The latest market report published by Credence Research, Inc. “Forensic Technologies Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global forensic technologies market was valued at US$ 3,939.6 Mn in 2017 expanding at a CAGR of 8.4% from 2018 to 2026.
Forensic technologies have gained a chief role in crime investigations and intelligence. Forensics technologies are currently an essential tool for law enforcement, social security as crime investigation are more dependent on DNA evidence, threats through digital platforms and identification has becoming easier through DNA databases globally. Growing crime rate globally at an alarming rate has developed the need for technologically advanced forensic techniques that help in efficient investigation at a quicker rate. This efficiency of forensic technologies for human identification and effective solutions for legal proceeding has surged the demand for forensic sciences in local as well as international crime investigation. Government initiative to employ forensic technologies across varied industries is assisting the growth of the market. Mergers, acquisition, and scale-up strategies by industry entities to meet the demand of forensic services will further drive the market. Forensic service providers are increasing the service portfolio and dedicated professionals due to growth in demand. For instance, the Reserve Bank of India issued a norm that requires forensic audit conducted before any company can avail corporate debt restricting in India. Thus, mandatory policies around the world requiring forensic investigation in various industries will increase the demand for forensic technologies.
In terms of application, the forensic technologies market is segmented into pharmacogetics, biodefence & biosurveillance, judicial/law enforcement, digital forensic and others. In 2017, judicial/law enforcement held the largest share in the market owing to continuous effort by government authorities emphasizing on creating central DNA databases for swift crime investigation. The digital forensic application segment is projected to grow at significant rate owing to growing cybercrimes. Cybercrimes such as bank frauds, phishing, money laundering are increasing globally making forensic technologies an essential tool in crime investigation, thus driving the market growth.
In terms of geography, North America held the largest share in the global forensic technologies market due to growth in terrorist attacks and cybercrimes in the region. There has been significant increase in forensic services by various industries and private companies venturing in the same. Moreover, greater use of DNA testing technology in the U.S. and supportive government policies towards forensic investigation further drive the market. Asia Pacific is projected to grow at fastest rate owing to developing industrial infrastructure in the region, high crime rates and high adoption of advanced forensic technologies. Investment by number of foreign companies manufacturing forensic technologies further make Asia Pacific the most lucrative region during the forecast period. The key players currently engaged in forensic technologies market include Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., SPEX Forensics, Eurofins Scientific, LGC Forensics among others.
Browse the full report at: https://www.credenceresearch.com/report/forensic-technologies-market
Key Market Movements:
- Growing crime rate in developed as well as developing regions
- Development in advanced technologies that cater various applications efficiently
- Growing knowledge of DNA testing and its application have increased its demand in forensic services
- There is a growing demand for forensic investigation in telecom, power, oil and gas, railways and airports due to terrorism and increasing crimes in the region