Forensic Technology Global Market Report 2024

The forensic technology market size has grown rapidly in recent years. It will grow from $18.59 billion in 2023 to $20.87 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be credited to several factors, including the enhanced efficacy of forensic analysis, a rise in crime rates, heightened demand for DNA testing, improved accuracy and efficiency in DNA analysis, and greater adoption of forensic techniques by private enterprises.

The forensic technology market size is expected to see rapid growth in the next few years. It will grow to $33.3 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth projected for the forecast period can be linked to several factors, including the uptick in homicide cases, heightened investments in modernizing forensic capabilities, an increase in violent crimes, expanded options for chemical analysis in drugs, and a rise in cybercrime incidents. Major trends anticipated in this period encompass advancements in technology, advanced biometric solutions, the integration of AI-powered forensic tools, strategic partnerships, and the launch of new products.

The growth of the forensic technology market is being fueled by the increasing crime rates. Crime rates are measured statistical indicators that show the frequency of criminal activities within a specific population or area over a set period. Several factors contribute to the rise in crime rates, including poverty, unemployment, economic disparity, and rapid urbanization, creating environments conducive to criminal behavior. Forensic technology plays a crucial role in addressing rising crime rates by improving investigation, detection, and prevention capabilities, enabling law enforcement agencies to solve crimes more effectively and accurately. For example, police in England and Wales registered 6.7 million crimes in the year ending June 2023, compared to 6.5 million in the previous year, indicating a 4% increase and highlighting the need for enhanced forensic technology tools.

Leading companies in the forensic technology market are concentrating on developing innovative technologies such as AI-powered forensic tools to boost the accuracy, efficiency, and effectiveness of forensic investigations. AI-powered forensic tools use artificial intelligence and machine learning algorithms to analyze and process digital evidence during investigations. For instance, Alvarez and Marsal recently launched ChatView, an AI-powered forensic tool that offers AI-driven transcription and translation for voice memos and video files. This feature allows for more streamlined analysis of such messages, enabling lawyers and investigators to collect and assess vast amounts of chat data from various communication platforms with greater efficiency and security.

In September 2023t, LeadsOnline LLC acquired Forensic Technology Inc. from Ultra Electronics, aiming to integrate advanced forensic solutions and enhance investigative capabilities for law enforcement agencies. Forensic Technology Inc. is known for providing cutting-edge forensic technology solutions, contributing to the expansion and advancement of forensic technology in law enforcement.

Major companies operating in the forensic technology market are Hitachi Corporation, F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Siemens Healthineers AG, Thales SA, GE HealthCare Technologies Inc., Agilent Technologies Inc., Nikon Corporation, Shimadzu Scientific Instruments, IDEMIA Group, Bio-Rad Laboratories Inc., Bruker Corporation, QIAGEN N.V., HORIBA Ltd., Carl Zeiss AG, FLIR Systems Inc., Ultra Electronics Holdings Plc, LGC Forensics Ltd, AB SCIEX Pte Ltd, Leica Microsystems GmbH, Neogen Corporation, Promega Corporation, Pacific Biosciences of California Inc., Bode Cellmark Forensics Inc., Sirchie, Morpho.

North America was the largest region in the forensic technology market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the forensic technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the forensic technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Forensic technology involves the use of scientific and technological methods for investigating crimes, examining evidence, and supporting legal proceedings. It encompasses a wide array of tools and techniques utilized in collecting, preserving, analyzing, and presenting evidence for both criminal and civil investigations. This field is crucial to forensic science, which aims to uncover factual information about incidents and provide objective data admissible in courts.

The primary categories of forensic technology include next-generation sequencing (NGS), capillary electrophoresis, polymerase chain reaction (PCR), microarrays, rapid DNA analysis, automated liquid handling technology, among others. Next-generation sequencing (NGS) is a high-throughput DNA sequencing method that allows for sequencing millions of DNA or RNA fragments simultaneously. Services offered encompass DNA profiling, chemical and biometric analyses, firearms identification, and other services utilized in various settings such as laboratory and portable forensics. Applications range from pharmacogenetics and biodefense to judicial/law enforcement purposes and beyond.

The forensic technology market research report is one of a series of new reports that provides forensic technology market statistics, including forensic technology industry global market size, regional shares, competitors with a forensic technology market share, detailed forensic technology market segments, market trends, and opportunities, and any further data you may need to thrive in the forensic technology industry. This forensic technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The forensic technology market consists of revenues earned by entities by providing services such as digital forensics, cybersecurity forensics, audio and video forensics, and biometric analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. The forensic technology market also includes sales of DNA and biological analysis tools, document and handwriting analysis tools, financial forensics tools, and expert testimony tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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