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South Korea Digital Forensics Market to Hit US $3.52B by 2031
September 14, 2024
7 Min Read
PRESS RELEASE
Burlingame, Sept. 13, 2024 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, South Korea Digital Forensics Market is estimated to value at US$ 1.64 Billion in the year 2024 and is anticipated to reach US$ 3.52 Billion by 2031, at a CAGR of 11.5% during forecast period 2024-2031. With rising digitalization across various industry verticals in South Korea, incidents of cybercrimes have also increased exponentially over the years. Organizations across banking, finance, healthcare and other sectors are increasingly focusing on protecting sensitive data and investigating cyber threats. This has propelled the demand for professional digital forensics services that can retrieve hidden electronic data from computers, mobiles and other devices to solve cybercrime cases.
Market Dynamics:
The South Korea digital forensics market is expected to witness significant growth, owing to increasing number of cybercrimes in the country. According to statistics, the number of cybercrimes reported in South Korea increased from 78,385 cases in 2018 to 95,172 cases in 2019. With rapid digitalization and increasing internet penetration, the cases of cyberbullying, hacking, data theft, and financial fraud have increased sharply. As a result, the demand for digital forensics solutions to collect, examine, and analyze digital evidence from computing devices such as smartphones, laptops, and servers is growing significantly. Moreover, increasing investments by law enforcement agencies to strengthen their digital investigation capabilities is also fueling the market growth.
Key Market Takeaways:
The South Korea digital forensics market size is anticipated to witness a CAGR of 11.2% during the forecast period 2024-2031, owing to growing cyber threats and digital transformation in the country.
On the basis of forensic type, the computer forensics segment is expected to hold a dominant position, owing to a large volume of electronic evidence involving computers in cybercrime investigations.
On the basis of component, the services segment is expected to hold the largest share due to increasing demand for forensic consulting, investigation, training and education from law enforcement agencies and enterprises.
On the basis of verticals, the government and defense segment is expected to hold the major market share due to initiatives towards strengthening cybersecurity and increasing reliance on digital forensics solutions.
Regionally, South Korea is expected to hold a dominant position over the forecast period due to stringent cyber regulations, robust law enforcement agencies and digital infrastructure in the country.
Key players operating in the South Korea digital forensics market include AhnLab, FireEye, IBM Corporation., Guidance Software, Inc., OpenTextCorp. These players are focusing on developing innovative forensic solutions and adopting organic and inorganic growth strategies to strengthen their market presence.
Market Trends:
Mobile device forensics and cloud forensics are the major trends witnessed in the South Korea digital forensics market. With increasing usage of smartphones and tablets, mobile device forensics solutions that can extract, recover, analyze and preserve deleted data from mobile devices are gaining more importance. Additionally, as more data is being stored on cloud systems, cloud forensics solutions are being increasingly used to investigate data breach incidents involving cloud applications and services. Major players in the market are focusing on developing advanced mobile and cloud forensics solutions to leverage lucrative business opportunities.
Recent Developments:
On April 22 2021, Plainbit Co., Ltd., has signed a memorandum of understanding with FRONTEO Inc. FRONTEO Inc. is an overseas subsidiary of FRONTEO Korea, Inc., based in Minato-ku, Tokyo. The partnership aims to strengthen digital forensic services through collaborative business initiatives, facilitating mutual exchange and cooperation between the two companies. FRONTEO specializes in digital forensic services, while Plainbit focuses on enhancing digital forensic capabilities through collaborative business initiatives.
Get a detailed analysis on regions, market segments, and companies: https://www.coherentmi.com/industry-reports/south-korea-digital-forensics-market
South Korea Digital Forensics Market Opportunities:
Computer Forensics: The computer forensics segment held the largest market share in 2024 owing to increasing cases of cybercrimes involving computers. Computer forensics aids in investigating computer related crimes by analyzing data stored on computers and recovering digital evidence. It allows examination of digital media in a forensically sound manner and law enforcement agencies heavily rely on computer forensics for examining digital devices seized from crime scenes.
Network Forensics: Network forensics is anticipated to witness substantial growth during the forecast period due to rising network intrusions and data breaches. It involves monitoring and analyzing network traffic for potential security issues and policy violations. Network forensics provides insights into network security incidents, data leakage and helps identify compromised accounts. The technology assists in conducting post-intrusion analysis and network traffic reconstruction to gather digital evidence from network infrastructure.
South Korea Digital Forensics Market Segmentation:
By Component:
Services
Software
Hardware
By Forensic Type:
Computer Forensics
Network Forensics
Mobile Device Forensics
Cloud Forensics
By Verticals:
Government and Defense
Banking, Financial Services, and Insurance (BFSI)
Telecom and IT
Retail
Healthcare
Others
The research provides answers to the following key questions:
What is the estimated growth rate of the market for the forecast period 2024-2031?
What will be the market size during the estimated period?
What are the key driving forces responsible for shaping the fate of the South Korea Digital Forensics market during the forecast period?
Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the South Korea Digital Forensics market?
What are the prominent market trends influencing the development of the South Korea Digital Forensics market across different regions?
What are the major threats and challenges likely to act as a barrier in the growth of the South Korea Digital Forensics market?
What are the major opportunities the market leaders can rely on to gain success and profitability?
Purchase Latest Edition of this Research Report @ https://www.coherentmi.com/industry-reports/south-korea-digital-forensics-market/buynow
Key insights provided by the report that could help you take critical strategic decisions?
Regional report analysis highlighting the consumption of products/services in a region also shows the factors that influence the market in each region.
Reports provide opportunities and threats faced by suppliers in the South Korea Digital Forensics industry around the world.
The report shows regions and sectors with the fastest growth potential.
A competitive environment that includes market rankings of major companies, along with new product launches, partnerships, business expansions, and acquisitions.
The report provides an extensive corporate profile consisting of company overviews, company insights, product benchmarks, and SWOT analysis for key market participants.
This report provides the industry's current and future market outlook on the recent development, growth opportunities, drivers, challenges, and two regional constraints emerging in advanced regions.
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Author of this marketing PR:
Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
About Us:
At CoherentMI, we are a leading global market intelligence company dedicated to providing comprehensive insights, analysis, and strategic solutions to empower businesses and organizations worldwide. Moreover, CoherentMI is a subsidiary of Coherent Market Insights Pvt Ltd., which is a market intelligence and consulting organization that helps businesses in critical business decisions. With our cutting-edge technology and experienced team of industry experts, we deliver actionable intelligence that helps our clients make informed decisions and stay ahead in today's rapidly changing business landscape.
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