The global forensic technology market is projected to reach a market size of USD 50.41 Billion by 2027, with a rapid revenue growth rate anticipated over the next seven years. This growth is driven by the increasing demand for advanced technologies to solve crimes, as well as the rise in sophisticated crimes and illicit activities.
Advancements in technologies such as magnetic fingerprinting, DNA sequencing, and integrated ballistic systems are also contributing to market growth. These technologies enable enhanced fingerprint recovery and aid in concluding investigations of various crimes. Additionally, the growing global terrorism threat has led to an increase in the adoption of forensic technology.
Key drivers for market growth include rising crime rates, technological advancements in DNA sequencing and digital forensics, and an increased focus on cybersecurity. However, high costs associated with equipment and skilled personnel, as well as data privacy concerns, pose restraints to market growth.
Emerging technologies like artificial intelligence and big data analytics, along with increased government funding for research and development, present growth opportunities in the forensic technology market. SWOT analysis highlights strengths such as high accuracy and reliability of evidence analysis, weaknesses including high costs and data privacy concerns, opportunities like integration of emerging technologies and rising demand for digital forensics, and threats such as stringent regulations and evolving criminal tactics.
In terms of market insights, DNA profiling is predicted to have the highest revenue share in the forensic technology market, with the law enforcement sector expected to hold a significant portion of revenue. North America currently dominates the market, particularly the United States, due to the presence of major market players and the widespread use of forensic technologies by law enforcement organizations.
Major companies operating in the global forensic technology market include Thermo Fisher Scientific Inc., Danaher Corporation, Qiagen N.V., and Agilent Technologies, Inc. Reports and Data is a market research and consulting company providing syndicated research reports, customized research reports, and consulting services focused on consumer behavior shifts across industries.