According to a new report published by Allied Market Research, titled, “Forensics Technology Market,” The forensics technology market was valued at $15.2 billion in 2020, and is estimated to reach $44.3 billion by 2030, growing at a CAGR of 11.2% from 2021 to 2030.
The forensic technologies have been widely used in criminal investigations, owing to various advantages associated such as use of computer forensics in solving cybercrimes. Forensic technologies include DNA testing, biometric devices, digital forensics, and ballistic forensics. In addition, fingerprint scanning technology is used for investigation through the identification of finger and palm lines. DNA identification is an advanced technology used for criminal investigation through DNA structure mapping.
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Significant surge in crime rates, rise in the implementation of advanced technologies to solve different types of criminal cases, and increase in pressure to clear pending backlog cases on the judicial system are expected to drive the growth of the global forensic technology market. On the other hand, lack of accuracy of forensic technologies is expected to impede the growth to some extent. Nevertheless, persistent advancements in forensic science and new technology launches are expected to create ample opportunities for the growth of the industry.
COVID-19 Scenario:
- The outbreak of COVID-19 has had a negative impact on the growth of the global forensic technology market, owing to the prevalence of lockdowns in various countries across the globe.
- Due to lockdowns, criminal cases across the globe declined. In addition, most of of the investigations on criminal cases were either postponed or halted due to the stringent social distancing restrictions imposed by the government during the pandemic.
- However, the market is expected recoup soon.
- The report offers a detailed segmentation of the global forensic technology market based on type and region.
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Based on type, the services segment held the majority share in 2020, garnering nearly three-fifths of the global market. Moreover, the same segment is expected to cite the fastest CAGR of 11.5% during the forecast period. The report also analyzes the products segment.
Based on region, the market across North America held the lion’s share in 2020, garnering more than half of the global market. The Asia-Pacific region, on the other hand, is expected to exhibit the fastest CAGR of 12.2% during the forecast period.
The key market players analyzed in the global forensic technology market report include Morphotrust USA (Safran S.A.), NMS Labs, Thermo Fisher Scientific inc., Ultra Electronics Forensic Technology Inc.(Subsidiary of Ultra Electronics Holdings plc.), 3M company, Agilent Technologies Inc., Belkasoft, Eurofins MedigenomixForensik GmbH (Forensic division of Eurofins Scientific S.E.), LGC Limited, GE Healthcare (A healthcare division of GE company).
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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