According to the report, the global forensic technology market accounted for $9.46 billion in 2016 and is projected to garner $22.91 billion by 2023, registering at a CAGR of 13.4% during the period 2017–2023.
Rise in crime rate across the world, technological advancements in forensic technology, and increase in funding for forensic research are the major factors that drive the global forensic technology market. However, lack of accuracy in results hampers the market. On the contrary, increase in government initiatives to prevent cybercrime is expected to create lucrative opportunities in the near future.
The global forensic technology market is divided on the basis of product, service, and geography. Based on the product type, the market is segmented into DNA testing, biometric devices, digital forensics, and ballistic forensics. The biometric devices segment held the largest market share in 2016, contributing nearly two-fifths of the total market.
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On the basis of service, the market is bifurcated into DNA profiling, fingerprinting analysis, drug analysis, and firearm analysis. The DNA profiling segment is projected to manifest the fastest CAGR of 17.1% during the study period. However, the drug analysis service segment held the maximum revenue in 2016, contributing more than one-fourth of the total market.
Based on geography, the market is divided into North America, LAMEA, Europe, and Asia-Pacific. The Asia-Pacific region is expected to manifest the fastest CAGR of 14.8% during the study period, owing to surge in crimes such as homicide, thefts, and sexual harassment. Moreover, the rapid technological developments to develop cost-effective technologies including alternative light photography, automated fingerprint identification, and link analysis software supplemented the growth of the market in the region. Moreover, France and Germany together accounted for nearly one-third of the total market in 2016. However, Japan held the largest share in the Asia-Pacific market, accounting for more than one-fourth revenue of the total market in 2016.
The report offers an in-depth analysis of the major market players such as 3M Company, Belkasoft, Eurofins Medigenomix Forensik GmbH, Agilent Technologies Inc., LGC Limited, GE Healthcare, MorphoTrust USA, Thermo Fisher Scientific Inc., NMS Labs, and Ultra Electronics Holdings plc.
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