Growing South Korea Digital Forensics Market Is Driven By Increasing Cybercrimes

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South Korea digital forensics involves the collection, identification, extraction, analysis, and documentation of computer system files, network system log files, and digital information for investigative purposes or dispute resolutions. The rising volume of cybercrimes like hacking, phishing scams, identity theft has increased the need for digital forensics in South Korea. Digital forensics helps organizations and government authorities detect cybercrimes and identify cybercriminals by recovering deleted or hidden digital evidence from computers, networks, and digital devices.
The South Korea Digital Forensics Market is estimated to be valued at US$ 231.6 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the South Korea digital forensics are AhnLab, FireEye, IBM Corporation., Guidance Software, Inc./OpenTextCorp., FireEye, HancomWITH and Among Others. These players are offering advanced digital forensic solutions and services to law enforcement agencies, governments, and enterprises in South Korea. The growing instances of cyberattacks ...
... have increased the demand for digital forensics capabilities in South Korea. With extensive digitalization and increasing internet usage, the opportunities for cybercrimes are also increasing which is fueling the demand for digital forensics. Several companies are expanding their digital forensics capabilities globally, including South Korea to gain more customers and strengthen their position in the market.
Market Drivers
The increasing cybercrimes rate such as hacking, phishing, malware attacks is a key driver for the South Korea digital forensics market. As more individuals and organizations adopt digital technologies, they become more vulnerable to cyber-threats. According to recent data, South Korea witnessed over 800,000 cybercrime reports in 2021. Thus, enterprises and governments are strengthening their cybersecurity infrastructure with advanced digital forensic solutions. Strict regulations regarding data privacy and data protection are also driving organizations to adopt digital forensics to ensure compliance.
The current geopolitical tensions between North and South Korea as well as the strained relationship between South Korea and Japan are impacting the growth of the South Korea digital forensics market. As cyberattacks between these countries continue to rise, the demand for digital forensics solutions is accelerating in order to properly investigate these incidents and ensure national security. However, political instability deters some foreign companies from fully entering the South Korean digital forensics market or collaborating with local firms. Additionally, economic sanctions on North Korea limit technology transfers, thereby restricting the availability of certain digital forensic tools.
Going forward, South Korean digital forensics vendors must work closely with government agencies to help strengthen cyber policies and protocols between neighboring states. Developing collaborative investigative frameworks with partners in the US, Japan, and other allied countries can facilitate evidence sharing across borders for transnational cybercrimes. Strategic partnerships and joint training programs are also important to build mutual understanding between law enforcement teams investigating cross-border digital offenses. Furthermore, exploring additional export opportunities in newer overseas markets like Southeast Asia and the Middle East can help offset revenue challenges emanating from political headwinds near home.
The South Korean digital forensics market is currently most concentrated in the capital city of Seoul as well as other major metropolitan areas like Busan, Daegu, Incheon, Gwangju, Daejeon, and Ulsan. These regions collectively account for over 75% of the country's digital forensics spending due to the high concentration of private companies, government agencies, critical infrastructure facilities, and cybersecurity firms providing related services.
Meanwhile, as South Korea's regional economies develop swiftly, provincial cities located along the southeastern coastline have emerged as fastest growing markets. Cities in Gyeongsang Provinces such as Changwon, Ulsan, and Busan experienced over 15% annualized spending increases on digital investigation technologies between 2020-2022. This growth was fueled by greater digitization across local manufacturing plants and shipbuilding yards requiring enhanced cybersecurity incident response capabilities.
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What Are The Key Data Covered In This South Korea Digital Forensics Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the South Korea Digital Forensics's growth between 2024 and 2031.
:- Accurate calculation of the size of the South Korea Digital Forensics and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- South Korea Digital Forensics Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of South Korea Digital Forensics vendors
FAQ’s
Q.1 What are the main factors influencing the South Korea Digital Forensics?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top South Korea Digital Forensics companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the South Korea Digital Forensics’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it