservation and obtaining evidence securely is an integral part of the investigation. This data acquisition tool help in preserving obtained evidence in security with better functionality.

End-Use Insights

In 2018, the government segment held the largest market share in the overall market. It is projected to expand at a significant rate due to the rising adoption of digital forensic solutions. However, this segment is highly vulnerable to cyber-attacks. For example, in 2019, according to the information resource department of Texas around 23 agencies in Texas have suffered from cyber-attacks.

Europe digital forensics market

Criminals use advanced technologies to attack financial institutions. For example, in the U.K., 54.0% of registered cases were found to be cyber-related in 2018. Hence, financial institutions are now emphasizing adopting advanced forensic solutions for cybersecurity. This trend is expected to positively impact market growth.

Regional Insights

In 2018, North America led the digital forensic market with the highest share in the market. It is accounted for over USD 667.0 million in the overall market. This growth is attributed to the rising cybercrime across the region. Various banks such as JPMorgan Chase, Wells Fargo, and Citigroup have been confronted regarding cyber-attacks. Government authorities regularly confront these banks for data protection.

Increasing penetration of internet networks, digital-electronic devices are projected to boost the demand for forensic solutions. In addition, technological innovation is expected to create ample opportunities for market growth. Key players in the market are LogRhythm Inc., Accessdata, FireEye Inc.

Impact of COVID-19

COVID-19 pandemic has impacted several industries with supply chain disruption. Amid the coronavirus crisis, the healthcare and IT sector are facing challenges from cyber-attacks. Cyber-attacks can result in loss of data, financial information which are critical for organizations. Thus, the companies are looking after digital forensic solutions to build critical infrastructure for the safety of the organization. 

During the COVID-19, to tackle these issues, companies have mandated protocols with secured internet, a virtual private networks (VPN). This helps companies to track external emails to avoid ransomware, malware, and phishing attacks.

Digital Forensics Market Share Insights

Leading players in the market include LogRhythm Inc.; Guidance Software Inc.; Accessdata; Paraben Corporation; Oxygen Forensics; FireEye Inc.; MSAB; and Digital Detective Group Limited.

Major companies engage in new product launches, innovations to expand their product offerings. For example, in 2018, Paraben Corporation has introduced the E3 platform with version 2.0. Some of the players invest in R & D activities to develop new products. For example, Open Text Corporation has invested over USD 926 million in R & D.

Report Scope

Attribute

Details

The base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2026

Market representation

Revenue in USD Million & CAGR from 2019 to 2026

Regional scope

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

Country scope

U.S., Canada, U.K., Germany, India, China, Japan, and Brazil.

Report coverage             

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of the customization


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2026. For the purpose of this study, Million Insights has segmented the global digital forensics market report on the basis of component, type, tool, end-use, and region:

• Component Outlook (Revenue, USD Million, 2015 - 2026)
    • Hardware
    • Software
    • Service
        • Professional Services
        • Managed Services

• Type Outlook (Revenue, USD Million, 2015 - 2026)
    • Computer Forensics
    • Network Forensics
    • Mobile Device Forensics
    • Cloud Forensics

• Tool Outlook (Revenue, USD Million, 2015 - 2026)
    • Data Acquisition & Preservation
    • Forensics Data Analysis
    • Data Recovery
    • Review & Reporting
    • Forensic Decryption
    • Others

• End-Use Outlook (Revenue, USD Million, 2015 - 2026)
    • Government
    • Banking, Financial Services, and Insurance (BFSI)
    • IT & Telecom
    • Retail
    • Healthcare
    • Others

• Regional Outlook (Revenue, USD Million, 2015 - 2026)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
    • the Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
    • Middle East & Africa (MEA)

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