Burlingame, Sept. 13, 2024 (GLOBE NEWSWIRE) – A recent report published by CoherentMI has shed light on the South Korea Digital Forensics Market, estimating its value to be US$ 1.64 billion in 2024 and projecting it to reach US$ 3.52 billion by 2031, with a CAGR of 11.5% during the forecast period of 2024-2031. The increasing digitalization across various industry verticals in South Korea has led to a surge in cybercrimes, prompting organizations in sectors like banking, finance, and healthcare to focus more on safeguarding sensitive data and investigating cyber threats. This has resulted in a heightened demand for professional digital forensics services to retrieve hidden electronic data from devices such as computers and mobiles to tackle cybercrime cases.
The market dynamics of the South Korea digital forensics industry are being driven by the rising number of cybercrimes reported in the country, which increased from 78,385 cases in 2018 to 95,172 cases in 2019. With the rapid digitalization and growing internet penetration, incidents of cyberbullying, hacking, data theft, and financial fraud have been on the rise. As a response to this, the need for digital forensics solutions to collect, examine, and analyze digital evidence from computing devices has grown significantly. Additionally, law enforcement agencies are investing more in strengthening their digital investigation capabilities, further fueling the market growth.
Key takeaways from the market include the dominance of the computer forensics segment due to the high volume of electronic evidence involving computers in cybercrime investigations. The services segment is also expected to hold a large share of the market, driven by the increasing demand for forensic consulting, investigation, training, and education from law enforcement agencies and enterprises. The government and defense vertical is projected to have a significant market share due to initiatives aimed at bolstering cybersecurity and the reliance on digital forensics solutions.
Among the market trends in South Korea, mobile device forensics and cloud forensics stand out. The increasing use of smartphones and tablets has propelled the importance of mobile device forensics solutions that can extract, analyze, and preserve deleted data from mobile devices. Cloud forensics solutions are also gaining traction as more data is stored on cloud systems, necessitating investigations into data breach incidents involving cloud applications and services.
In recent developments, Plainbit Co., Ltd., signed a memorandum of understanding with FRONTEO Inc., the overseas subsidiary of FRONTEO Korea, Inc., to strengthen digital forensic services through collaborative business initiatives. This partnership aims to enhance digital forensic capabilities through mutual exchange and cooperation between the two companies.
To delve deeper into the South Korea Digital Forensics Market, interested parties can access a detailed analysis on regions, market segments, and companies by visiting the provided link. Additionally, the opportunities in the market, such as computer forensics and network forensics, are highlighted, showcasing the growth potential in specific segments.
Overall, the South Korea Digital Forensics Market presents a landscape filled with challenges and opportunities, with key players like AhnLab, FireEye, IBM Corporation, Guidance Software, Inc., and OpenTextCorp leading the charge with innovative forensic solutions and growth strategies. As the market continues to evolve, staying informed about the latest trends and developments will be crucial for businesses aiming to succeed in this dynamic industry.