The Global Forensic Technologies Market is projected to reach $41.27 billion by 2028, from a value of $19.51 billion in 2022, by registering a CAGR of 13.3% during the forecast period. High upsurge in the number of violent crimes across the globe, increasing acceptance of digital forensic in the information technology sector, rising number of funding programs focused toward pneumonia research, and involvement of advanced technologies to solve criminal cases are the major factors propelling the growth of the market. However, lack of accuracy of these technologies and reduction in government expenses are hampering market growth. Moreover, mounting pressure to clear backlog cases on the judicial system and outsourcing of case results by government of various countries are creating ample opportunities across the globe.
Recent Developments
In April 2022, Bode Technology announced an investment worth USD 2 million for expansion of its forensics operations in Fairfax County, Virginia, U.S. for catering to the rising demand for its offerings. Prior to this expansion, the company had also launched a new forensic genealogy service for crime laboratories and law enforcement investigators, signifying a high potential for market growth in this domain.
In January 2021, Forensic Access completed the acquisition of IntaForensics, which is a digital forensics specialists. The acquisition was backed by Limerston Capital and is anticipated to reshape the forensics landscape, building on world-class expertise.
In January 2020, BlackBag Technologies has acquired by Cellebrite. BlackBag provides forensic analysis tools for Apple macOS, Microsoft Windows, and iOS, and Google Android-based mobile and computers devices. The acquisition expands Cellebrite’s portfolio of digital intelligence solutions and upgrades its strategic commitment to provide its customers, in addition to its industry-leading products, a “one-stop-shop” offering and approach that is capable of meeting all of their digital investigation needs.
In March 2017, Agilent Technologies launched a research-grade Triple Quadrupole LC/MS System. This product launch was undertaken to expand their offerings and venture into various research applications such as forensic toxicology, environmental testing, clinical research, and peptide quantitation.
Competitive Landscape
3M Company, Thermo Fisher Scientific, Agilent Technologies Inc., GE Healthcare, Neogen Corporation, BlackBag Technologies, Qiagen, Forensic Access, Eurofins Medigenomix GmbH, Promega Corporation, Bio-Rad Laboratories, NMS Labs, IDEMIA, HORIBA, Ltd., LGC Limited, SPEX Forensics, Canon, Bode Technology, Illumina, Inc., and BAE Systems plc are some of the major players in the global Forensic Technologies market.
