Forensic Technology Market Size Worth $50.41 Billion By 2027 | CAGR of 12.3%: Reports and Data
Key participants include GE Healthcare, Thermo Fisher Scientific, Agilent Technologies, Eurofins Scientific, Forensic Fluids Laboratories, Neogen Corporation, SPEX Forensics, NMS Labs, Morpho Group, and LGC Forensics, among others.
New York, Jan. 18, 2021 (GLOBE NEWSWIRE) — Advancements in technology and increasing demand for forensic technology in law enforcement applications and agencies is projected to drive market growth.
Market Size – USD 19.86 Billion in 2019, Market Growth – CAGR of 12.3%, Market Trends –Increase in criminal activity globally.
The global forensic technology market is forecast to reach a market size of USD 50.41 Billion by 2027, due to robust revenue growth driven by several major factors, according to the latest report by Reports and Data. Next-generation sequencing segment revenue growth has been increasing significantly due to ability of sequencing to enable identification of humans by degraded blood samples, and is also used in paternity tests. Next-generation sequencing also reduces bias and errors, and its accuracy is among some of the primary factors resulting in increasing application of and demand for these solutions. Demand is also expected to continue rise and propel revenue growth of this segment during the forecast period. Increasing spending and various initiatives related to biometrics to provide enhanced cybersecurity and effectively deal with forensic results provided by the FBI and other agencies are other factors expected to support segment growth.
Advancements in technology is resulting in increased accuracy of tests, while reducing overall costs. Development of more advanced technologies is propelling demand for more efficient and accurate tests and applications in the global forensic technology market. Greater and improved accuracy is also resulting in higher adoption of these technologies across government and private agencies.
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Advancements in Internet technology for communications, digital data transfer, and storage of sensitive data has also been resulting increasing instances of cyber-crimes and online fraud. Increasing instances of identity theft and unauthorized usage of debit/credit card information are other factors resulting in increasing need for deployment of forensic technology.
The COVID-19 impact:
Forensic technology has witnessed a surge in demand during the COVID-19 pandemic. The growing trend of work from home and remote working technology has created rising demand for forensic technology to secure operating systems and prevent theft of company’s confidential data and intellectual property.
Global Forensic Technology Market By Technology, By Services, By Application, and Region, Is Expected to Reach USD 50.41 Billion By 2027, To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/forensic-technology-market
Further key findings in the report suggest
- Polymerase Chain Reaction (PCR) is used in DNA technologies, and is essential for genetic fingerprinting. PCR is a fast and cost-effective solution for DNA testing, and with increase in crimes, demand for such solutions is expected to rise, thereby driving revenue growth of this segment in future.
- Accurate and efficient forensic identification has become crucial due to rise in criminal activities. Biometric analysis provides very accurate analysis of an individual based on physiological and behavioral features, and due to these capabilities, deployment is expected to grow significantly, and drive growth of the market. Further development and advancements of different types of biometrics such as fingerprint, iris, face, palm print, voice, and DNA, will further support growth of this segment.
- The judicial/law enforcement segment is witnessing increased revenue growth due to increasing application of forensic technology, driven by increase in criminal and terrorist activities worldwide. Increasing investment by governments to improve law enforcement and judicial systems is further resulting in rising adoption of forensic technology to deal with advanced crimes.
- Asia Pacific market revenue is expected to register a significantly higher growth rate over 2020–2027. Increase in criminal activities in developing economies and high rate of adoption of advanced technologies by various agencies in some countries in APAC will contribute to revenue growth of this segment.
List of Key Companies Identified in the Forensic Technology Market Report:
- GE Healthcare
- Thermo Fisher Scientific
- Agilent Technologies
- Eurofins Scientific
- Forensic Fluids Laboratories
- Neogen Corporation
- SPEX Forensics
- NMS Labs
- Morpho Group
- LGC Forensics
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For the purpose of this report, Reports and Data has segmented the global forensic technology market on the basis of technology, services, application, and region:
- Technology Outlook (Revenue, USD Billion; 2017-2027)
- Capillary Electrophoresis
- Polymerase Chain Reaction (PCR)
- Rapid DNA Analysis
- Next-Generation Sequencing
- Microarrays
- Automated Liquid Handling Technology
- Others
- Services Outlook (Revenue, USD Billion; 2017-2027)
- Chemical Analysis
- DNA Profiling
- Firearms Identification
- Biometric Analysis
- Others
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Biodefense & Biosurveillance
- Judicial/Law Enforcement
- Pharmacogenetics
- Others
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
- North America
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