Digital forensics is a massive field of study, covering both investigation as well as recovery of any material found in digital devices that are linked to a crime incidence. After the PC explosion in the 80s, digital forensics has gained high levels of importance, so much so that national policies began to be implemented in the noughties. The primary aim of a digital forensics task is to support or refute any cases or hypotheses related to them in the court, both civil and criminal. The global digital forensics market has also been experiencing a surge in demand from the private sector over the past decade, as information policies and privacy strengthen in the face of growing computer crimes. Forensic technology now incorporates the key components of financial and/or data investigations, including fraud-related litigations, as well as contentious and non-contentious litigations.
The global digital forensics market is expected to reach US$6.65 bn by the end of 2025, after skyrocketing at a CAGR of 9.7% within a forecast period from 2017 to 2025. The market was valued at US$2.87 bn in 2016, and several of the factors mentioned below work in cohesion to bring about this massive growth opportunity for players in the market.
What is the Need for Advanced Digital Forensic Solutions?
Digital forensics has been advancing at a very rapid pace over the past decade or more, boosted by the developments in hardware and software capabilities rendered to the market’s players. While a lot of the key entities in the market are offering a wide range of solutions, a growing number of private sector clients as well as governments are finding need for advanced solutions. This is because data fraud and digital thefts are occurring not only at an increasing rate, but also with increasing complexity.
A lot of services being offered today may not be able to tackle the security concerns and leaks of tomorrow, making it extremely essential for the global digital forensics market to remain on its toes, but also for end users to avail the latest features and services to ensure high level security. From theft of individual credit card information to massive hacks or leaks from company databases that compromise industries, there is likely to remain and ever-growing need to keep advancing in the digital forensic solutions being offered.
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Would Government Standards for Digital Forensics be Necessary?
One of the key restraints on the overall growth in demand for digital forensic solutions is the lack of standardization being made available. It is a highly complex field where a one-size-fits-all solution may not be feasible. This causes a loss of demand, due to the time taken to customize solutions for all end users. At the same time, researchers and players in the market are showing a growing dissent against the impending standardization plans revealed by developed economy governments.
For instance, a recent survey conducted for practitioners of digital forensics in the U.K., regarding the impending implementation of the ISO 17025 in October, 2017, a sizeable number of survey takers voiced their opinions against it. They believed that the implementation would require massive spending and costly implementations of methods and technologies that will standardize the processes.