Digital Forensics Market to Witness Robust Expansion throughout the Forecast Period 2018-2026

Digital forensics is used for preservation, identification, extraction, and interpretation of computer evidence. The aim of digital forensics is to preserve evidence in its most original form while performing a structured investigation by collecting, identifying, and validating digital information for the purpose of reconstructing of past events. Major benefits of digital forensics is that it can aid in efficiently tracking down cyber criminals and terrorists, globally.

It can track down criminals that utilises internet for communication with help digital forensics tools. Therefore, adoption of digital forensic tools is increasing in organizations, in order to protect the data from computer-related incidents such as cyber stalking, cyber bullying, and other cases that involves the use of computers and related technologies.

Increasing cyber-attacks on enterprises is one of the major driving factors for growth of the market

Organizations are increasingly focusing on digitization of data and the sharing of this large volume of data in an external and internal environment has made organizations susceptible to cybercrime. Thus, cyber-attack hampers enterprises negatively (in terms of revenue loss and data breach) as well as the reputation and brand of the company. For instance, according to the Coherent Market Insights’ analysis, in 2016, number of data breaches was pegged at 1,091 and it reached to 1,579 by 2017, which witnessed 44.7% growth.

Therefore, increasing vulnerabilities to cyber-attack in organizations has led to increasing adoption of digital forensics solution and services. Digital forensics solution examines the sensitive information that is stored in a devices. Furthermore, it also aids in investigating digital devices that stores digital data, examines the suspect data to determine details such as origin and content, and then utilises this evidence in the courts. Hence, digital forensics tools are used for resolving the issues related to threats occurring in the enterprises which in turn helps in propelling digital forensics market growth.

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Cloud Forensics will provide the growth opportunity for the digital forensics market

The major factor for fast growth rate of the cloud forensics segment is increasing adoption of cloud computing by companies globally. Organizations in sectors such as BFSI, retail, and government are shifting their workload in the cloud for cost-savings, agility, and flexibility, which has led to increasing susceptibility for cyber-attacks. For instance, according to the CISCO’s analysis, the global cloud IP traffic is expected to reach 19.5 ZB by the end of 2021, up from 6.0 ZB in 2016. Therefore, demand for cloud forensics is expected to increase along with increase in shifting of workload to the cloud.

Lack of awareness is one of the key challenges for growth of the market

Lack of awareness among the small and medium enterprises is a major factor hindering growth of the market. Since, these forensics tools are expensive and time consuming SMEs are reluctant to adopt, owing to budget constraints. Moreover, SMEs also lack skilled labour, which is another major factor hindering growth of the market.

Based on verticals government and defence segment is expected to account for the largest market share over the forecasted period

On the basis of verticals, government and defense segment is expected to hold the largest market share during the forecast period. Government and defense vertical is the most susceptible segment to cyber-attacks. Cyber-attacks on this segment is for political gains, terrorism, or for regional rivalry. For instance, according to Coherent Market Insights’ analysis, in 2015, the cyber-attacks in government and defense sector was around 7% of global cyber-attacks in all sectors, which reached to 14% in 2017. Therefore, government agencies are more concerned for cyber security and data privacy. Thus, government and defense sector is adopting best-in-class digital forensic solutions and services, which is expected to aid in growth of the market.

Digital Forensics Market: Regional Insights

On the basis of region, the global digital forensics market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America accounted for largest market share in global forensics market in 2017, owing increasing number of cyber-attacks in this region. For instance, according to the Coherent Market Insights’ analysis, in 2016, the number of data breaches was pegged at 1,971, in the U.S of which 1,224 data breach cases were recorded as compare to other regions. Moreover, the region also have the well-established infrastructure that allows faster implementation of advanced technologies. Hence, growing number of data breaches will positively aid in growth of the digital forensics market in this region.

Digital Forensics market: Competitive Background

Some of the prominent players in the global digital forensics market are AccessData, Perkinelmer, Inc. Guidance Software, Inc., FireEye, Inc.,Oxygen Forensics, Paraben Corporation Nuix Pty Ltd. , Logrhythm , Binary Intelligence LLC Cellmark, CCL Solutions Group Ltd., IBM Corporation, Magnet Forensics Inc., Cisco Systems, Inc., Lancope Inc., and SecureWorks Inc.

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