Forensic Market to Reach $20.52 Billion by 2015
GIA announces the release of a comprehensive U.S. report on the Forensic Technologies and Services market. The U.S. market for Forensic Technologies and Services is projected to register $20.52 billion in annual revenue by 2015. Surging crime rates, particularly cases related to cyber crime, rising number of terrorist attacks, and stronger role of forensic sciences in bringing suspects to the book, are creating the need for increased adoption of forensic technologies and services. An increasingly security-conscious society, dramatic changes in national security, and technology innovations are also expected to drive the U.S. market for forensic technologies and services in the next few years. Fast growing popularity of Biometrics/Fingerprinting and DNA analysis in legal investigations too augurs well for this market.
Forensic evidence, as gleaned from the collection of physical evidence from crime scenes, interpretation of laboratory findings, and presentation of the same in judicial proceedings, plays a pivotal role in criminal investigations. Given its potential to nail down the guilty and acquit the innocent, the social impact of forensics is huge. Forensic technologies have achieved new milestones over the last few decades. Advancements in technologies related to forensics, such as improved extraction of fingerprints from metals as in fragments and gun cartridges, portable use of color chemistry in identification of biological and chemical weapons, DNA-profiling techniques, and sensing technologies, which are aimed at improving detection of explosives and drugs at various security checkpoints, among others, have all played their part in increasing the market prospects for forensic technologies and services over the years.
Governed by rising crime rate, the demand for a full suite of forensic services, including collection, preservation, processing, and scientific testing and analysis of gleaned evidence, is rapidly on the rise in the U.S. Increase in gun violence, and growing instances of cyber crimes, and terrorist bombing across the nation are key factors driving growth in the U.S. forensic technologies and services market. While increasing gun violence is triggering a robust demand for forensic ballistics intelligence, including toolmark analysis, rise in cyber crimes is creating the need for increased adoption of computer forensics. With the Internet emerging into a ubiquitous vehicle for communication, and transfer and storage of sensitive data, there has been a surge in Internet related crimes, and abuse of corporate and government information assets. Hacking into secure networks for unauthorized access and use of data, and illegal data compromises, such as unauthorized use of credit/debit card information, result in significant business losses, which creates a special need for computer forensics technology, including tools for collecting and analyzing electronic data for presenting it as evidence in a court of law.
Another noteworthy growth driver for this market is the growing prominence of DNA testing. The heavily financed, researched, and scientifically validated field of DNA analysis has made DNA testing a de facto standard in forensic science. The increase in crime clearance rate has been directly attributed to the successful use of DNA technology. Forensic DNA diagnostics products and testing/analysis services are expected to benefit largely from the numerous government and federal level funding measures taken to upgrade the aging crime lab infrastructure. The government’s special focus on increasing the use of DNA technology for advancing the cause of justice will additionally drive gains in this space. DNA analysis, together with cyber/computer forensics and explosives investigation, has come to form an integral part of forensic science in the 21st century.
The current prolonged economic recession heightens the risk of commitment of felony, since poor economic health and higher levels of unemployment induces greater number of crimes such as those related to property, and drugs. The risk further rises if prolonged budgetary curbs are made on public safety by the government. Tough economic, financial, and business conditions have also resulted in an alarming rise in the number of corporate frauds being committed. Low employee morale is citied as a key factor triggering breach of trust and financial crimes committed by middle management. The scenario is helping ramp up demand for forensic fraud detection services. Given the growing magnitude of financial scams, forensic accounting services are especially witnessing higher demand and growth.
As stated by the new market research report on Forensic Technologies and Sciences, Forensic Databases, Forensic Consulting, and Computer Forensics, together make up the largest segment, having registered US$9.11 billion in annual revenues for the year 2009. Forensic consulting especially is a growing phenomenon in the U.S., given its role in easing the mounting workload in several understaffed domestic laboratories. The Biometrics/Fingerprinting market is the fastest growing segment, displaying a robust CAGR of more than 12% over the analysis period.
The report titled “Forensic Technologies & Services: A US Market Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of current market trends, key growth drivers, issues and conceptual overview of crime labs in the country. The report also enumerates recent product introductions/innovations and strategic corporate initiatives in addition to providing profiles of key market participants. The report provides market estimates and projections for Forensic Technologies and Services in the U.S. in terms of annual revenue for the following segments: Forensic Databases, Forensic Consulting and Computer Forensics; Biometrics/Fingerprinting; DNA Testing; and others.
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Source: PR Web