Market Trends of Europe Digital Forensics Industry
This section covers the major market trends shaping the Europe Digital Forensics Market according to our research experts:
Growing Adoption of IoT Devices is Driving the Demand for Digital Forensic Solutions and Services
- Cybercriminals increasingly use IoT devices to distribute malware payloads as businesses and individuals keep connecting devices to the internet without taking the required security precautions. The term "IoT" refers to a network of networked devices with constant connectivity and communication.
- IoT technology serves as the cornerstone for a variety of enterprises by enabling them to undergo digital transformations and giving them the ability to improve current operations by developing and implementing new business models. For example, businesses and service providers have focused on IoT as the primary enabler to support digital transformation. Therefore, as IoT devices become more widely used, they become more vulnerable to cyber dangers, which increases the demand for digital forensic tools.
- By exposing open attack surfaces, cybercriminals are exposing more IoT devices. As IoT devices become part of IoT botnets, distributed denial-of-service (DDoS) attacks are becoming more popular. For instance, the Mirai botnet enabled hundreds of thousands of IoT devices to cooperate on massive network attacks by infecting them.
- According to Cisco's most recent Visual Networking Index research, smart homes are anticipated to be one of the major factors boosting IoT connection in the coming years. By 2022, the business projects that there will be 28.5 billion device connections and that about 50% of those connections will be IoT/machine-to-machine (M2M).
- Additionally, smart homes provide several advantages, a crucial trend in the idea of a smart city. The deployment of standardized security solutions is impossible due to the resource-constrained nature of several IoT devices in a smart home setting, including smart meters, smart thermostats, and smart entertainment systems. As a result, security concerns are currently a threat to smart homes, necessitating digital forensic solutions.
- The most common information technology trend deployed or intended to be adopted in North American and European enterprises was gigabit Wi-Fi networking, followed by IT automation technologies, according to Spiceworks Ziff Davis, a US-based software company. Only 35% of respondents claimed that their business had already used blockchain technology or had plans to do so in 2023. This gives an idea of growing digital technology in Europe, which will influence the studied market in the region.
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The United Kingdom is Expected to Hold a Significant Market Share
- Due to the rise in criminal activity, there is a growing need for digital forensics in the nation. The European Anti-Fraud Office, often known as OLAF, is a self-investigating instrument that Europe has created and uses to conduct digital investigations in a digital environment.
- In both civil and criminal cases across the region, digital forensic techniques are being used to create evidence. Numerous commercial firms are using the technology for their internal investigations to deal with fraudulent situations as attacks on governments and private companies increase as a result of the excessive volume of data being saved on hard drives and internet storage facilities.
- In December 2022 - According to His Majesty's Inspectorate of Constabulary and Fire & Rescue Services, police forces in England and Wales "are failing to keep pace with technology when it comes to digital forensics" (HMICFRS). Since the ineffective forces have a backlog of more than 25,000 devices that need to be investigated, a significant shift in procedure and practice is necessary to combat digital crimes and make up for the dearth of technical resources.
- The growing IoT adoption rates in the United Kingdom are also expected to drive the market during the forecast period. According to SAS Institute, the telecoms, manufacturing, and energy utilities sectors are currently increasing the use of IoT devices, which drives the need for digital forensics.
- The UK's gross domestic product is expected to reach GBP 2,651 billion by 2025 and GBP 3,361 billion by 2040, according to CBER (Centre for Economics and Business Research). However, the coronavirus (COVID-19) pandemic boosted digital technology investments, which also had an impact on the GDP of the nation. Investments in technology are predicted to boost the UK's GDP by 2.8 percent by 2025 and by almost seven percent by 2040. The growing digital infrastructure and Industry will also boost the Digital Forensics Market.
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