Forensic Technology Market to be Valued USD 32.94 Billion by 2025
Rapid adoption of forensic
technologies and equipment such as DNA sequences, magnetic fingerprinting,
integrated ballistic systems, among others to drive global forensic technology
market
According
to TechSci Research report, “Global Forensic Technology Market By Product, By
Technology, By Application, By Region, Competition, Forecast &
Opportunities, 2025”, the global forensic technology market is projected to grow
at a CAGR of 13% during 2020 - 2025 to reach USD 32.94 Billion by 2025 on
account of the increasing investments by various public and private
organizations towards forensic research. However, lack of accuracy during the
investigation of crimes by adopting these technologies is the primary factor
which can hamper the growth during forecast period. Rapid increase in the
incidences of crime rate across the globe is creating high demand for forensic
technology. Escalation in violent crimes involving murder, rape, robbery, and
intentional homicide cases is the primary reason propelling demand for forensic
technology across the globe.
Increasing advancements in the concepts like 3D
fingerprinting analysis is boosting demand for forensic technology. 3D
fingerprinting is a new and cost-effective technique, which creates a 3-D
fingerprint database and facilitates the identification of fingerprints for
future reference and makes the investigation process more reliable. Application
of Artificial Intelligence (AI) in forensic technology is helping forensic
experts to handle large amount of data efficiently and perform investigations
at various levels of crime detection and save ample amount of time. One such AI
related development in forensic technology market came up in Mar 2020, wherein a
start-up voca.ai announced intentions to use voice forensic technology, which
looks at the voice patterns, tones, and other sounds to determine the COVID-19
illness in a patient. Lack of skilled manpower is one of the major challenges
for the growth of forensic technology market as the manpower across major
developing and developed economies is not skilled to handle application of
advanced technologies and thus requires extensive training.
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117 market data Figures spread through 129 Pages and an
in-depth TOC on "Global Forensic Technology Market"
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The global
forensic technology market is segmented based on product, application, technology,
company, and region. Based on product, the market is segmented into DNA
testing, biometric devices, digital forensics and ballistic forensics. The
digital forensics segment is expected to witness the fastest growth during the
forecast years. However, DNA testing segment accounted for the largest market
share in 2019 and the segment would continue to maintain its dominance until
2025. Based on application, the forensic technology market is segmented into
law enforcements, healthcare, enterprise, and others. The law enforcements segment
accounted for the highest market share in 2019 while Enterprise segment is expected
to register the highest CAGR during the
forecast years. Based on technology, the market can be fragmented into DNA
profiling, fingerprinting analysis, drug analysis, and firearm analysis. The
DNA profiling segment is dominating the market owing to its wide range of
applications in body fluid identification, paternity testing, examination of
drug abuse, and identification of disaster victims.
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Thermo Fisher Inc., Eurofins Scientific, Agilent Technologies, Cytiva,
LGC Limited, NMS Lab, Promega Corporation, NEGON Corporation, Ultra-Electronics
Forensic Technology, and SPEX Forensics are some of the leading players
operating in global forensic technology market. “Asia Pacific is anticipated to
register the highest CAGR in the global forensic technology market over the
next five years, owing to the increase in the adoption of forensics by private companies and law
enforcement agencies amongst various other sectors including healthcare in the
region. Additionally, an exponential rise in the number of criminal activities in
the region is further driving the market in the region.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Forensic Technology Market By Product, By
Technology, By Application, By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global forensic
technology market and provides statistics & information on market size, structure,
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in global forensic technology market.
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