Forensic technology is the use of advanced technological solutions to retrieve, search and analyze large and complex data sets. This enables end-users to gather information that can be used to address litigation issues, investigations, and requirements in regulatory and financial crime. Much development has been seen in the technologies used in forensic science. These technologies provide effective and reliable results, thus increasing their use in a large number of applications and thereby benefiting the market.
Technavio’s analysts forecast the global forensic technologies market to grow at a CAGR of 11.82% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global forensic technologies market for 2017-2021. To calculate the market size, the report considers the revenue generated from the retail sales of forensic technology products, including instruments, reagents, and kits has been considered.
The market is divided into the following segments based on geography:
Technavio's report, Global Forensic Technologies Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
What will the market size be in 2021 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
Technavio Announces the Publication of its Research Report – Global Forensic Technologies Market 2017-2021
Technavio recognizes the following companies as the key players in the global forensic technologies market: Agilent Technologies, LGC, Promega, Thermo Fisher Scientific, and QIAGEN
Other Prominent Vendors in the market are: BioEnable, Bio-Rad Laboratories, GE Healthcare, Illumina, NetBio, NMS Labs, Neogen, SCIEX, and Shimadzu.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing importance of NGS. NGS makes the entire sequencing process more efficient by initiating parallel sequencing of DNA fragments. Huge volume of sequencing data is processed in a short period and costs less. Based on NGS technology, several assays and models have been designed for forensic DNA applications.”
According to the report, one of the major drivers for this market is Increasing crime rate demanding better investigation methods. The number of crime rates and sophistication of crimes have increased worldwide, which demands advanced technology and intelligence in solving crimes. The United Nations Office on Drugs and Crime (UNODC) and the Organisation for Economic Co-operation and Development (OECD) consider homicide rates (the number of murders per 100 000 inhabitants) a definite measure of a country’s safety level. Unlike other crimes, which often go unreported, murders are the most reported crimes. The global average homicide rate according to UNODC's 2012 study stands at 6.2 per 100,000 population whereas average homicide rate in the OECD countries is reported as 4.1 murders per 100,000 inhabitants in 2016. The highest number of homicides is reported in the Americas and is followed by Africa and Europe.
Further, the report states that one of the major factors hindering the growth of this market is Inherent issues in forensic science. Cloud-based applications enables users to access data from multiple devices. There might be cases, where user has accessed information from different devices and made certain changes at the same time. In such cases, tracing the source is difficult. Hence, there is always a threat of credential compromise and identity theft in a cloud-based environment, where finding evidence can be a difficult task.