We are living in a digital epoch where governments and companies are encouraging people to adopt digitalization with time. The internet penetration has increased manifold with the rise in electronic products’ reach and use. But with the rise in internet penetration in the lifestyle of people and authorities, and the increase in online business transactions, the rate of cybercrimes such as credit card fraud, data leaks and others, have skyrocketed. The attack on government data and leaks of classified data pose a potential threat to the national security of a nation. Forensic technology plays a vital role in fighting these cybercrimes and investigating into the cases of frauds and leaks.
Private companies and law enforcement agencies are investing huge amounts in the implementation of forensic technology in their organization for constant surveillance and assessment of the data related risks. Since all of the companies and agencies are using cloud based system to store their extensive amount of data, it exposes them to a potential threat of cyber-attack. Forensic organizations are using a wide range of systems today to efficiently create, send, search and store data to automate the business operations. The forensic technology also assists the forensic examiners in developing brisk and efficient action plan pertaining to fraudulent and illegal activities.
Forensics is an application of science with methodologies and techniques used by governments and law agencies, and private companies to handle cyber threats and to extract substantial evidence from the crime scene, to be presented in the court of law. Cybercrimes leave digital foot prints behind and forensic technology tracks the same. With the rise in global rate of cybercrime, the demand for development in forensic technologies and solutions have increased. The demand for the forensic technology is further pushed by prominent players within the respective areas of forensics companies such as 3M, LGC Group, Thermo Fisher Scientific, Micro Systemation and others.
According to BIS Research, the global forensic technology market is expected to grow over $19.25 billion in 2022 at a CAGR of 9.35% from 2016 to 2022. It was estimated to be $11.26 billion in 2016. The global forensic technology market will witness a robust growth owing to the high demand of development in the forensic technology and diversified application of the technology in various sectors, from healthcare to law enforcement.
The advancements in the field of digital forensic, including the areas of ballistics and DNA testing have been a major factor in the evolution of the global forensic technology market. DNA testing accounts for a significant share in the market as the law enforcement agencies are dependent on these. And because of the increase in cybercrimes over the years, the DNA testing technology dominated the market in 2016.
There has been an increase in the adoption of forensic technology in various geographical regions and this has effectively declined the number of cyber threats in the global market. This emerging technology market holds a prominent share in various countries, with North America currently dominating the market, due to the presence of renowned companies such as 3M Cogent and Thermo Fisher Scientific, which are leading innovators in the field of forensic technology. The Asia Pacific region is expected to be the fastest growing market in the coming years, due to the rising rate of cybercrimes.
BIS Research has conducted an extensive market research on ‘Global Forensic Technology Market- Analysis and Forecast, 2016-2022’. The market analysis report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
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