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Forensic Technology Market Size, Share, Growth & Trends 2024-2033 | Competitive Insights
Forensic Technology Market Size
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According to The Business Research Company's, The forensic technology market size has grown rapidly in recent years. It will grow from $18.59 billion in 2023 to $20.87 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to the increased effectiveness of forensic analysis, an increase in the number of crimes, an increase in the demand for DNA testing, increased accuracy and efficiency of DNA analysis, and an increase in the adoption of forensics by private companies.
The forensic technology market size is expected to see rapid growth in the next few years. It will grow to $33.3 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to the rising number of cases of homicide, increasing investment in modernizing their forensic capabilities, increasing the number of violent crimes, increasing choice of chemical analysis in drugs, and increasing frequency of cybercrime. Major trends in the forecast period include technology advancements, advanced biometric solutions, AI-powered forensic technology tools, strategic partnerships, and product launches.
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Market Drivers and Trends:
The increasing crime rates are expected to propel the growth of the forensic technology market going forward. Crime rates refer to statistical measures that quantify the incidence or prevalence of criminal activities within a specific population or geographic area over a defined period. Crime rates are increasing due to several factors, including poverty, unemployment, economic inequality, and rapid urbanization, which can create environments conducive to criminal activity. Forensic technology combats rising crime rates by enhancing investigation, detection, and prevention efforts, enabling law enforcement agencies to solve crimes more efficiently and accurately. For instance, in October 2023, according to the Office for National Statistics, a UK-based government department, in England and Wales, police registered 6.7 million crimes in the year ending June 2023, compared to 6.5 million in the year ending June 2022, a 4% increase over the previous year. Therefore, the increasing crime rates are driving the growth of the forensic technology market.
Major companies operating in the forensic technology market are focusing on developing innovative technologies such as AI-powered forensic tools, to enhance forensic investigations' accuracy, efficiency, and effectiveness. AI-powered forensic technology tools are software applications that use artificial intelligence (AI) and machine learning algorithms to assess and process digital evidence during forensic investigations. For instance, in May 2024, Alvarez and Marsal, a US-based professional services firm, launched ChatView, an AI-powered forensic technology tool. The unique feature of ChatView involves AI-powered transcription and translation for voice memos and video files, which allows for more efficient examination of such messages. It will enable lawyers and detectives to collect and analyze enormous amounts of chat data from numerous communication platforms, including text, audio, video, and memes. The program gives an improved view of gathered chats, a higher level of security, and expanded functions such as offline translation and transcription to save time and money.
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Major Key Players of the Market:
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
Forensic Technology Market 2024 Key Insights:
• The forensic technology market size is expected to see rapid growth in the next few years. It will grow to $33.3 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%.
• Rising Crime Rates Propel Growth In The Forensic Technology Market
• AI-Powered Forensic Technology Tools Gaining Traction In The Market
• North America was the largest region in the forensic technology market in 2023
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