The U.S. Market for Forensic Technologies and Services is Forecast to Reach US$27.3 Billion by 2024

Ever-Present Threat of Crime Drives Demand for Forensic Technologies and Services, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the U.S. Forensic Technologies and Services market. The U.S. market for Forensic Technologies and Services is forecast to reach US$27.3 billion by 2024, supported by the fact that crime has and will continue to be an integral part of human society with the causes for the same being as diverse as poor parenting and instillation of moral values; unwillingness of immigrants to conform to American societal norms; rising incidence of psychological diseases that lead to anti-social behavior; haphazard urbanization, growing wealth gap, increase in poverty and structural flaws in the economy and society that creates fractures in ideologies and sense of social justice.

Governed by the ever-present threat of crime, demand for forensic technologies is witnessing stable growth. Forensic evidence, as gleaned from collection of physical evidence from crime scenes, interpretation of laboratory findings, and presentation of the same in judicial proceedings, plays a pivotal role in criminal investigations. Given its potential to nail down the guilty and acquit the innocent, the social impact of forensics is huge. Forensic technologies have long been a combination of fingerprinting, toxicology, weapon identification, document analysis, trace analysis of fiber, hair, blood, biological fluids, and chemical identification. Currently however, the three evolving areas of DNA analysis, computer/cyber forensic and explosive investigation have come to form an integral part of forensic science in the 21st century. While there is a need to reassess the dependability of the current practice of forensic science, there exists an even greater need for innovation and improvements in forensic technology.

With gun violence continuing to be the bane of the American gun culture, forensic ballistics flaunts strong potential for growth and development. Over 13,000 to 14,000 people are killed each year in the country as a result of gun violence while over 30,000 people are injured annually. In the year 2017 alone gun related deaths in the country rose by 18% as compared to the year 2016, indicating a major social problem of American Carnage. The lack of adequate gun control legislation is a key factor aggravating the threat of gun violence in the country in addition to deterioration in parenting and family values, poor diagnosis & treatment of mental illnesses. All of these factors trigger a perennial demand for forensic ballistic intelligence including toolmark analysis

Also, the alarming rise in premeditated cybercrime against the backdrop of growing asset value of digital information is driving demand for computer forensics. Growing adoption of Internet by governments for defense and military management and public governance makes public safety and national security vulnerable and dependent upon the robustness of a network. Several governments across the world have already been targets of cyber-warfare. Increasing use of mobile internet is also leading to an outbreak of malware programs.

The current era of slow growth is inviting financial fraud and is thereby strengthening the business case for forensic accounting services. The current global economy is struggling to recover, posting anemic growth amid daunting challenges on all fronts. Since the recession period of 2007-09, global growth has been stuck in 2.5% to 3.5% range. While the year 2016 ended on a lackluster note, hopes for a more moderate recovery forecast for the years 2017 and 2018 is still yet threatened by downside risks such as uncertainty cast by the global ramifications of policy changes and ideologies of the new Trump administration in the U.S. and political uncertainties and geopolitical threats in Asia and the Middle East. Also, Europe continues to muddle through its debt crisis with institutional and structural weaknesses that keeps the EU economy locked in a low-growth range. Also as a fallout of overregulated corporate frameworks and high employment, corporate financial frauds are rising. Fraudulent accounting practices give illusory and often devastatingly fraudulent information about business growth thereby duping customers, defrauding suppliers and swindling investors. Financial forensics services, defined as criminal investigation services with financial auditing skills, will in the coming years witness strong growth.

Major players in the market include Agilent Technologies, BAE Systems Plc, Capsicum Group LLC, Cellmark Forensics, Computer Forensics Inc., Creative Forensic Services, Cyber Agents Inc., Data Recovery Services, Forensics Consulting Solutions LLC, Forensic Pathways Ltd., Foster + Freeman Ltd., Global Digital Forensics Inc., Horiba, Ltd., KrollOntrack, Leica Geosystems AG, MicroForensics Inc., MorphoTrust USA Inc., Neogen Corporation, PAPILLON ZAO, Pyramidal Technologies Ltd., SBC Co. Ltd., Thermo Fisher Scientific Inc. and Tri-Tech Forensics Inc., among others.

The research report titled “Forensic Technologies and Services: A US Market Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The US market report provides market estimates and projections for major market segments such as Forensic Databases, Forensic Consulting, & Computer Forensics, Biometrics/Fingerprinting DNA Testing and Others (including Forensic Biology, Analytical Instruments, Toxicology Immunoassay Testing Products, and Drug Identification Kits).

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