Global Digital Forensics Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026) – Yahoo Finance

The Global Digital Forensics Market is expected to register a growth at a CAGR of 10. 97% during the forecast period (2021-2026). The massive use of Internet of Things (IoT) devices coupled with factors such as stringent government regulations and the increasing instances of cyber-attacks on enterprises are expected to drive the demand for digital forensics software during the forecast period.
New York, Nov. 03, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Global Digital Forensics Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)" – https://www.reportlinker.com/p06179093/?utm_source=GNW

Key Highlights
– Digital forensics has grown from addressing minor computer crimes to the investigation of complex international cases that significantly affect the world. Digital forensics includes the recovery and investigation of material found in digital devices, often concerning computer crimes.
– Most forensics are oriented toward desktops, laptops, and associated media, including the hard drive, floppy disk, and optical discs. However, other forms of digital forensics, such as mobile phones and other handheld devices, are becoming increasingly popular for digital curation and preservation.
– The adoption of digital forensics is growing due to the advancements in the traditional crime lab infrastructure, increasing penetration in corporate sectors, and the rise in cyber attacks and crimes. For instance, according to the Internet Crime Complaint Center (ICC) and Federal Bureau of Investigation (FBI), in 2020, 43,300 cases of online identity theft were reported to the IC3. Phishing and similar fraud ranked first, with 2,41,342 complaints.
– Additionally, as enterprises across the world are transforming digitally, cloud adoption has been on the rise, which brings policies, such as BYOD, to the forefront in many industries. The increase in the use of cloud computing applications providing access to files and other data from anywhere has made the work collaboration for different teams from different locations simpler for companies. Therefore, if more devices are connected to an enterprise, more sources would be available for hackers to intrude into the enterprise networks.
– During COVID-19, the demand for remote working solutions has seen a surge owing to the organization’s transition from their conventional workplace methods to work from home environment. Due to this, during this period, significant organizational stress and crisis, newer frauds and misconduct risks have emerged, internal controls are lagging behind the evolving risks, and the need for forensic investigations has been witnessing an increase.
– Furthermore, the COVID-19 pandemic will require investigation techniques that reflect the new patterns of employee remote working environment and comply with the legal and societal goals, such as social distancing and self-isolation. However, factors such as lack of specialized skills, usage of proprietary operating systems, and high level of encryption in new mobile applications may hinder the growth of the market.

Key Market Trends

Network Forensics is Expected to Hold a Significant Market Share

– Even though wireless communication systems are useful in providing mobile internet access to the user, they are still vulnerable and easily exposed to interception by way of data transmission. Network forensics involves capturing, recording, and analyzing network packets to determine the source of network security attacks.
– The security mechanisms, like Wired Equivalent Privacy (WEP) and WiFi Protected Access (WAP), are not sufficiently capable of providing guaranteed security in wireless communication. Hence, network forensics is in increasing demand in several organizations.
– Digital Forensics and Incident Response (DFIR) is being incorporated to perform forensics when an organization is infected with ransomware or another type of network intrusion. More recently, there has been a trend in Advanced Persistent Threat (APT) groups attempting to hack into industrial control systems (ICS).
– Many companies are implementing SaaS backups that come with an intrusion detection system that safeguards critical data from malicious attacks, whether external or internal. For instance, in 2020, Attivo Networks announced the availability of its ADSecure solution for Google Cloud’s Managed Service for Microsoft Active Directory (AD). The Google Cloud team has reviewed the Attivo solution that operates and reduces the risk of attack escalation for organizations running Active Directory with Google’s managed service.

North America to Account for Largest Market Share

– The United States financial system has been a target for foreign cyber adversaries for a considerable period. Based on this phenomenon, the United States government imposed a law for the private sector to have a dedicated cyber protection team (CPT) sector to provide surge capacity in the event of an ongoing cyberattack in the form of advanced analysis and network and endpoint forensics.
– United States banks, such as the Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo, have faced cyberattacks that eventually led to exposed data of consumers. It was considered to be a result of weaknesses in the firms’ networks. Federal officials recommended these banks to monitor their network activities. Such government impositions, therefore, drive the demand for digital forensics solutions in the region.
– For instance, in July 2021, Paraben Corporation (a US-based company) launched the “E3 Forensic Platform” 3.0 version for data investigations and digital evidence. The new edition enabled a unified study of digital data from a variety of sources, including smartphones, computers, the Internet of Things, and the cloud.
– Xpera Risk Mitigation and Investigation, which is Canada’s largest national provider of investigations and risk solutions, recently announced a powerful new digital evidence tool with capabilities not offered anywhere in the Canadian private risk management market.
– Moreover, North America houses the significant players of the digital forensics market like IBM, Cisco, FireEye, which offer other enterprise applications, such as LogRhythm, Guidance Software, Access Data, Paraben, that specialize in forensic solutions.
– The technological advancements in the forensics department and the growth in cybercrimes and advanced theft mechanisms are expected to increase the investments in the digital forensics market.

Competitive Landscape

The digital forensics market is moderately competitive and consists of a significant number of major players. The vendors are involved in releasing new features on their products frequently, as the market is technology-driven. The leading players include IBM Corporation, Binary Intelligence LLC, and Guidance Software Inc., among others.

– October 2021 – FireEye and McAfee Enterprise announced that Symphony Technology Group (STG) had closed its sponsored acquisition of FireEye in an all-cash transaction totaling USD 1.2 billion. This transaction completed the combination of McAfee Enterprise with FireEye.
– July 2021 – Oxygen Forensics released flagship software, Oxygen Forensic Detective v.13.7. The update significantly improves the Oxygen Forensic Cloud Extractor and KeyScout, which is an additional Device and Case Description field, and new extraction methods for multiple apps. Such updates benefit various government bodies to which the company caters.

Additional Benefits:

– The market estimate (ME) sheet in Excel format
– 3 months of analyst support
Read the full report: https://www.reportlinker.com/p06179093/?utm_source=GNW

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