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Forensic Technology Market – Opening New Avenues for Growth in the market
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alliedanalytics
Forensic Technology Market – Opening New Avenues for Growth in the market

The global forensic technology market was valued at $9,458 million in 2015, and is projected to reach $22,905 million by 2023, growing at a CAGR of 13.4% from 2017 to 2023. Biometric devices segment held more than one-third share of the total market in 2016.

Forensic technology involves the use of data/sample collected from the crime scene.The market has witnessed significant growth in the recent past due to development of new types of technologies to solve crimes.

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Advent of new technologies such as alternative light photography, ballistic photography and DNA sequencer and rise in incidence of crime are the key factors that drive the market growth. In addition, rise in government initiatives to support forensic research such as funding availability are anticipated to fuel the demand for forensic technologies globally. However, lack of results obtained from these technologies restrict the market growth.

The drug analysis service segment generated the maximum revenue, accounting for more than one-fourth of the global forensic technology market in 2016. However, DNA profiling segment is estimated to exhibit the highest growth rate of 17.1% during the forecast period.

Asia-Pacific is projected to grow at the highest CAGR of 14.8% during the forecast period, owing to surge in crimes such as homicide, sexual harassment, and thefts. In addition, technological advancements to develop cost-effective technologies such as automated fingerprint identification, alternative light photography, and link analysis software present lucrative opportunities for market players in the near future.

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The Major Key Players Are:

3M Company

Agilent Technologies Inc.

Belkasoft

Eurofins Medigenomix Forensik Gmbh

GE Healthcare

LGC Limited

MorphoTrust USA

NMS Labs

Thermo Fisher Scientific Inc.

Ultra Electronics Holdings plc.

Key Findings of the Forensic Technology Market:

The services segment is expected to grow at a significant CAGR of 15.4%, during the forecast period.

The chemical analysis segment accounted for more than one-fourth share of the global forensic technologies by services market in 2016.

Biometric devices accounted for nearly two-fifths share of the global forensic technologies market by product in 2016.

France and Germany collectively contributed for nearly one-third share of the European forensic technology market in 2016.

Japan is the major shareholder in the Asia-Pacific forensic technology market, accounting for more than one-fourth share in 2016.

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About Us:

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 enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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