The global crime risk report market size is expected to reach USD 25.04 billion by 2030, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Financial institutions are using crime risk management services due to the rise in bank-related fraud and risk management which has increased the demand for crime risk reports over the forecast period. For instance, the Reserve Bank of India (RBI) revealed a total of around 9,103 occurrences of bank fraud in India during the 2022 fiscal year. Thus, rising bank-related frauds have increased the demand for crime risk solutions which is driving the need for crime risk reports.
Further, the danger of fraud and spam has increased due to the expansion of web-based banking and payment systems. Solutions for criminal risk management are currently being used in several applications, including banking, insurance, real estate, and others.
For instance, in May 2022, FinCrime Risk has been officially launched by Fenergo. Financial institutions will be able to consolidate and automate risk assessment procedures as well as optimize anti-money laundering (AML) conformance across all lines of business and geographical locations with the help of this application programming interface (API)-first software as a service (SaaS) solution. Therefore, the rising bank frauds along with the crime risk management solutions launches for safer payment and reducing frauds are boosting the market growth over the forecast period.
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Additionally, the market is likely to be driven by increased risks from both internal and external terrorist activity as well as an increase in financial frauds such as Ponzi schemes, investment fraud, illicit online lotteries, and money laundering operations. Crime data from law enforcement agencies are gathered using systems for crime risk analytics, which then statistically forecasts the crime rates for each unique form of crime. Due to an increase in crime worldwide, there is a rising need for such solutions.
Crime Risk Report Market Report Highlights
Polaris Market Research has segmented the crime risk report market report based on type, deployment, application, and region:
Crime Risk Report, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Crime Risk Report, Deployment Outlook (Revenue - USD Billion, 2018 - 2030)
Crime Risk Report, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Crime Risk Report, Regional Outlook (Revenue - USD Billion, 2018 - 2030)