Cloud Forensic Market

Increasing Cyber-attacks, and Growing Usage of IoT Devices Across Businesses to Fuel Growth of the Cloud Forensic Market

The increased use of the Internet of Things (IoT) applications has increased the demand for cloud computing, remote device monitoring, and data transmission via wireless devices. Cloud computing and remote devices present their own data theft and data protection challenges during wireless transmission. These factors have increased the demand for investment in the cloud forensic market. According to Ericsson's Mobility Report and Internet of Things Forecast, there will be 18 billion IoT devices by 2022. Consequently, the demand for cloud forensics is expected to grow, driven majorly due to increase in cyber-attacks on businesses, over the forecast period. The advancements in traditional crime lab infrastructure, more cyber-attacks in corporate sector, and increasing cyber threats and crimes is forcing cloud forensics widely adopted. The Internet Crime Complaint Centre (ICC) and the Federal Bureau of Investigation (FBI) reported 43,300 cases of online identity theft to the IC3 in 2020. In about 241,342 complaints, phishing, and similar fraud came first.

Many businesses are implementing SaaS based backups that include an intrusion detection system to protect critical data from malicious attacks, both external and internal, thereby driving the cloud forensic market. For instance, in 2020, Attivo Networks announced the release of its ADSecure solution for Google Cloud's Managed Service for Microsoft Active Directory. The Google Cloud team has reviewed the Attivo solution, which operates and reduces the risk of attack escalation for organisations using Google's managed service to run Active Directory.

Rising Number of Cybercrime Instances in North America to Drive Market Growth

North America is expected to dominate the global cloud forensic market share over the forecast period. North America region is home to a number of organizations involved in the cloud forensics industry. Additionally, due to higher rates of technological integration in the region, businesses have not moved to remote working, cloud computing, BYOD culture, etc., raising concerns about data privacy, and integrity and attracting investment in hardware, software, and cloud forensics services. Furthermore, because of the presence of prominent corporate headquarters in the region, the threats and chances of cyber-attacks, phishing, social engineering, and other similar activities are higher in the region, making it critical for organisations to invest in cloud forensics solutions. All these factors contribute to the expansion of the global cloud forensic market.

The market in the US is expected to grow rapidly in the coming years. The use of mobile devices for business continuity, such as cell phones, laptops, and USB drives, has increased the number of cyber-attacks in the US. The expansion of cybercrime and enhanced stealing tactics, as well as technological advancements in the forensics department, are projected to boost investments in the market. The cloud forensic market is being strengthened by several law enforcement agencies in the US. For instance, in October 2021, Symphony Technology Group (STG) completed its sponsored acquisition of FireEye in an all-cash transaction valued at USD 1.2 billion, according to FireEye and McAfee Enterprise. This payment completed the merger of McAfee Enterprise and FireEye. Similarly, in July 2021, the "E3 Forensic Platform" 3.0 version has been released by Paraben Corporation (a US-based corporation) for data investigations and digital evidence. The new edition made it possible to analyze digital data from a number of sources, including cell phones, laptops, the Internet of Things, and the cloud, in one place.

Asia Pacific is expected to grow at a significant rate over the forecast period. Stringent government regulations and an increase in cyber-attacks on enterprises are expected to drive demand for digital forensics. Digital advancements, combined with the increased use of cloud-based solutions, are assisting in China's market growth. With the growing need to store critical data and reduce cybercrime, the market in China is rapidly expanding. In October 2020, the extensive surveillance of ethnic minorities in Xinjiang, Ningxia, and Yunnan was carried out via an app produced by Chinese cloud forensics firm Meiya Pico.

Global Cloud Forensic Market: Competitive Landscape

In October 2021, Symphony Technology Group (STG) completed its sponsored acquisition of FireEye in an all-cash transaction valued at USD 1.2 billion, according to FireEye and McAfee Enterprise. The merger of McAfee Enterprise and FireEye was concluded with this deal. On the other hand, in July 2021, Oxygen Forensics' flagship software, Oxygen Forensic Detective v.13.7, has been released. The Oxygen Forensic Cloud Extractor and KeyScout have been significantly improved, with the addition of a Device and Case Description field, as well as new extraction methods for multiple apps. These upgrades help a variety of government agencies that the company serves.

A few of the players in the cloud forensic market include CISCO, Digital Detective, Oxygen Forensics, Micro Systemation, OpenText, LogRhythm, Paraben, AccessData, Magnet Forensics, Coalfire, Cellebrite, and FireEye.

The Global Cloud Forensic Market is Segmented as Below:

By Type

• Hardware
• Software
• Services

By Application

• Government and Defense
• BFSI
• Telecom and IT
• Retail
• Other

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Russia
  • Rest of Europe
• Asia Pacific
  • Japan
  • South Korea
  • India
  • China
  • Rest of Asia-Pacific
• LAMEA
  • Latin America
  • Middle East
  • Africa

Key Elements Included In The Study: Global Cloud Forensic Market

• Cloud Forensic Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value, 2018 - 2021
• Market Value at Regional and Country Level, 2022 - 2029
• Market Dynamics and Economic Overview
• Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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Disclaimer:

• The segmentation/company profiles/countries depicted above may vary in the actual report.