Global Digital Forensics Market Report and Forecast 2024-2032

Global Digital Forensics Market Outlook

The global digital forensics market stood at a value of USD 11.23 billion in 2023. The market is further expected to grow at a CAGR of 15.9% in the forecast period of 2024-2032 to attain a value of USD 42.52 billion by 2032.

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The Network Forensic Segment to Account for a Substantial Share of the Global Digital Forensics Industry

Based on type, the network forensic segment is expected to hold a considerable share in the global digital forensics industry during the forecast period. This growth can be attributed to the rapid expansion of wireless connectivity with the rapid spread of the internet. Moreover, with the advent of IoT technology and the emergence of location of things (LoT), digital devices are increasingly becoming interconnected through Wi-Fi and Bluetooth technology in networks. As a result, a significant rise can be observed in the number of network breaches and hacking attempts over time, which leads to large financial losses. These factors are estimated to positively impact the market growth.

North America to Occupy a Significant Market Share of the Global Digital Forensics Industry

The North American region is predicted to account for a considerable share of the global digital forensics industry. This surge can be attributed to the increased implementation of digital forensics technology in the region because of the rampant cybercrimes. According to the statistics record by the Insurance Information Institute, more than 47% of Americans experienced financial identity theft in 2020. On the other hand, the Federal Trade Commission recorded 4.8 million identity theft and fraud reports in 2020, which went up by 45% from 2019. A potential cause of the increase is the unemployment identity theft, as amidst the pandemic, increased and extended unemployment benefits were offered by the state, which made it an attractive target for scammers.

Digital Forensics: Market Segmentation

Digital forensics refers to the application of computer-based solutions along with investigative procedures for the legal analysis of digital evidence. The use of digital forensics is required in legal investigation procedures such as in cybercrimes of financial frauds, among others. Digital forensics is the process of analysis, identification, preservation, and documentation of digital evidence. In addition, the field of digital forensics has expanded over time to include network forensics and helps in the investigation of network breaches and any hacking attempts. Moreover, with the spread of internet of things (IoT) technology, more devices such as smartphones, smartwatches and cars are being connected to the internet, which has led to the expansion of the digital forensics industry.

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By component, the market is divided into:

• Hardware
• Software
• Service

On the basis of type, the industry can be categorised into:

• Mobile Forensic
• Computer Forensic
• Network Forensic 
• Others

Based on end-user, the market is segmented into:

• Government and Law Enforcement Agencies
• BFSI 
• IT and Telecom 
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growing Digitalisation and Increased Cybercrimes to Augment the Growth of the Global Digital Forensics Industry

With the advent of the internet, and the hyperconnectivity facilitated by the spread of the digital technology in the form of smartphones and computers, the market for digital forensics has been growing. In addition, governments are increasingly strategising initiatives for implementing digital solutions in almost all industrial verticals due to the benefits associated with digital technology, such as increased connectivity, enhanced productivity, and reduced operational costs and time required to carry out various processes. However, with the far-reaching scope of the internet and digital technology, an increase in cybercrimes is being observed in all parts of the world. Cybercrimes such as identity theft, financial theft, scams, hacking, and data breaches are on the rise. For instance, according to a report issued by Interpol, the international criminal police organisation, a large number of fake online pharmacies selling counterfeit, illicit medicines, and fake and unauthorised COVID testing kits were shut down under Operation Pangea XIV, globally amidst the COVID-19 pandemic. Furthermore, with the reducing costs of digital devices and the advent of cryptocurrencies, the demand for digital forensics solutions is expected to significantly increase in the forecast period.

Key Industry Players in the Global Digital Forensics Market

The report gives a detailed analysis of the following key players in the global digital forensics market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• IBM Corporation
• Binary Intelligence LLC
• Guidance Software Inc.
• AccessData Group LLC
• KL Discovery Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

Key Highlights of the Report