Digital Forensics Market - IoT and Cloud Services Propel Need for Digital Forensics

The global digital forensics market is mainly fragmented with respect to competition, says Transparency Market Report in a recent report. With few companies holding dominant positions in this scenario, the six leading players, namely IBM Corporation, Guidance Software Inc., LogRhythm Inc., MSAB, FireEye Inc., and Cisco covered more than 40% of the total market in 2016. With varied product portfolios, increased focus on innovation, and proactive growth strategies, these companies are expected to remain at the forefront over the forecast period as well. A couple of these companies put a lot of emphasis on reducing cyber-attacks by continuous research and innovation.

According to estimates by TMR, the global digital forensics markets had a valuation of US$2.87 bn in 2016. This valuation is predicted to rise to US$6.65 bn by 2025, with a CAGR of 9.7%, forecasted from 2017 to 2025.

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digital forensics marketMobile Device Forensics to Get the Top Segment Mantle

In 2016, the computer forensics held the spot of the most lucrative segment in the global digital forensics market. Compared to this, as the demand for mobile phones keeps on rising, mobile device forensics is expected to dethrone computer forensics for the apex spot by the end of the report’s forecast period. Geographically, the key regional distribution segments are North America, Europe and Asia-Pacific, on the basis of revenue upkeep and contribution to the global digital forensics market. The report clearly shows how this market is headed on a positive track from a futuristic perspective.

IoT and Cloud Services Propel Need for Digital Forensics

Due to the rampant growth of cloud services and devices with in-built Internet-of-Things facilities, cyber criminals have an undue advantage that deals with leaking customer information. Such features may increase the risk of malwares and viruses, putting computer systems prone to hacking. Even companies may not be able to completely hide valuable business data from experienced hackers. In spite of their negative effects, these factors have a dual edge from the perspective of becoming a key driver for the global digital forensics market.

Another reason for the market’s upsurge involves possible tracing of hacking activities to their source. These activities can be traced by forensic agencies by using the right forensic methods. Thus, such evidence-based investigation for the recovery of information is a prime factor for the forensics market’s rise. The rise in demand for digital forensics tools and solutions is also fueled due to the fact that multiple channels are used for hacking confidential information from companies and organizations.

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Insufficient Industry Standards a Prime Restraint for Market Growth

A shortfall of industrial regulations and ethics regarding the usage of technology are prime restraints for the digital forensics market. Although the digital forensics market is expected to witness a rise from a global perspective, its growth is slightly restrained due to lack of industry standards in the mobile device sector. Malware and other network based attacks commonly occur on mobile devices, especially as the devices get more complex with time. This seriously hampers the growth of mobile forensics, especially after these devices are being forecast as a leading segment. Apart from these reasons, few other restraints for this digital forensics market involve limitation in resource usage, utilization of old equipment, and lack of adherence to standard work protocol for examining digital evidences.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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This release was published on openPR.