The 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%.
PORTLAND, OREGON, USA, August 21, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the global market 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 an in-depth analysis of major investment pockets, of the most winning strategies, drivers and opportunities, market size and estimates, competitive scenario and hesitating market trends.
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Forensic technologies have been widely used in criminal investigations, due to various associated benefits, such as the use of computer forensics to solve cybercrimes. Forensic technologies include DNA testing, biometric devices, digital forensics, and ballistics forensics. In addition, fingerprint scanning technology is used for investigation through the identification of finger and palm lines. DNA identification is a cutting-edge technology used for criminal investigations through the mapping of DNA structure.
Factors driving the growth in forensic technology market size include advancements in forensic technology, an increase in criminal cases, and improved court infrastructure. Factors such as increased incidence of crimes such as murders, robberies, and cyber crimes are contributing to the growth of the forensic technology market. For example, according to data from Statista, in 2020 there were 21,570 reported cases of murder or manslaughter in the United States.
The forensic technology market share is segmented into type and region. On the basis of type, the forensic technology market analysis is majorly divided into services and products. The services are further divided into DNA profiling, fingerprint analysis, chemical analysis, gun analysis and others. The products are further categorized as DNA testing, biometric devices, digital forensics, ballistics forensics, and others. The service segment dominated the forensic technology industry market in 2020, and this trend is expected to continue during the forecast period, owing to an increase in the crime rate and advancements in science. forensic.
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 attributed to the crime rate and the presence of key forensic R&D players in the region. Asia-Pacific is expected to witness a lucrative growth in the forensic technology industry, due to an increase in the crime rate and government initiatives to control crime in the region.
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The COVID-19 outbreak has negatively impacted the growth of the global forensic technology market, owing to the prevalence of lockdowns in various countries around the world.
Due to the closures, criminal cases across the world have declined. In addition, most criminal case investigations have either been postponed or halted due to the strict social distancing restrictions imposed by the government during the pandemic.
However, the market should 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, attracting 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.
By region, the North American market took the lion’s share in 2020, capturing more than half of the global market. The Asia-Pacific region, 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 Corporation, Agilent Technologies Inc., Belkasoft, Eurofins MedigenomixForensik GmbH (Forensic Division of Eurofins Scientific SE), LGC Limited, GE Healthcare (Healthcare Division of GE Corporation).
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services in 11 industry sectors, including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Energy & Power, semiconductors and electronics, automotive and transport, ICT and media, aerospace and defense and BFSI.
We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.