The expectation is that the forensic technology industry will be well-funded and innovative in the coming years, which is attributed to the growing complexity of crime.
In the recently released"Global Forensic Technologies Market Report by Product, Service, Technique, Application, and Region 2024-2032" report developed by Market and Research, experts project continued growth between 2023 and 2032.
“The future of the forensic technologies market shows robust potential, with promising advancements and a fortified industry structure poised for exponential growth,” the company said in a press release. “This analysis serves to guide and inform stakeholders about the trajectory and strategic positioning within this thriving industry sector.”
The market size of this industry in 2023 was $21.4 Billion.
However, the report authors believe it will rise to $ 51.6 Billion by 2032 with a CAGR of 10.27% during the forecast period.
One of the main driving forces for the growing interest in forensic technology is the growing need to combat fraud and cybercrimes.
There is now a greater need for a committed emphasis on digital forensic technologies, including data preservation and analysis tools to address procurement fraud and intellectual property infringements.
Some of the advancements could occur in alternative light photography, which will aid in assessing skin damage, and other innovative practices including facial reconstruction and drug testing.
Researchers are expected to pay particular attention to DNA testing technology advancements.
The industry often reflects government policies and funding initiatives. Techniques like Polymerase Chain Reaction (PCR), Next-Generation Sequencing, Rapid DNA Analysis, and Automated Liquid Handling Technology are expected to have top priorities for government funding.
The report also breaks down subsegments of the industry.
For example, digital and computer forensics, ballistic forensics, and DNA testing are expected to be critical areas within the product segment.
The expectation is drug and DNA tests utilizing techniques like capillary electrophoresis and microarrays can be crucial for investigations and will see an increase in attention in the next decade.
Competition in this space is expected to grow in different regions across the world, according to the report.
“With a global perspective, the report provides insights into key regional markets, including North America, Europe, Asia Pacific, Middle East and Africa, and Latin America,” the release states. “The competitive landscape is also examined, highlighting leading entities within the industry that are pushing the boundaries of innovation and service delivery.”
The report features input from several major companies in the space, including GE Healthcare, Thermo Fisher Scientific, Forensic Fluids Laboratories, and Forensic Pathways.