The forensic technology market generated USD 15.21 billion in 2020 and is expected to reach USD 44.61 billion by 2030, registering a CAGR of 11.2%.
PORTLAND, OR, UNITED STATES, Aug. 21, 2022 /EINPresswire.com/ — According to a report published by Allied Market Research, the global forensic technology market generated $15.21 billion in 2020 and is expected to reach 44 .61 billion by 2030, registering a CAGR of 11.2% from 2021 to 2030. The report provides in-depth analysis of the best investment pockets, most profitable strategies, drivers and opportunities, market size and estimates, competitive scenario and fluctuating market trends.
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Forensic technologies are widely used in criminal investigations due to various associated advantages, such as the use of computer forensics in solving cybercrimes. Forensic technologies include DNA testing, biometric devices, digital forensics and ballistics forensics. In addition, fingerprint scanning technology is used for research by identifying finger and palm lines. DNA identification is an advanced technology used for criminal investigation by mapping DNA structure.
Factors driving the growth of the forensic technology market size include advancements in forensic technology, increase in criminal cases, and improved judicial infrastructure. Factors such as increased incidence of crimes such as murder, robbery, and cybercrime are contributing to the growth of the forensic technology market. For example, according to Statista, there were 21,570 reported cases of homicide or manslaughter in the US in 2020
Forensic Technology Market Share Segmented by Type and Region. On the basis of type, the forensic technology market analysis is mainly segmented into services and products. The services are further divided into DNA profiling, fingerprint analysis, chemical analysis, firearms analysis and others. The products are further classified as DNA testing, biometric devices, digital forensics, ballistics forensics and others. The services segment dominated the forensic technology market in 2020 and this trend is expected to continue during the forecast period due to increasing crime rate and advancements in forensics.
North America accounted for the majority of the global forensic technology market size in 2020 and is expected to remain dominant during the forecast period. This is due to the level of crime and the presence of key forensic research and development players in the region. The Asia Pacific region is expected to witness lucrative growth in the forensics technology industry due to increasing crime rate and government crime control initiatives in the region.
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Scenario for COVID-19:
The outbreak of COVID-19 has had a negative impact on the growth of the global forensic technology market due to the prevailing lockdown in various countries around the world.
Due to lockdown, criminal cases worldwide have decreased. In addition, most of the criminal investigations were either postponed or halted due to the strict social distancing restrictions imposed by the government during the pandemic.
However, the market is expected to recover soon.
The report offers detailed segmentation of the global forensic technology market based on type and region.
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 quote the fastest CAGR of 11.5% during the forecast period. The report also analyzes the product segment.
On the basis of region, the North American market held the lion’s share in 2020, garnering more than half of the global market. Asia Pacific, on the other hand, is expected to show the fastest CAGR of 12.2% during the forecast period.
Key market players analyzed in the global forensic technology market report include Morphotrust USA (Safran SA), 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 (Forensics Division of Eurofins Scientific SE), LGC Limited, GE Healthcare (Healthcare Division of GE Company).
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About Allied Market Research:
Allied Market Research (AMR) is the market research and business consulting arm 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 single-minded goal of providing business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Power & Energy, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense and BFSI.
We are in professional corporate relationship with various companies and this helps us to extract market data which helps us to generate accurate data tables from surveys and confirms extreme accuracy in our market forecasts. Allied Market Research CEO Pavan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high data quality and help clients in every possible way to achieve success. All the data presented in the reports published by us are derived through primary interviews with senior executives from leading companies in the respective domain. Our secondary data delivery methodology involves in-depth online and offline research and discussions with experienced industry professionals and analysts.
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