Dublin, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The "Digital Forensics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Global Digital Forensics Market is projected to witness a robust growth rate of 10.97% during the forecast period.
The surge in the adoption of Internet of Things (IoT) devices and the increasing frequency of cyber-attacks on enterprises, combined with stringent government regulations, are expected to drive the demand for digital forensics software and services.
Digital forensics has evolved from addressing minor computer crimes to investigating complex international cases with significant global impact. This field involves the recovery and investigation of material found in digital devices, often related to computer crimes. While traditional forensics focused on desktops, laptops, and associated media, the adoption of digital forensics has expanded to include mobile phones and other handheld devices.
Advancements in IoT devices, increased penetration in corporate sectors, and the rise in cybercrimes have contributed to the growth of this industry. For example, according to the Internet Crime Complaint Center (ICC) and Federal Bureau of Investigation (FBI), there were 43,300 cases of online identity theft reported to the IC3, with phishing and similar fraud ranking first with 241,342 complaints.
The growing adoption of cloud computing applications and policies such as Bring Your Own Device (BYOD) has further amplified the risk of cyber intrusions for enterprises. As more devices become connected to corporate networks, hackers have greater opportunities to infiltrate these networks.
However, the market growth may face challenges due to the lack of skilled professionals and preplanning investments among organizations. To overcome this, organizations need to invest in the best digital forensic vendors capable of detecting, analyzing, and reconstructing data. Proactive threat protection and digital forensics can play a vital role in supporting market growth.
The COVID-19 pandemic has accelerated the demand for remote working solutions as organizations transitioned to work-from-home environments to comply with social distancing and self-isolation measures. With this shift, newer fraud and misconduct risks emerged, leading to an increased need for forensic investigations.
Trends in the Digital Forensics Market:
- Network Forensics to Hold Significant Market Share: Network forensics, which involves capturing, recording, and analyzing network packets to determine the source of network security attacks, is witnessing growing demand. As wireless communication systems remain vulnerable to interception, network forensics has become crucial in several organizations. Additionally, Digital Forensics and Incident Response (DFIR) is being incorporated to investigate network intrusions, including ransomware attacks and Advanced Persistent Threats (APTs). Companies are implementing Security as a Service (SaaS) backups with intrusion detection systems to safeguard critical data from malicious attacks.
- North America to Lead the Market: North America is expected to account for the largest market share, driven by the United States' strong focus on cybersecurity. The United States government has imposed laws mandating private sector companies to have dedicated cyber protection teams to provide advanced analysis and forensics in the event of cyberattacks. As cyber threats continue to target major US banks, the demand for digital forensics solutions in the region is anticipated to increase.
Key Players in the Market:
The digital forensics market is moderately competitive and includes several significant players. Leading companies such as IBM Corporation, Binary Intelligence LLC, and Guidance Software Inc. are constantly releasing new features to stay competitive in this technology-driven market.
Recent Developments:
In December 2022, Offensive Security released Kali Linux 2022.4, the latest version of its popular penetration testing and digital forensics platform. This update includes enhanced features and a new version of the GNOME desktop environment.
In the same month, Fintactics launched Lezaam, a RegTech-as-a-Service platform that offers all the features and capabilities required for digital onboarding and eKYC, including digital forensics.
The global digital forensics market is expected to witness significant growth in the coming years, driven by technological advancements, the rise in cybercrimes, and increasing investments in this sector. To stay ahead of the evolving threats, organizations are recognizing the importance of digital forensics solutions and services in safeguarding their digital assets.
A selection of companies mentioned in this report includes
- Binary Intelligence LLC
- IBM Corporation
- Guidance Software Inc. (Opentext)
- AccessData Group LLC
- KLDiscovery Inc.
- Paraben Corporation
- FireEye Inc.
- LogRhythm Inc.
- Cisco Systems Inc.
- Oxygen Forensics Inc.
- MSAB Inc.
For more information about this report visit https://www.researchandmarkets.com/r/1ely1n
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