Forensic Technology Market Overview:
Global Forensic Technology Market was valued at $9,458 million in 2016, and is estimated to reach $22,905 million by 2023, growing at a CAGR of 13.4% during the study period. Forensic technology is widely used in the court of law with an objective to investigate crime. Increase in crime rates and higher need for solving finesse crimes using advanced technologies are expected to drive the growth of the global forensic technologies market. Moreover, rise in government initiatives such as funding to support forensic research supplements the growth of the market. However, lack of accuracy of the results obtained through the use of these technologies are expected to impede the market growth.
Increasing Incidence of Crime
According to the Federal Bureau of Investigation (FBI), the estimated number of violent crimes have increased in the country, with an increase of 3.9% in 2015 as compared to that in 2014. The statistics further revealed that the estimated rate of violent crimes in the country were recorded at 372.6 offenses per 100,000 inhabitants, while property crime rate was 2,487.0 offenses per 100,000. In addition, rape and aggravated assault rates increased 6.3% and 4.3%, respectively, while the cases of robbery increased by 1.4% in 2015.
For instance, in 2014, National Institute of Justice (NIJ) and National Science Foundation (NSF) jointly initiated an Industry/ University Cooperative Research Center to improve university and industry collaboration in forensic science R&D and education. Moreover, NIJ has established a partnership with the National Science Foundation (NSF) and the National Institute of Standards and Technology (NIST) to promote innovation in forensic science. In addition, NIJ funds forensic science projects to promote fundamental forensic science research.
South Africa Forensic Technology Market, 2016-2023 ($Million)
The global forensic technologies market is segmented on the basis of service, product, and region. The product category includes DNA testing, biometric devices, ballistic forensics, digital forensics, and others. Based on service, the market is divided into DNA profiling, fingerprinting analysis, chemical analysis, and firearm analysis. Geographically, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, France, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and Rest of LAMEA).
The major companies profiled in the report are 3M Company, Agilent Technologies, Belkasoft, General Electric Company, LGC Limited, MorphoTrust USA, NMS Lab, Thermo Fisher Scientific Inc., and Ultra Electronics Forensic Technology.
- The study provides an in-depth analysis of the global forensic technology market, with current trends and future estimations to elucidate the imminent investment pockets.
- Quantitative analysis from 2016 to 2023 is expected to enable the stakeholders to capitalize on prevailing market opportunities.
- The report provides data for 2016 and year-on-year forecasts from 2017 to 2023
- Comprehensive analysis of all geographical regions is provided to determine the prevailing opportunities.
- Extensive analysis is conducted by closely following key product positioning and monitoring the top contenders within the market framework.
Forensic Technology Market Key Segments:
- DNA Testing
- Biometric Devices
- Digital Forensics
- Ballistic Forensics
- DNA Profiling
- Fingerprinting Analysis
- Drug Analysis
- Firearm Analysis
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA