Market Trends of North America Digital Forensics Industry
This section covers the major market trends shaping the North America Digital Forensics Market according to our research experts:
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.
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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.
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