The substantial rise in the number of cybercrimes across the world has impelled governments and organizations to adopt digital forensics technology in order to protect vital information. Confidentiality issues and concerns related to the recovery of lost data are factors that are likely to fuel the deployment of digital forensics technology in the near future. Digital forensics technology is useful for the collection, identification, extraction, and analyzing forensic evidence from digital devices such as laptops, computers, mobile phones, and hard disks. Growing investments by governments across the world for the development of advanced forensic technology are likely to present potential prospects for the growth of the market in future.
According to a report published by Transparency Marker Research, the global digital forensics market is projected to exhibit a 12.5% CAGR from 2015 to 2021. In 2014, the market stood at a value of US$2.03 bn and is likely to rise to a valuation of US$4.97 bn by 2021. North America held the leading share of 53% in the global digital forensics market in 2014. Owing to the rise in demand for digital forensics technology from defense, law enforcement, and IT sectors, the digital forensics market in North America is expected to rise at a considerable rate.
Q.How are increasing cybercrimes helping the adoption of digital forensics technology?
The rising incidences of cyber thefts and vandalism of confidential data have impelled law enforcement organizations across the globe to adopt digital forensics technology. Considering the risks related to cyber-attacks by terrorist groups developed regions such as North America and Europe have increased funding towards the advancement of technology related to defense forensics techniques.
For instance, the Australian Federal Police Department has recently set up a new digital forensics laboratory for developing advanced digital forensics techniques. In this regard, the digital forensics team of the Australian Federal Police Department has discovered new techniques related to message encryption and to help prevent cybercrimes.
Q.What challenges are vendors of digital forensics technology likely to face in the future?
With the advent of new and advanced mobile technology, challenges for digital forensics technology vendors are increasing. Companies operating in the global digital forensics market are striving to develop advanced digital forensics techniques that can keep pace with the rising complexities of smartphones, tablets, and computers. Moreover, the mounting use of cloud applications and the incessant threat of government snooping are further expected to challenge the growth of the global digital forensics market over the next couple of years.
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Q.What are the opportunities that companies in the global digital forensics market can capitalize on?
The mounting expenditure on defense systems by countries in the Asia Pacific region is likely to provide manufacturers of digital forensics technology with future growth prospects. Manufacturers can find profitable opportunities in several research projects being funded by government and non-government organizations for the development of innovative digital forensic equipment. The rising demand for digital forensics technology from the IT sector is another factor positively influencing the outlook of the global digital forensics market.