Forensic Equipment and Supplies Market Size and Analysis, Trends, Recent Developments, and Forecast Till 2028
The growing significance of DNA analysis in criminal investigations and the rising number of forensic laboratories are the key factors fueling the growth of this market
Market Size – USD 6.7 billion in 2020, Market Growth – at a CAGR of 7.9%, Market Trends – The rising government focus on strengthening national intelligence competencies
The global forensic equipment and supplies market size is expected to reach USD 12 billion by 2028 at a CAGR of 7.9%, according to a new report by Reports and Data. The steadfast growth of the market is accelerated by the consistently rising number of crimes and violations of law & order worldwide, mainly in regions with the lowest literacy rates, increasing adoption of leading-edge forensic technologies across government and independent forensic labs, and the significant role of DNA profiling and identification in criminal investigations. The extensive usage of advanced forensic equipment across crime investigation agencies and intelligence agencies and rising government initiatives to strengthen national intelligence capabilities create market growth opportunities in the near future.
Key companies operating in the market and profiled in the report include:
Thermo Fisher Scientific, SCIEX (Danaher Corporation), GE Healthcare, PerkinElmer, Agilent Technologies, Air Science, QIAGEN NV, Illumina, Inc., Lynn Peavey Company, Waters Corporation, BVDA International, Spectris, Safariland, LLC, Horiba, and Sirchie
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The report is an investigative study that determines market growth and market scope on the basis of market trends, consumer behavior shifts, consumption and production patterns, product portfolio offered by the market, growth rate, drivers and constraints, financial positions, and existing challenges and limitations of the Forensic Equipment and Supplies market.
The report discusses in detail the global production capacity, demand and supply ratio, market dynamics, and comprehensive analysis of the competitive landscape. It provides an industry-wide analysis of the market share of each players along with their business portfolio, production and manufacturing capacity, product portfolio, business expansion plans, financial standing, and strategic alliances such as mergers and acquisitions, joint ventures, and collaborations, among others.
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The Forensic Equipment and Supplies market takes into account major geographical locations such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa to offer key insights into market growth, market size, market share, revenue growth, current and emerging trends, supply and demand ratio, import/export, consumer demand and behavior, and presence of key players in each region. The report offers an in-depth country wise analysis to impart better understanding of the market and its growth prospects.
Segments Covered in the report
By Product Type (Revenue, USD Billion; 2018-2028)
· Evidence-drying Cabinets
· Reagents and Consumables
· Low-temperature Storage Devices
By Instrument Type (Revenue, USD Billion; 2018-2028)
· Spectroscopy Equipment
o Mass Spectrometers
o Fluorescence Spectrometers
o Infrared Spectrometers
o UV-visible Spectrometers
o Atomic Absorption Spectrometers
· DNA Analyzers
o PCR Instruments
o Sanger Sequencers
o Electrophoresis Instruments
o NGS Instruments
· Fingerprint Analyzers
· Blood Chemistry Analyzers
· Forensic Cameras
· Laboratory Centrifuges
· Gas Chromatography Systems
· Liquid Chromatography Systems
· Others (Automated liquid handling systems, laboratory evaporators, powder flow analyzers, cage changing hoods, powder dispensers, forensic workstations, etc.)
By Application (Revenue, USD Billion; 2018-2028)
· DNA Analysis
· Drug Testing/Toxicology
· Blood Analysis
By End-user (Revenue, USD Billion; 2018-2028)
· Independent Forensic Laboratories
· Government Forensic Laboratories
· Research Laboratories & Academic Institutes
Key Regions Analyzed in the Report include:
Rest of Europe
Rest of APAC
Rest of LATAM
Rest of MEA
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Furthermore, it consists information about individual segment of the Forensic Equipment and Supplies market based on the types and application. The report also offers insights about the key segments expected to register significant revenue growth over the forecast period and primary trends influencing their growth. It also offers CAGR and market share values for each segment to provide clear understanding of demand and trend in the global market.
Key Highlights of the Report:
· Based on product type, the reagents & consumables segment stands out as the most dominant market segment, accounting for the highest revenue share in 2020. This segment is projected to grow significantly in the forthcoming years, mainly owing to the surging use of forensic reagents & consumables in trace evidence analysis, the growing use of DNA profiling in criminal investigations, and the rising government spending on forensic science development.
