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Forensic Technology Market Transformation: Key Market Size Changes in Recent Years
Over the past few years, there has been a significant expansion in the forensic technology market size. The projections indicate that it will escalate from $20.87 billion in 2024 to $23.48 billion in 2025, recording a compound annual growth rate (CAGR) of 12.6%.
Factors contributing to this growth in the historically recorded period include enhanced efficiency of forensic analysis, a surge in crime rates, spiked demand for DNA testing, improved accuracy in DNA analysis, and increased incorporation of forensics by corporate entities.
The market size for forensic technology is poised for swift expansion in the coming years, projected to balloon to $37.36 billion in 2029, growing at a compound annual growth rate (CAGR) of 12.3%. The growth for the forecast period can be linked to an increase in homicide cases, a surge in investments to upgrade forensic capabilities, an uptick in violent crimes, an expanded preference for chemical analysis in drug-related cases, and a rising incidence of cybercrime.
Noteworthy trends for the forecast period are advancements in technology, cutting-edge biometric solutions, forensic tech tools powered by Artificial Intelligence, strategic alliances, and the introduction of new products.
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What’s Behind the Consistent Growth of the Forensic Technology Industry?
The growth of the forensic technology market is predicted to be fuelled by rising crime rates. The term crime rates refer to statistical indications that measure the occurrence frequency or prevalence of criminal deeds within a defined population or geographic area over a certain timeframe.
The surge in crime rates is attributed to several reasons, including poverty, unemployment, economic disparity, and swift urbanization, which could foster conditions that are conducive to crime. Forensic technology plays a crucial role in countering this increase in crime rates by improving investigation, detection, and preventative actions, thereby allowing law enforcement bodies to solve crimes with more efficiency and precision.
For example, the Office for National Statistics, a government department based in the UK, noted that in October 2023, police in England and Wales recorded 6.7 million crimes in the year ending June 2023, a rise from 6.5 million in the year concluding June 2022, marking a 4% surge from the previous year. Consequently, the climbing crime rates are propelling the expansion of the forensic technology market.
Top Revenue-Generating Segments in the Forensic Technology Market
The forensic technology market covered in this report is segmented –
1) By Type: Next Generation Sequencing (NGS), Capillary Electrophoresis, Polymerase Chain Reaction (PCR), Microarrays, Rapid DNA Analysis, Automated Liquid Handling Technology, Other Types
2) By Service: DNA Profiling, Chemical Analysis, Biometric Analysis, Firearms Identification, Other Services
3) By Location: Laboratory Forensics Technology, Portable Forensics Technology
4) By Application: Pharmacogenetics, Biodefense And Biosurveillance, Judicial Or Law Enforcement, Other Applications
Subsegments:
1) By Next Generation Sequencing (NGS): Whole Genome Sequencing, Targeted Sequencing, RNA Sequencing
2) By Capillary Electrophoresis: DNA Fragment Analysis, STR Analysis (Short Tandem Repeat), Genetic Fingerprinting
3) By Polymerase Chain Reaction (PCR): Real-Time PCR (qPCR), Digital PCR (dPCR), Multiplex PCR
4) By Microarrays: DNA Microarrays, RNA Microarrays, SNP Microarrays (Single Nucleotide Polymorphisms)
5) By Rapid DNA Analysis: Portable DNA Analysis Systems, Rapid DNA Test Kits
6) By Automated Liquid Handling Technology: Automated Pipetting Systems, Liquid Handling Robotics, High-Throughput Screening (HTS)
8) By Other Types: Mass Spectrometry, Forensic Imaging Technologies, Luminol-Based Detection Systems, Biosensors And Biochips
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What Technological Trends Are Set to Revolutionize the Forensic Technology Market?
Leading organizations in the forensic technology market are concentrating their efforts on developing innovative solutions such as AI-driven forensic tools, with the aim of boosting the precision, efficacy, and potency of forensic investigations.
AI-based forensic technology tools are software programs that use artificial intelligence (AI) and machine learning to evaluate and utilize digital evidence in forensic investigations.
For instance, Alvarez and Marsal, a Professional services firm based in the US, unveiled an AI-based forensic technology tool, ChatView, in May 2024. The distinguishing feature of ChatView is an AI-powered transcription and translation facility for voice memos and video files, thereby enabling a more efficient exploration of these messages.
This enables lawyers and investigators to gather and scrutinize a massive volume of chat data from a variety of communication platforms, such as text, audio, video, and memes. The software offers an enhanced visualization of compiled chats, superior security measures, and additional features like offline transcription and translation capabilities, leading to time and cost saving.
How Are Different Regions Contributing to the Forensic Technology Market’s Growth?
North America was the largest region in the forensic technology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the forensic technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Which Firms Are Setting the Benchmark in the Global Forensic Technology Market?
Major companies operating in the forensic technology market are Hitachi Corporation, F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Siemens Healthineers AG, Thales SA, GE HealthCare Technologies Inc., Agilent Technologies Inc., Nikon Corporation, Shimadzu Scientific Instruments, IDEMIA Group, Bio-Rad Laboratories Inc., Bruker Corporation, QIAGEN N.V., HORIBA Ltd., Carl Zeiss AG, FLIR Systems Inc., Ultra Electronics Holdings Plc, LGC Forensics Ltd, AB SCIEX Pte Ltd, Leica Microsystems GmbH, Neogen Corporation, Promega Corporation, Pacific Biosciences of California Inc., Bode Cellmark Forensics Inc., Sirchie, Morpho
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