Crime Risk Report Market Share, Size, Trends, Industry Analysis Report, By Type (Financial & Cybercrime, Personal, Property, and Others); By Deployment; By Application; By Region; Segment Forecast, 2022-2030
- Published Date:Dec-2022
- Pages: 119
- Format: PDF
- Report ID: PM2902
- Base Year: 2021
- Historical Data: 2018-2020
Report Outlook
The global crime risk report market was valued at USD 6.64 billion in 2021 and is expected to grow at a CAGR of 15.9% during the forecast period.
Crime risk assessments have many advantages for organizations. For instance, the report gives a structured approach to risk management, aids in decision-making, and helps produce repeatable results. It also helps to comprehend the context of the illegal act. The papers also contribute to the development of a framework for recognizing, assessing, analyzing, and reducing risks, which ultimately fuels market expansion.
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These reports also support organizations’ budgetary and decision-making processes for security-related expenses. The growing demand from healthcare institutions, financial service providers, and private enterprises for crime risk reports contributes to the market's expansion. For instance, the CRIMECAST report from CAP Index, Inc. includes color-coded risk intelligence maps that show dangers, past, present, and future crime statistics, and risk data for unlawful acts against property and people at the local, regional, and national levels. This is anticipated to increase demand for crime risk reports over the forecast period.
The market is anticipated to grow due to an increase in companies' awareness of the need to implement proper security measures to prevent criminal activity. The regulations include the GDPR, HIPAA, FED SR 13-19 Guidance on Managing Outsourcing Risk, PCI DSS, & SOX, among others.
The pandemic has posed an enormous challenge for businesses worldwide. Cyberattacks have increased by an order of magnitude due to the surge in communications and the widespread shift to conduct business online. Leaders in security and risk management must now protect their businesses on a massive scale and quickly. They must make sure that their online services and digital platforms businesses are secure from cyberattacks.
According to Europol's 'Internet Organised Crime Threat Assessment,' cybercrime is rising every year at a rapid pace. The COVID-19 crisis was no exception. The focus shifted from individuals and small businesses to large corporations, governments, and critical infrastructure during the crisis. During COVID-19 the cyber security risks for businesses of all sizes, as well as individuals have increased.
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Industry Dynamics
Growth Drivers
The industry is expected to rise as a result of factors like the rising digitalization of financial systems and concern about data security and fraud. Financial institutions all across the world are using IT technologies to improve business processes. Providers of cloud-based crime risk solutions are growing at considerable returns due to their ability to keep costs low, innovate quickly, and diversify their product offerings. For instance, In October 2020, to improve smaller banks' capacity for crime risk management, Oracle Corporation recently enhanced its cloud-based Anti-Money Laundering (AML) solution for smaller banks. The technology drives the whole AML lifecycle, enabling institutions to reduce compliance costs and overhead while also promptly spotting unusual customer behavior to halt illegal activity.
Furthermore, industrial operations have become virtual as a result of the increasing digitalization and development of mobile apps, which has recently led to increased online security threats and fraudulent activities. In September 2022, novoShield released a mobile security app that is a corporation and intended to shield customers from mobile phishing threats. The novoShield program was released for iPhones via the US and Israeli Apple app stores. It bans users from accessing harmful sites in real time. The software never saves browser history, shares user information with other parties, or modifies any data or text inputted on any website that a user visits. The public and private players are focusing on the launches of solutions which is boosting the demand for crime reports that are driving market growth over the forecast period.
Report Segmentation
The market is primarily segmented based on type, deployment, application, and regio
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By Type |
By Deployment |
By Application |
By Region |
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BFSI segment is expected to witness the fastest growth
One of the most affected areas in the crime risk portfolio is the use of online payment methods and digital transactions which is booting the segmental growth over the forecast period. The rising digitization along with an increase in fraud in the banking sector has increased the demand for safe online payment for which crime risk reports are supportive which is assisting the market to grow.
The financial and Cybercrime segment industry accounted for the highest market share in 2021
Businesses are researching effective security measures as a countermeasure to reduce the risk of crime as a result of an increase in cyber-attacks such as malware, phishing, and brute force attacks. Attackers are breaking into company operations, which results in business downtime, utilizing open-source intelligence, social media, and network information. Fraudulent financial transactions also increase the need for businesses to seek security advice from criminal risk consultancy firms. These variables are anticipated to support market expansion during the forecast period.
The demand in North America is expected to witness significant growth
The growth in the region is anticipated to grow as a result of an increase in identity theft, ransomware, email hacking, & account thefts. It is anticipated that increasing violent crime in the area will increase demand. Companies doing business in the United States must make sure that all applicable federal and state laws are followed. The influence of criminal activity and violence on the economic sector and its consequences on the economic, cultural, and demographic qualities that constitute the region's economic and social development are further identified by government agencies in the region using crime risk reports.
Additionally, the Asia-Pacific area, which accounts for major online retail transactions worldwide, offers potential market growth space for risk-related solutions during the projection period. The crime risk report also aids in closing the knowledge and awareness gap that exists across nations concerning the implementation of effective policies, plans, and tools that guarantee the safer use of information and communication technology. In particular, the market in China, Japan, South Korea, India, and Australia would greatly expand for crime risk report solutions in the upcoming years.
Competitive Insight
Some of the major players operating in the global market include ACI Worldwide, Inc., CAP Index, Inc., CCL Compliance Limited, Capgemini SE, Capco Inc., CoreLogic, Inc., Experian Information Solutions, Inc., Fenergo Ltd, Fiserv, Inc., HackSurfer, Intelligent Direct, Inc., IBM Corp., Location, Inc., Mphasis Limited, NICE Ltd., Oracle Corporation, Pinkerton Consulting & Investigations, Inc., Refinitiv US Holdings Inc., RiskScreen (KYC Global Technologies), SAS Institute Inc., Silva Consultants, and Verisk Analytics, Inc.
Recent Developments
- In March 2019, Fenergo announced the launch of Fenergo Hierarchy Manager (FHM). The comprehensive ultimate beneficial ownership (UBO) & counter-party hierarchy modeling & visualization tool, based on the “Force-directed graph technology”, accelerates AML screening & enables financial firms to manage & reduce risk.
Crime Risk Report Market Report Scope
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Report Attributes |
Details |
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Market size value in 2022 |
USD 7.68 billion |
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Revenue forecast in 2030 |
USD 25.04 billion |
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CAGR |
15.9% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
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Segments Covered |
By Type, By Deployment, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
ACI Worldwide, Inc., CAP Index, Inc., CCL Compliance Limited, Capgemini SE, Capco Inc., CoreLogic, Inc., Experian Information Solutions, Inc., Fenergo Ltd, Fiserv, Inc., HackSurfer, Intelligent Direct, Inc., IBM Corp., Location, Inc., Mphasis Limited, NICE Ltd., Oracle Corporation, Pinkerton Consulting & Investigations, Inc., Refinitiv US Holdings Inc., RiskScreen (KYC Global Technologies), SAS Institute Inc., Silva Consultants, and Verisk Analytics, Inc. |
