One of the popular methods of crime detection is the use of forensics technology. The rising influence of forensic technologies in various crime investigation scenarios will present an array of opportunities for the forensic technologies market during the forecast period of 2017-2025.
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The crime rate around the world has been increasing at an accelerated pace over the years. Many government bodies across the globe are upgrading crime detection methods to enable quick results during a crime investigation. Certain crime cases are unique and require the use of technology on a large scale. Forensics is one of the prominent technologies. This factor will propel growth prospects of forensic technologies market
Forensic technology is prominently used for identification and investigation of various facts surrounding a crime scene. The technologies help the concerned persons involved in a crime investigation to address issues related to regulations, litigations, etc. Forensic technology has emerged as one of the preferred methods of evidence extraction.
The overwhelming use of forensic technologies across numerous crime scenes will bring extensive growth prospects for the global market. Firearm analysis, cloud forensics, biometric analysis, network forensics, chemical analysis, DNA profiling, and computer forensics are the services provided by forensic technologies vendors.
Transparency Market Research’s (TMR’s) report on the forensic technologies market has every component that will assist the stakeholder in understanding the current scenario. The overall market research survey on forensic technologies by TMR suggests a stable growth period.
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According to the TMR experts, the market for forensic technologies is prognosticated to expand at 8.3 percent CAGR during the forecast period of 2017-2025. In the context of valuation, the forensic technologies market is estimated to reach a valuation of US$ 80.7 bn by 2025. The global market was valued at US$ 39.6 bn in 2016.
Uptick in Crime Rates to Propel Growth Opportunities across Forensic Technologies Market
An increase in the wrongdoings by anti-social elements has led to the expansion of the scope of forensic technologies. With an increase in technological advancements, the crime scenes became more complicated and tedious to solve. To cope up with the latest advancements used by criminals, investigators are using the power of forensic technologies to solve the cases at a rapid pace. These factors are sowing the seeds of growth across the forensic technologies market.
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Laboratory Forensics Segment to Emerge as Prominent Growth Contributor
On the basis of location, the forensic technologies market can be segmented into laboratory forensic and portable forensic. The efficiency rate of analysis is more in a laboratory setting. Thus, the laboratory forensics segment will invite promising growth for the forensic technologies market. In addition, the reliance on scientific methods in criminal investigations is increasing at an accelerated rate. Hence, addition of technological capabilities is an important aspect to further sharpen the accuracy levels. The players in the forensic technologies market are making advancements in that direction to expand their revenue landscape.
Affordable Forensic Solutions Serve as Growth Accelerators
The players in the forensic technologies market are trying to make their solutions cost-effective through various measures such as research and development activities. Regulatory problems and the expensive instruments required in forensics hinder the growth of the market to a considerable extent. Nevertheless, the players are focusing on improving these aspects to boost their revenues. Thus, these factors will help in increasing the growth prospects of the forensic technologies market.
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Forensic Technologies Market: Key Growth Drivers
· High adoption rate of novel technologies in the forensic sector will bring immense growth prospects.
· Rising attention in the DNA sequencing area and the vast adoption of facial reconstruction and automated fingerprint identification is increasing the scope of forensic technologies market growth.
· Investments in latest technologies for crime-solving measures by the government bodies of numerous countries will bring exponential growth.
Some well-entrenched players in the forensic technologies market are Forensics Consulting Solutions, GE Healthcare Life Sciences, Agilent Technologies, and Eurofins Medigenomix GmbH.
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