Crime Risk Report Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

The global crime risk report market was valued at USD 4.26 billion in 2020 and is projected to reach USD 15.32 billion by 2028, expanding at a CAGR of 21.2 % during the forecast period, 2021 – 2028. The growth of the market is attributed to increasing crime cases, which drives law agencies and governments to seek the services of crime risk accessing companies.

Crime risk reports offer various benefits to businesses. For instance, it provides a structured method toward risk management, improved understanding of unlawful acts, delivers effective results, and facilitates decisions. Moreover, the reports help establish a basis for evaluating, mitigating, identifying, and analyzing risks which fuels the market.

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Market Trends, Drivers, Restraints, and Opportunities:

• Crime risk reports helps enterprises in decision making processes and security-related budget allocation.
• Increasing demand for crime risk reports from financial service providers, healthcare organizations, and private industries is estimated to drive the market.
• Growing number of bribery and homicide cases in countries such as Mexico, Brazil, and the US is projected to boost the market during the forecast period.
• Increasing awareness among organizations about taking necessary security measures to reduce unlawful acts is anticipated to drive the market.
• These reports help users to conduct wide risk assessment based on services, clients, geographies, and products.

Market Segment Insights:

The financial & cybercrime segment was valued at USD 1.61 billion in 2018

Based on types, the global crime risk report market is segregated as personal crime, financial & cybercrime, property crime, and others. The financial & cybercrime segment is expected to expand at a robust CAGR during the forecast period. Businesses are looking at effective security solutions as a countermeasure to reduce crime risks and combat cyber-attacks such as ransomware, phishing, and brute force attacks, This factor is estimated to drive the market. Attackers access business processes using open source intelligence, network information, and social media causing downtime. Furthermore, fraudulent financial transactions increase the need for organizations to seek security solutions from crime risk consulting firms. These factors are projected to drive the market during the forecast period.

Regional Outlook

On the basis of regions, the global crime risk report market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is anticipated to expand at a high CAGR during the forecast period. It is expected to grow, due to increasing cases of credit card fraud, email hacking, ransomware, account theft, and identity theft. This results in an imperative need for risk consultation as a preventative measure. Demand for crime risk reports is expected to increase, as these reports are used in the design and implementation of violence reduction initiatives that focus on reducing violence against women and minors and effectively combat rising cases of violent activities in the area.

Crime risk reports are used by government agencies in this area to determine the impact of illegal acts and violence on the economic sector, as well as their effects on the demographic, economic, and cultural attributes that shapes the region's social and economic development. Additionally, the reports help in linking the gap between countries in terms of knowledge and awareness about the deployment of programs, capabilities, and appropriate strategies to ensure safe use of communication and information technologies.

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Competitive Landscape

Key players in the global crime risk report market include CCL Compliance Limited, IBM Corporation, CoreLogic, Inc., AP Index, Inc. (CRIMECAST Reports), Intelligent Direct, Inc., PwC, Location, Inc., Silva Consultants, Pinkerton Consulting & Investigations, Inc., Verisk Analytics, Inc., and HackSurfer. These players focus on offering cutting-edge solutions to government agencies and other businesses to help them reduce damages caused by litigation, fraud, general liability, and illegal activity against people and property. For example, in March 2018, NeighborhoodScout, a website of Location, Inc., published a list of 100 Most Dangerous Cities. The list was used to compare city-wise safety ratings and provide the FBI with an average rate of illegal acts in the US.

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