The digital forensics market is predicted to grow at a healthy 11?GR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Use of IoT Devices to Drive Market Growth
The increasing use of IoT devices will boost market growth over the forecast period. Widespread usage of IoT devices is observed in different areas like smart homes, smart grids, autonomous vehicles, vehicle communication, smart transport, and smart city initiatives. The increasing computational power of internet of things device processors has developed a connected environment and has also simplified tasks which have been challenging to accomplish through conventional means. IoT devices are targeted heavily by cybercriminals. Thus it is vital for businesses and companies in implementing the best digital forensic technologies and services which will aid in recovering data lost in any unusual attack or event.
Rising Use of Cryptocurrencies to offer Robust Opportunities
The rising use of crytocurrencies will offer robust opportunities for the forensic accounting services market in the forecast period. Cryptocurrencies are subjected to cyber-attacks on financial gains, reputation defacement, interpersonal rivalry, and geographic rivalry. It may be challenging in identifying artifacts when there is a crytocurrency fraud. A good digital forensic solution will be required for regenerating sensitive data which may have been lost at the time of crytocurrency trade or storage.
Issues with Encryption to act as Market Restraint
Issues with encryption coupled with lack of digital forensics pre-planning may act as market restraints over the forecast period.
Lack of Skilled Professionals to act as Market Challenge
The lack of skilled professionals coupled with complexity level of mobile handsets and other devices may act as market challenges over the forecast period.
Owing to the COVID-19 pandemic there has been a rise in the need for digital forensics as businesses have suddenly shifted towards digital infrastructure with remote solutions. The instances of cyber-attacks targeted at valuable enterprise information have been rising across sectors which include government organizations, administration, logistics, banking, manufacturing, and healthcare. For the lockdown measures, there has been a drastic increase in digital transactions with governments advising people in making transactions through contactless payment methods for preventing the spread of the pandemic. Yet this trend has resulted in unethical hacking and other forms of cybercrimes online. Thus the need for digital forensics has gone up owing to the outbreak that is adding market growth.
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The digital forensics market is segmented based on application, components, deployment, and type.
By application, the BFSI segment will lead the market over the forecast period.
By components, the service segment will dominate the market over the forecast period.
By deployment, the cloud deployment segment will spearhead the market over the forecast period.
By type, the computer forensics segment will have the lions share over the forecast period.
North America to Spearhead Digital Forensics Market
North America will spearhead the market over the forecast period. Technological developments, growing adoption of cloud-based technologies, growing need for security of digital data, developed infrastructure, growing adoption of digital forensics, the presence of several digital forensic key players, rapid penetration of mobile devices like USBs, laptops, and smartphones for assisting business continuity, widespread adherence to data compliance regulations by all enterprises, and various law enforcement agencies and government in the US adopting initiatives to strengthen the digital forensic sector are adding to the global digital forensics market growth in the region.
Eminent players profiled in the global digital forensics market report include Guardian Digital Forensics (U.S.), Perkinelmer, Inc., (U.S.), AccessData (U.S.), Guidance Software, Inc. (U.S.), CYFOR (U.K.), MSAB (Sweden), FireEye, Inc. (U.S.), Oxygen Forensics (U.S.), Nuix Pty Ltd. (Australia), Paraben Corporation (U.S.), Logrhythm (U.S.), Cellmark (U.K.), Binary Intelligence LLC (U.S.), CCL Solutions Group Ltd. (U.K.), IBM Corporation (U.S.), Cellebrite (Israel), Magnet Forensics Inc. (U.S.), Lancope Inc. (U.S.), Cisco Systems, Inc. (U.S.), SecureWorks Inc. (U.S.), FRONTEO Inc. (Japan), Stroz Friedberg LLC (U.S.), Kroll, Inc. (U.S.), and others.
Grayshift, a digital forensics startup is all set to move to a bigger office in Roswell after employing about 100 employees ever since the pandemic has hit. This startup helps government agencies and law enforcement agencies in accessing encrypted data in Android devices and iPhones in helping with criminal investigations.
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Global Digital Forensics Market Research Report: Segmented By Component, Type, Deployment, Application. and By Region – Forecast to 2027
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