Wellesley, MA (PRWEB) October 14, 2013
According to a new technical market research report, Top Ten Companies in Forensic Technology from BCC Research (http://www.bccresearch.com), the United States market for forensics products and services was valued at $11 billion in 2011. BCC Research projects the market to grow to $17 billion by 2016 and register a five-year compound annual growth rate (CAGR) of 9.4% from 2011 to 2016.
The forensics industry is currently undergoing rapid growth as well as dramatic change due to several factors, including current and emerging technologies, the development of new forensic techniques, and lower implementation costs. The demand for forensic-related products and services continues to grow at a robust pace, a trend that is likely to continue over the coming years. Spending on DNA–related government lab testing is rising and the U.S. and other national governments are investing in many large biometrics initiatives. In the private sector, labs are gaining traction and benefitting from a larger role in establishing forensic results for the FBI and other law enforcement agencies. Private company spending in human identity analysis, toxicology testing, computer–forensic services and other forensic–related areas as well as the demand for biometrics products and services is also growing.
The broader forensic technology industry can be sub–divided into several different component categories that include DNA testing and analysis; analytical instruments and equipment; toxicology/immunoassay; biometrics; computer/ database forensics; and forensic consulting.
The digital era is also having a profound effect on forensic investigation techniques and demand. With the Internet emerging into a universal vehicle for communication, and the digital transfer and storage of sensitive data, there has been a surge in Internet related crimes, and abuse of corporate and government information assets. The hacking of secure networks for unauthorized access to data results in identity theft and unauthorized use of credit/debit card information. These cyber–crimes are creating a massive market for computer forensics technology, including tools for collecting and analyzing electronic data in order to present it as evidence in a court of law.
Technological advances are increasing accuracy and quality, lowering costs, and generally benefitting all areas of demand for forensic–related products and services. These technology-side developments are lowering the cost of implementation and leading to new and more efficient techniques for investigation. Greater portability and accuracy are also resulting in new and improved methods and are expected to drive significant growth and change in the forensics industry.
This report from BCC Research identifies the leading-impact players in the forensic technologies market that are expected to remain prevailing leaders going forward because of factors such as solid customer traction, industry-leading technologies, and product lines that are expected to remain in high demand. It provides an overview of the top 10 companies in the market for forensics technology, and the rationale behind their selection. This study also identifies the factors taken into account for their selection, including technical innovation, market leadership, and commitment to this market via investment in products.
This report is intended for suppliers of forensic technologie s and those with a need to understand the status and dynamics of the market for these products. The report will be especially useful for executive management personnel, marketing and financial analysts, investors, and anyone interested in the forensic market for analytical instrumentation, drug and toxicology analysis, DNA profiling, and fingerprinting/biometrics.