Increase in Digital Crime and Rise in Security Concerns Shall Pace the Computer Forensics MarketMay 6, 2020
The computer forensics market is expected to experience an upsurge on account of the increase in sophisticated digital crime and terrorist attacks and economic growth in developing countries. Computer forensics which refers to analysis and reporting of digital data for a legal purpose is the most prominent market within the overall digital forensic market. Computer forensics have become much dynamic in the field of cyber-crime, to perform a structured investigation, in order to detect hidden facts for accurate investigation results. A variety of techniques are used by investigators to inspect and search hidden, encrypted or deleted files or folders.
Computer forensics have gained wide-popularity in developed regions such as North America and Europe owing to technological advancements and increased cyber-crime rates. While, rise in corporate fraud has increased the demand for computer forensics. The UK and other European countries such as Italy and Germany, have observed an increasing trend for computer forensics as the various industries in the region have become more aware about safety and security of their data. Consequently, manufacturers are exploring innovative products and services to strengthen their market presence and meet the growing demand. Computer forensics have also gained popularity in developing countries such as India and China owing to the increased piracy threats and cyber-crimes, coupled with increased governments expenditure in digitalization of sectors such as banking, law enforcement, defense, and information technology, among others. Rise in disposable income and increase in the number of educated consumers have also supplemented the growth of the market in the region.
The recommendation of computer forensics as a necessity for proper investigation by government organizations, has rapidly increased their adoption rate in both developed and developing economies. For instance, in order to maintain integrity, the governments of different countries in regions such as China and Brazil among others have formed new regulations that are based on the access to data and penalty in the case of modification of data or wrong entry in data records.
To compete with established players, other manufacturers such as Paraben Corporation, Binary Intelligence, and Digital Detectives, among others plan to develop new computer forensic tools to gain consumer attraction and increase their market share. However, the major players in the market such as, Access Data Group Inc., Guidance Software, Inc., and LogRhythm Inc. have been utilizing economies of scale to meet the rising demand for computer forensic. The established brands have adopted product launch, partnerships, and business expansion as their growth strategy to strengthen their foothold in the market. For instance, in February 2015, Access Data Group Inc. announced the development of newly improved software version Summation 5.6, which provides case assessment, processing of comprehensive data, and management, final review and transcript management. The main aim of this product launch was to reveal the enhanced feature of this software among consumers, to gain popularity in the market. However, rising complexity of mobile devices and increased utilization of cloud based applications may hamper the growth of digital forensics market.
Geographically, North America has emerged as the largest market for digital forensics. Increase in cyber-crime rates and technological advancement make this region favorable for growth in the forecast period. However, Asia-Pacific is projected to have the maximum growth rate in the digital forensics market driven by increase in cyber-crimes and rise in consumer awareness in developing countries such as China and India.