Future of the Forensic Technology Market: Strategic Analysis and Forecast to 2034

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Forensic Technology Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, there has been substantial growth in the size of the forensic technology market. It is predicted to expand from a worth of $20.87 billion in 2024 to $23.48 billion in 2025, boasting a compound annual growth rate (CAGR) of 12.6%. This notable growth over the historic period is due to the enhanced efficacy of forensic analysis, rising crime rates, heightened demand for DNA testing, improved precision and effectiveness of DNA analysis, and a surge in the adoption of forensics by the private sector.

Forensic Technology Market Size Forecast: What's the Projected Valuation by 2029?
The market size for forensic technology is anticipated to witness swift expansion in the upcoming years. It is projected to reach $37.36 billion by 2029, at a compound annual growth rate (CAGR) of 12.3%. The growth during the predicted period may be due to a surge in homicide cases, augmented investment in improving forensic capabilities, an upswing in violent crimes, a growing preference for chemical analysis regarding drugs, and a rise in cybercrime incidents. Key trends in the forecast period are advancements in technology, improved biometric solutions, incorporation of AI in forensic technology tools, strategic alliances, and the introduction of new products.

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What Are the Drivers Transforming the Forensic Technology Market?
The surge in crime rates is predicted to fuel the expansion of the forensic technology market. These rates are statistical indicators that measure the occurrence or frequency of crime within a particular population or geographical region over a specified duration. An array of factors, such as poverty, joblessness, socio-economic disparity, and accelerated urbanization, contribute to rising crime rates, as they foster conditions that are favorable for unlawful activities. The role of forensic technology in the face of surging crime rates is critical as it bolsters the tactics for investigation, detection, and crime prevention. This in turn provides a boost to law enforcement agencies, helping them in solving crimes more proficiently and precisely. For example, the Office for National Statistics, a UK government department, reported in October 2023 that police in England and Wales recorded 6.7 million crimes for the year ending June 2023, as opposed to 6.5 million for the year ending June 2022, marking a 4% growth from the previous year. Hence, the surge in crime rates is a key factor propelling the growth of the forensic technology market.

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What Long-Term Trends Will Define the Future of the Forensic Technology Market?
Key players in the spectrum of forensic technology are shifting their focus towards inventing progressive technologies like AI-based forensic mechanisms, aimed at boosting the precision, effectiveness, and efficiency of forensic examinations. Tools built with AI-powered forensic technology are software applications that use the power of artificial intelligence and machine learning principles to screen and handle digital evidence during forensic analysis. As an example, Alvarez and Marsal, a professional services firm from the United States, introduced an AI-based forensic technology mechanism called ChatView in May 2024. What sets ChatView apart is its AI-driven transcription and translation feature specializing in voice notes and video files, enabling a more streamlined scrutiny of such messages. It facilitates legal professionals and investigators in gathering and scrutinizing colossal quantities of chat data sourced from various communication channels, encompassing text, sound, video, and meme messages. The software provides an elevated indulgence of accumulated chats, heightened security measures, and extended features like offline translation and transcription to conserve resources and funds.

Which Segments in the Forensic Technology Market Offer the Most Profit Potential?
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 Pipettin*g 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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Which Firms Dominate the Forensic Technology Market by Market Share and Revenue in 2025?
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

Which Regions Offer the Highest Growth Potential in the Forensic Technology Market?
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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