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North America Digital Forensics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 120 Pages
  • August 2022
  • Region: North America
  • Mordor Intelligence
  • ID: 5552655
The North America Digital Forensics Market is anticipated to register a CAGR of 8.9% over the forecast period (2022 -2027). During this situation of the global pandemic, 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. These transitions have to be carefully concerned in the context of the organization's cybersecurity as more and more personal unsecured devices start accessing the organization's network; the risk of compromising network security goes up.

Key Highlights

  • During this period of 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 have been witnessing an increase. 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.
  • Digital forensic enables the extraction of evidence through analysis and evaluation of data from digital devices and is used to recover and inspect the data while maintaining the originality of the same. Identification of duplication of data and spoofing of timings are some of the major challenges for this technology.
  • The emergence of computing shaped by the IoT and the rapid increase in the number of mobiles, computers, and other electronic devices across the region are contributing to the demand for digital forensics.
  • Technological advancements and law enforcement are some of the other factors impacting the adoption rate of digital forensics in North America. In contrast, 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.
  • Moreover, the market has been witnessing various mergers and acquisition activities by big players in the market to enhance their product portfolio and expand their reach. For instance, in Aug 2020, Palo Alto Networks, a cybersecurity company, announced that it has entered into a definitive agreement to acquire The Crypsis Group, an incident response, risk management, and digital forensics consulting firm.

Key Market Trends

Network Forensic is Expected to Witness Significant Growth

  • The North American region is among the lead innovators and pioneers in terms of the adoption of network forensics solutions and is one of the largest markets. Moreover, the region also has a strong foothold of multiple vendors in the market.
  • The increasing usage of the internet and digital communications systems, especially in the shape of the Internet of things (IoT), among others, is leading towards the increasing demand for competence in the network forensics field.
  • The growing popularity of IoT and BYOD trends have also resulted in the growth of cyber-crimes, forcing multiple organizations to use these solutions. The rise in connected devices in the region has also made enterprise networks much more complex. The evolving network landscape has also generated the need among enterprises to reassess their network security infrastructure and adopt robust network solutions.
  • A recent study by Verizon suggests that “compromised identities” represent the top reason for security breaches. In the year 2020, the number of data breaches in the United States alone aggregated to 1,001, with more than 155.8 million records exposed, according to the survey data published by the Identity Theft Resource Center.
  • The substantial increase in the number of data breaches across various industries boosts companies to adopt robust forensics solutions. For instance, according to the White House Council of Economic Advisers, the US economy faces losses of approximately USD 57 billion to USD 109 billion per annum due to dangerous cyber activities.

United states is Anticipated to Account for a Major Market Share

  • The US financial system has always been a target for foreign cyber adversaries for a considerable period. Based on this phenomenon, the US government recently imposed laws for the private sector to have a dedicated cyber protection team (CPT) to provide surge capacity in the event of an ongoing cyberattack in the form of advanced analysis and network and endpoint forensics.
  • Moreover, the United States government signed the law to establish Cybersecurity and Infrastructure Security Agency (CISA) in Nov 2018, in order to enhance national defense against cyber attacks. The agency works with the federal government to provide cybersecurity tools, incident response services, and assessment capabilities to safeguard the governmental networks that support essential operations of the partner departments and agencies. As a result, it will open new avenues for the new and existing companies to invest in forensics solutions primarily designed for this industry.
  • The US banks, such as Citigroup, Bank of America, JPMorgan Chase, and Wells Fargo, have faced various cyberattacks that led to exposing the customer data. These banks were recommended, by the federal officials, to monitor network activities. Such government impositions are, therefore, driving the demand for digital forensics solutions in the region.
  • The United States is expected to have a prominent share in the digital forensics market, where this technology can be used by governments and private citizens for criminal and civil cases. Agencies, like FBI and State Police departments, are using this technology to catch criminals and terrorists involved in illegal activities online. In the private sector, this system is used for similar investigations inside the companies.

Competitive Landscape

The North America Digital Forensics Market is significantly competitive owing to the presence of multiple players. The market is moderately concentrated, with the major players adopting strategies such as mergers and acquisition product innovation to make their offerings better and expand their reach. Some of the major players operating in the market are IBM Corporation, KLDiscovery Inc., Paraben Corporation, Cisco Systems Inc., among others.
  • January 2022 - STG, the company to which FireEye had sold its name and products business, announced the launch of Trellix, an extended detection and response company, which is a combination of FireEye and the McAfee enterprise business.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growth in Cyber Crimes and Advanced Theft Mechanisms
4.2.2 Growing Adoption of IoT Devices Driving the Demand for Digital Forensics Solutions
4.3 Market Restraints
4.3.1 Lack of Skilled Professionals
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Assessment of Impact of COVID-19 on the Industry
5.1 By Component
5.1.1 Hardware
5.1.2 Software
5.1.3 Services
5.2 By Type
5.2.1 Mobile Forensic
5.2.2 Computer Forensic
5.2.3 Network Forensic
5.2.4 Other Types
5.3 By End-user Industry
5.3.1 Government and Law Enforcement Agencies
5.3.2 BFSI
5.3.3 IT and Telecom
5.3.4 Other End-user Verticals
5.4 By Country
5.4.1 United States
5.4.2 Canada
6.1 Company Profiles
6.1.1 IBM Corporation
6.1.2 Binary Intelligence LLC
6.1.3 Guidance Software Inc. (Opentext)
6.1.4 AccessData Group LLC
6.1.5 KLDiscovery Inc.
6.1.6 Paraben Corporation
6.1.7 FireEye Inc.
6.1.8 LogRhythm Inc.
6.1.9 Cisco Systems Inc.
6.1.10 Oxygen Forensics Inc.

Companies Mentioned

A selection of companies mentioned in this report includes:

  • IBM Corporation
  • Binary Intelligence LLC
  • Guidance Software Inc. (Opentext)
  • AccessData Group LLC
  • KLDiscovery Inc.
  • Paraben Corporation
  • FireEye Inc.
  • LogRhythm Inc.
  • Cisco Systems Inc.
  • Oxygen Forensics Inc.