The global forensic technology market is projected to grow at a CAGR of 13% during 2020 – 2025 to reach USD 32.94 Billion by 2025 on account of the increasing investments by various public and private organizations towards forensic research. However, lack of accuracy during the investigation of crimes by adopting these technologies is the primary factor which can hamper the growth during the forecast period.
The rapid increase in the incidences of crime rate across the globe is creating a high demand for forensic technology. The escalation in violent crimes involving murder, rape, robbery, and intentional homicide cases is the primary reason propelling demand for forensic technology across the globe.
Increasing advancements in concepts like 3D fingerprinting analysis are boosting demand for forensic technology. 3D fingerprinting is a new and cost-effective technique, which creates a 3-D fingerprint database and facilitates the identification of fingerprints for future reference and makes the investigation process more reliable. Application of Artificial Intelligence (AI) in forensic technology is helping forensic experts to handle a large amount of data efficiently and perform investigations at various levels of crime detection and save an ample amount of time.
One such AI-related development in forensic technology market came up in Mar 2020, wherein a start-up voca.ai announced intentions to use voice forensic technology, which looks at the voice patterns, tones, and other sounds to determine the COVID-19 illness in a patient. Lack of skilled manpower is one of the major challenges for the growth of forensic technology market as the manpower across major developing and developed economies is not skilled to handle the application of advanced technologies and thus requires extensive training.
The global forensic technology market is segmented based on product, application, technology, company, and region. Based on product, the market is segmented into DNA testing, biometric devices, digital forensics and ballistic forensics. The digital forensics segment is expected to witness the fastest growth during the forecast years. However, DNA testing segment accounted for the largest market share in 2019 and the segment would continue to maintain its dominance until 2025. Based on application, the forensic technology market is segmented into law enforcement, healthcare, enterprise, and others.
The law enforcement segment accounted for the highest market share in 2019 while the Enterprise segment is expected to register the highest CAGR during the forecast years. Based on technology, the market can be fragmented into DNA profiling, fingerprinting analysis, drug analysis, and firearm analysis. The DNA profiling segment is dominating the market owing to its wide range of applications in body fluid identification, paternity testing, an examination of drug abuse, and identification of disaster victims.
Leading Players in global Forensic technology market:
- Thermo Fisher Inc.,
- Eurofins Scientific
- Agilent Technologies
- LGC Limited
- NMS Lab
- Promega Corporation
- NEGON Corporation
- Ultra-Electronics Forensic Technology
- SPEX Forensics