Forensic Technology Market Value to Show $22,905 Million by 2023 : Allied Market Research
A new report published "Forensic Technology Market by Product and Service: Global Opportunity Analysis and Industry Forecast, 2014-2022", by Allied Market Research. 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.
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Forensic skills relate to the use of data / samples collected from crime scenes. Due to the development of new types of technology to solve crime, the market has seen considerable growth in recent years.
The emergence of new technologies such as alternate light, ballistic photography and DNA sequencers and rising crime rates are key drivers of market growth. There is also a growing demand for forensic techniques such as finance. Without these results, market growth is limited.
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.
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.
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 companies profiled in the report are 3M Company, Agilent Technologies Inc., Belkasoft, Eurofins Medigenomix Forensik GmbH, GE Healthcare, LGC Limited, MorphoTrust USA, NMS Labs, Thermo Fisher Scientific Inc., and Ultra Electronics Holdings plc.
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.
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