· The drug testing/toxicology segment is estimated to emerge as the leading application segment over the forecast timeframe. The growing incidences of crimes, such as homicides, poisoning, drug abuse, and murders, across the globe, the emergence of advanced toxicity analysis platforms, and the rising availability of forensic toxicology laboratories are among the most vital factors fueling this segment’s growth.
· North America is poised to emerge as the leading regional segment in the global forensic equipment and supplies market over the estimated period, holding the highest revenue share. The presence of robust judicial systems in North America, mainly the U.S., the region’s leading crime investigation agencies, such as the Federal Bureau of Investigation (FBI), increasing investments by the government in the forensics industry, the fast-paced adoption of state-of-the-art forensic technologies across various independent and government forensic laboratories are the pivotal factors behind this regional segment’s growth.
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Forensic Accounting Market Growth Rate, Future Scope, Analysis, Business Development and CAGR To 2027
Global Forensic Accounting Market Research Report: By Component (Solution- Forensic Tools/Software, Audit/Accounting software) Services), By End-user (Banking and Insurance, Law Enforcement Agencies, Government, Accounting Firm, Others) By Region - Forecast till 2027
The Global Forensic Accounting Market is expected to reach USD 9.85 Billion by 2027, registering a CAGR of 8.2% during the forecast period 2020–2027. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the coming years.
Increasing adoption of digital tools for investigation and stringent regulations and compliance is driving the global forensic accounting market. Forensic accountants extensively use such tools and services in order to effectively conduct investigative procedures. These accountants are the investigators employed by various firms and agencies who conduct investigations related to financial frauds. In the past, these investigators used traditional methods for data crunching and data analysis. However, with the advent of advanced technologies like analytics, high-level forensic tools such as various accounting and auditing tools and integrated forensic software suite have been developed which are largely used to streamline the investigation. Vendors operating in the market is offering tools and solutions in line with the requirements of forensic accountants. These software tools have the capabilities to analyze and deliver meaningful data with ease. Additionally, this software also has the capabilities to locate all the data on a computer disk and protect the evidence (data) and therefore helps forensic accountants create reports that can be used for legal proceedings.
The adoption of forensic accounting is specifically increasing among accounting firms and law enforcement agencies. Also, with the entry of various forensic accounting solution providers in the market, end users have various vendors to choose from before selecting the suitable solution vendor, which in turn is creating competition in the market. Also, with the introduction of more affordable and comprehensive solutions, the popularity of forensic tools is increasing. All these developments in the market are expected to drive the market forward.
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The global forensic accounting market has been segmented on the basis of component, end user, and region
Based on component, the forensic accounting market has been segmented into solution and services. The solution segment includes forensic tools/software, audit/accounting software and other solutions used for investigative purposes. The services segment includes professional services offered by solution providers. These professional services include training, consulting and maintenance services. The solution segment accounted for the larger share in the year 2018, in the overall market. Whereas, the forensic tools sub-segment is expected to grow at the highest CAGR during the forecast period (2020–2027). The growing adoption of forensic tools can be attributed to the growing demand for such software tools among law enforcement agencies and accounting firms.
Based on end user, the forensic accounting market has been segmented into banking and insurance, law enforcement agencies, government, accounting firm, and others. Law enforcement agencies and accounting firms extensively use these tools and software to investigate financial frauds and crimes effectively. Apart from free statistical tools, advanced forensic tools are also being which is driving the overall market.
The key players of the global forensic accounting market are Galvanize, CaseWare IDEA, Arbutus Software Inc., Fulcrum Management, Nuix, Cygna Labs Corp, e-fense, Passware, OpenText, Cellebrite, Sama Audit Systems & Software Pvt Ltd, and AccessData.
The regional analysis for the global forensic accounting has been conducted for North America, Europe, Asia Pacific (APAC), and the Middle East & Africa, and South America.
The market in North America accounted for the largest market share in 2018, and it is expected to register strong growth during the forecast period. The key driving factors for the growth of the forensic accounting market in the region include the growing demand for such solutions among enterprises operating in the US, Canada, and Mexico.
The market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period. For the purpose of analysis, Asia-Pacific has been categorized into China, Japan, India, and the rest of Asia-Pacific. This growth can be attributed to the growing adoption of digital forensic solutions largely among law enforcement agencies and various big accounting firms.
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