Find Out More About Forensic Technology Market Global Growth With Rising CAGR And Forecast Till 2030Posted by Mrudula Anil Karmarkar on January 31st, 2023 The global forensic technology market size is expected to reach USD 10.64 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 10.2% from 2022 to 2030. Novel innovations in Research & Development (R&D) of criminal sciences have introduced progressive techniques which have increased the efficiency of forensic analysis. Several government initiatives undertaken to attain sustained development in research related to criminal science are broadening the market space. For instance, in March 2022 The Forensic Technology Center of Excellence undertook an initiative and assisted the National Institute of Justice (NIJ) to conduct NIJ forensic science research and development (R&D) symposium. This R&D symposium aims to discuss, discover, and share new approaches and applications in increasing the impact of forensic sciences. Furthermore, the surge in the number of rapes, murders, robberies, and homicides is the major factor boosting the necessity for criminological studies. For instance, in 2021, according to the National Crime Records Bureau (NCRB), 31,677 rape cases were reported across India with an average of 86 cases daily and ranked as the fourth most common crime against women. Thus, growing incidences of crime cases led to a pile up in the number of unsolved cases and requires the implementation of novel forensic technologies to resolve the pending cases. Technological developments in forensic laboratories and infrastructure are widening the growth prospects of the market. Recent advancements, such as automated extraction methodologies, predictive dual quantitation assay, next-generation STR multiplexes, and mini-STR kits further enhance the analysis of degraded and compromised samples thereby improving forensic capabilities. For instance, in August 2021, the Karnataka government announced the plan to upgrade forensic labs to strengthen investigations to pin down criminals. Such upgrades led to the enhancement of existing technologies, and the decreased time and expenditures involved in resolving the case, thereby creating lucrative growth prospects. However, stringent regulatory constraints are expected to limit the growth of the forensic technology industry in emerging countries. Federal agencies are bound to adhere to Quality Assurance Standards (QAS), including testing standards for the proficiency of forensic laboratories and analysts, involved in conducting DNA analyses. In addition, the lack of skilled professionals and the high cost of advanced forensic techniques are some of the factors restraining the growth of the global market to some extent. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/forensic-technology-market/request/rs1 The increase in the number of crimes globally is a major factor driving the industry’s growth. The rising number of cases of homicide, robbery, rape, and murder are the key reasons boosting the necessity for forensics. According to the last study conducted by the United Nations Office on Drugs and Crime (UNODC) in 2017, the mean of intentional homicide was recorded to be 6.1 per 100,000 people globally. In addition, among all regions, the U.S. ranked first for intentional homicide followed by Africa and Asia. Moreover, the increasing number of criminal cases has led to a rise in the number of unsolved cases aids in the urgency to adopt novel forensic technologies to solve pending cases. The increasing number of pending cases is a result of the absence of accurate evidence, which implies the need for the adoption of DNA analysis and other advanced technologies. For instance, according to the Illinois state police, the FBI reported that approximately about 40% of the nation’s homicide cases go unsolved, awaiting conviction. Forensic Technology Market Report Highlights
The market is driven by the growing investments and funding in forensic research by various private and public organizations. For instance, in January 2022, the National Institute of Justice announced USD 4.5 million in funding for the forensic technology center of excellence to provide evidence-based knowledge and technology tools for criminal justice agencies. In addition, the Forensic Capability Network reached a milestone of USD 1.15 million in funding for forensic research to support 9 research projects focused on the use of artificial intelligence (AI) to enhance evidence gathering from crime scenes. Technological advancements such as magnetic fingerprinting, automated fingerprint identification, alternative light & ballistics photography, DNA sequencing, laser ablation coupled plasma mass spectrometry, and alternative light & ballistics are expected to boost the industry’s growth. For instance, India’s state forensic labs expanded their infrastructure owing to the increase in the demand for DNA testing. Such upgrades are likely to improve existing technologies and reduced the time and expenses involved in solving the cases. It is also predicted to increase the accuracy & efficiency of DNA analysis, thereby creating lucrative growth prospects. List of Key Players of Forensic Technology Market
Like it? Share it! More by this author |