Forensic technology has become an important component of financial investigations which includes contentious, non-contentious, and fraud-related litigation. Forensic technology experts use various forensic technology tools to gather evidence and make a strong case against criminals.
The global digital forensics market stood at a valuation of US$2.87 bn in 2016 and is estimated to be worth US$6.65 bn by 2025, rising at a CAGR of 9.7% from 2017 and 2025.
Today, cyber criminals are causing unprecedented damage using simple IT tools or cloud services. They leak confidential consumer information or valuable business information by hacking personal files of individuals or organizations that leads to disruption in functioning. This requires evidence-based investigation for information recovery, thereby driving the digital forensics market.
Moreover, the increasing trend of cloud-based solutions and Internet of Things technology has increased the risk of malware and virus, further putting confidential information at risk acting as another key driver for this market. The use of multiple channels leading to the growth of sophisticated crime, especially for hacking organizational information that is related to IT applications has further pushed the growth of this market.
However, rising use of mobile devices and their growing complexities are posing a challenge to the growth of this market. This is because retrieving information from certain devices is a herculean task, which makes it difficult to reach to the real culprit in case of cybercrimes.
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Governments have also raised concerns regarding the accessibility of mobile platforms of certain companies further posing a challenge to the market’s growth. Nevertheless, the increasing relevance of digital evidence to expose criminals is expected to extend growth opportunities to the digital forensics market.
Mobile Device Forensics to Emerge as a Key Type Segment
In terms of type, the digital forensics market is classified into computer forensics, database forensics, cloud forensics, network forensics, mobile device forensics, and others. In 2016, the market was led by computer forensics followed by mobile device forensics.
By application, healthcare, banking, financial services and insurance (BFSI), law enforcement, information technology, education, defense and aerospace, transportation and logistics, and other are the segments into which the digital forensics market is divided. Law enforcement and defense and aerospace are the leading application segments in the market.
Asia Pacific to Continue Contributing Substantial Revenue to Market
On the basis of geography, the global market for digital forensics is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. In 2016, North America trailed by Europe stood as the key regional segments of the market.
Asia Pacific holds substantial revenue in the global digital forensics market. The increasing trend of cloud based solutions and internet of things technology in these regions is acting as the major growth driver in these regions. In addition, increasing growth of well-planned sophisticated cybercrimes and malware that has risked the confidentiality of intelligence data in many nations in these regions is also a key factor driving the digital forensics market.
Some of the key companies in the digital forensics market include AccessData Group LLC, FireEye Inc., Paraben Corporation, CISCO, Guidance Software Inc., LogRhythm Inc., Micro Systemation AB, NUIX, Binary Intelligence LLC, and IBM Corporation among others.