Advances in forensic medicine and the launch of new technologies are expected to create lucrative opportunities in the industry.
PORTLAND, OREGON, UNITED STATES, Sept. 9, 2022 /EINPresswire.com/ — A new report released by Allied Market Research, titled “Forensic Technology Market,” estimates the forensic technology market at $15.2 billion in 2020 , and is expected to reach $44.3 billion by 2030, with a CAGR of 11.2% from 2021 to 2030.
Forensic technology is widely used in criminal investigations because of the various benefits associated with it, such as the use of computer forensics to solve cybercrimes. Research technologies include DNA analysis, biometric devices, digital forensics and ballistic analysis. In addition, fingerprint scanning technology is used to scan through fingerprint and palm line recognition. DNA testing is an emerging technology used to investigate crimes by analyzing DNA sequences.
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Major Market Players –
Key market players analyzed in the Global Forensic Technology Market report include 3M COMPANY, Agilent Technologies Inc., Belkasoft, Eurofins Medigenomix Forensik GmbH (Forensic Division of Eurofins Scientific SE), GE Healthcare (Health Division of GE Company), LGC Limited, Morphotrust USA (Safran SA), Thermo Fisher Scientific Inc., NMS Labs and Ultra-Electronics Forensic Technology Inc. (Subsidiary of Ultra Electronics Holdings plc.). They have followed several strategies including partnership, expansion, collaboration, joint ventures and others to prove their acumen in the industry.
North America accounted for the largest share of the global technology market in 2020 and is expected to remain the same during the forecast period. This is due to the crime rate and the presence of leading R&D players who specialize in the field. Asia Pacific is expected to witness lucrative growth in the forensic technology industry due to increasing crime rates and government crime control initiatives in the region.
Increasing crime rates and incorporation of advanced technology to solve criminal cases is driving the growth of the global forensic technology market. On the other hand, the lack of accuracy in these technologies is holding back growth to some extent. However, advances in forensic medicine and the launch of new technologies are expected to create lucrative opportunities in the industry.
Impact of Covid-19 on Forensic Technology Market Scenario-
The global lockdown has led to a sharp drop in criminal cases worldwide. On the other hand, most of the criminal investigations were either postponed or stopped due to the strict social distancing norms imposed by the government during the pandemic. These factors have negatively impacted the global forensic medicine market, especially during the initial phase.
However, the market has already started to recover and is expected to revive very soon.
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Analytical Review (2022) –
Accordingly, the CXOs further stated that the forensic technology market has gained momentum due to factors such as increasing crime rate and greater need to solve sophisticated criminal cases with the help of advanced technologies contributing to the market. In addition, advancements in forensic science are expected to drive the growth of the forensic technology market. However, the high inaccuracy of the results may hinder the growth of the market.
FREQUENTLY ASKED QUESTIONS?
Q1. What is the forecast year for the forensic technology market?
Q2. What are the upcoming trends in the global forensic technology market?
Q3. Which is the largest regional market for forensic technology?
Q4. What is the estimated size of the forensic technology industry?
Q5. Who are the leading companies holding market share in forensic technology?
KEY STUDY FINDINGS:
On the basis of types, the fingerprint analysis segment is the largest contributor to the forensic technology market in 2020.
In terms of regions, North America gained the largest revenue share in 2020, while Asia is expected to grow at the highest CAGR during the forecast period.
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About us –
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 focus on providing business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.
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