According to a new report published by Allied Market Research, titled, “Forensic Technology Market by Product and Service: Global Opportunity Analysis and Industry Forecast, 2016-2023,” the global forensic technology market was valued at $9,458 million in 2016, and is projected to reach $22,905 million by 2023, growing at a CAGR of 13.4% from 2017 to 2023. Biometric devices segment held more than one-third share of the total market in 2016.
Advent of new technologies such as alternative light photography, ballistic photography and DNA sequencer and rise in incidence of crime are the key factors that drive the market growth. In addition, rise in government initiatives to support forensic research such as funding availability are anticipated to fuel the demand for forensic technologies globally. However, lack of results obtained from these technologies restrict the market growth.
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COVID-19 scenario analysis:
1) The COVID-19 impact on the Forensic technology market is unpredictable and is expected to remain in force till the fourth quarter of 2021.
2) The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import-export of nonessential items for most of 2021. This led to sudden fall in the availability of important raw materials.
3) Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.
4) Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative drone analytics systems globally.
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Key Findings of the Forensic Technology Market:
•The services segment is expected to grow at a significant CAGR of 15.4%, during the forecast period.
•The chemical analysis segment accounted for more than one-fourth share of the global forensic technologies by services market in 2016.
•Biometric devices accounted for nearly two-fifths share of the global forensic technologies market by product in 2016.
•France and Germany collectively contributed for nearly one-third share of the European forensic technology market in 2016.
•Japan is the major shareholder in the Asia-Pacific forensic technology market, accounting for more than one-fourth share in 2016.
List of Key Players Profiled in the Report: