New York, January 18, 2021 (GLOBE NEWSWIRE) – Advances in technology and growing demand for forensic technology in applications and law enforcement agencies are expected to drive market growth.
Market Size – USD 19.86 billion in 2019, Market Growth – CAGR of 12.3%, Market Trend – Increase in criminal activity worldwide.
The universe forensic technology market it is expected to reach a market size of USD 50.41 billion by 2027, as a result of strong revenue growth driven by a number of key factors, according to the latest Report by Reports and Data. The revenue growth of next-generation strains has been booming because of the ability of strains to allow people to identify with contaminated blood samples, and it has also been used in parenteral testing. Next-generation order also reduces bias and errors, and its accuracy is among some of the key factors leading to increased demand and demand for these solutions. Demand is expected to continue to rise and drive revenue growth of this sector during the forecast period. Rising consumption and various biometrics-related initiatives to provide improved cybersecurity and effectively deal with forensic findings provided by the FBI and other agencies are other factors that are expected to support growth separated.
Advances in technology lead to greater accuracy of testing, while at the same time reducing overall costs. The development of more advanced technologies is driving demand for more efficient and accurate testing and applications in the global forensic technology market. Greater and better accuracy also leads to higher adoption of these technologies across government and private agencies.
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Advances in internet technology for communications, digital data transfer, and sensitive data storage have also led to an increasing number of cyber crimes and online fraud. More and more identity theft and unauthorized use of credit / debit card information are other factors that lead to a greater need for the use of forensic technology.
Impact of COVID-19:
Forensic technology has seen an increase in demand during COVID-19 pandemics. The growing trend of work from home and remote work technology is a growing demand for forensic technology to protect operating systems and prevent the theft of the company’s confidential data and intellectual property.
The Global Forensic Technology Market By Technology, By Services, By Demand, and Department, is expected to reach USD 50.41 billion by 2027, To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/forensic-technology-market
Other key findings in the report suggest
- Polymerase chain reaction (PCR) is used in DNA technologies, and is essential for genetic fingerprinting. PCR is a fast and cost-effective solution for DNA testing, and with an increase in crime, demand for such solutions is expected to rise, thus driving revenue growth of this sector in the future.
- Accurate and effective forensic identification has become critical as a result of increased criminal activity. Biometric analysis provides a highly accurate analysis of an individual based on psychological and behavioral characteristics, and because of these capabilities, usage is expected to grow significantly, driving market growth. . Further development and advances of various types of biometrics such as fingerprint, journal, face, palm print, voice, and DNA, will further support this growth.
- The judiciary / law enforcement sector is seeing increased revenue growth as a result of increased use of forensic technology, driven by an increase in criminal and terrorist activities worldwide. Increased investment by governments to improve law enforcement and legal systems is leading to an increase in the adoption of forensic technology to deal with advanced crimes.
- Asia Pacific market revenues are expected to record a significantly higher growth rate over 2020–2027. An increase in criminal activity in developing economies and a high level of adoption of advanced technologies by various agencies in some countries in APAC will contribute to the revenue growth of this sector.
List of Key Companies Identified in Forensic Technology Market Report:
- GE Healthcare
- Thermo Fisher scientific science
- Energy technologies
- Scientific Eurofins
- Flunsic Laboratories
- Corporal Neogen
- SPEX Forensics
- NMS Labs
- Morpho Group
- LGC Forensics
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For the purpose of this report, Reports and Data has segmented global forensic technology market on the basis of technology, services, usage and area:
- Technology Outlook (Revenue, billion USD; 2017-2027)
- Capillary electrophoresis
- Polymerase chain reaction (PCR)
- Rapid DNA analysis
- Next generation sequence
- Microarrays
- Automated handling technology
- Others
- Services Outlook (Revenue, Billion USD; 2017-2027)
- Chemical Analysis
- DNA profile
- Gun identification
- Biometric analysis
- Others
- Demand Forecast (Revenue, Billion USD; 2017-2027)
- Biodefense & Biosurveillance
- Legal / law enforcement
- Pharmacogenetics
- Others
- Regional Forecast (Revenue, Billion USD; 2017-2027)
- North America
- US
- Canada
- Europe
- Germany
- RA
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- The rest of APAC
- MEA
- Saudi Arabia
- UAE
- The rest of MEA
- Latin America
- Brazil
- The rest of LATAM
- North America
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