Portland, OR -- (SBWIRE) -- 02/23/2018 -- Global Forensic Technology Market was valued at $9,458 million in 2016, and is estimated to reach $22,905 million by 2023, growing at a CAGR of 13.4% during the study period. Forensic technology is widely used in the court of law with an objective to investigate crime. Increase in crime rates and higher need for solving finesse crimes using advanced technologies are expected to drive the growth of the global forensic technologies market. Moreover, rise in government initiatives such as funding to support forensic research supplements the growth of the market. However, lack of accuracy of the results obtained through the use of these technologies are expected to impede the market growth.

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Rise in adoption of forensic technology to solve criminal cases is a major factor that drives the growth of the market. Technology such as DNA fingerprinting and profiling is employed in diverse cases such as in legal claims, missing person?™s cases, identification for the military, and paternity and prenatal testing which is expected to boost the market growth.

Forensic technology involves the use of data/sample collected from the crime scene.The market has witnessed significant growth in the recent past due to development of new types of technologies to solve crimes.

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For instance, in 2014, National Institute of Justice (NIJ) and National Science Foundation (NSF) jointly initiated an Industry/ University Cooperative Research Center to improve university and industry collaboration in forensic science R&D and education. Moreover, NIJ has established a partnership with the National Science Foundation (NSF) and the National Institute of Standards and Technology (NIST) to promote innovation in forensic science. In addition, NIJ funds forensic science projects to promote fundamental forensic science research.

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.

The drug analysis service segment generated the maximum revenue, accounting for more than one-fourth of the global forensic technology market in 2016. However, DNA profiling segment is estimated to exhibit the highest growth rate of 17.1% during the forecast period.

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Forensic Technology Market Key Segments:

By Product
DNA Testing
Biometric Devices
Digital Forensics
Ballistic Forensics
Others

By Service
DNA Profiling
Fingerprinting Analysis
Drug Analysis
Firearm Analysis
Others