Crime Risk Report Global Market Report 2024

The crime risk report market size has grown rapidly in recent years. It will grow from $8.6 billion in 2023 to $10.12 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The expansion observed in the historical period can be ascribed to a rise in both the frequency and sophistication of cyber threats. This phenomenon is further fueled by notable cybersecurity incidents, the ongoing process of digital transformation, and the expanding attack surface. Additionally, the heightened reliance on digital infrastructure contributes significantly to this growth.

The crime risk report market size is expected to see rapid growth in the next few years. It will grow to $19.39 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The anticipated expansion in the forecast period can be credited to the emergence of novel cyber threat vectors, heightened concerns regarding supply chain cybersecurity, the integration of cyber risk management into business strategy, a concentrated effort on addressing insider threats through employee training, and an increased adoption of cyber insurance. Prominent trends expected in the forecast period encompass the escalation of ransomware attacks, challenges related to cloud security, the implementation of human-centric cybersecurity strategies, continuous monitoring and utilization of threat intelligence, as well as an emphasis on collaboration and information sharing.

The escalating incidents of cybercrime are anticipated to drive the expansion of the crime risk report market. Cybercrime encompasses illicit activities conducted through digital means or via the dissemination of malicious software, jeopardizing sensitive information. Crime risk reports play a pivotal role in averting cyber threats such as hacking, phishing, and malware attacks. Industries increasingly rely on these reports to pinpoint potential vulnerabilities and mitigate risks, safeguarding their assets and data from cyber threats. For example, the Australian Cyber Security Centre reported a surge in cybercrime reports, totaling 76,000 in 2022, marking a 13% increase from the preceding year. Consequently, the surging cases of cybercrime are poised to fuel the growth of the crime risk report market.

The ascending crime rates are projected to propel the advancement of the crime risk report market. Crime, characterized by intentional actions considered socially detrimental or hazardous, constitutes conduct clearly defined, prohibited, and punishable under criminal law. Leveraging sophisticated data analytics and predictive modeling, crime risk reports furnish valuable insights into crime patterns, empowering informed decision-making regarding security measures and resource allocation. Heightened awareness regarding potential risks associated with crime accentuates the significance of these crime risk reports. For instance, statistics from the UK's Office for National Statistics showcased an increase in Knife or sharp instrument offenses within the Metropolitan area, rising from 10,605 to 11,232 in the fiscal year ending June 2022. This surge amounted to a rate of 125 per 100,000 individuals. The West Midlands and Greater Manchester also witnessed substantial offense escalations, underlining an upsurge in crime rates. Consequently, the mounting crime rate serves as a driving force for the crime risk report market.

Technological advancements emerge as a prominent trend within the crime risk report market. Major industry players are dedicated to innovating new technologies to fortify their market standing. Advanced technologies play a crucial role in detecting, preventing, and responding to cyber threats, necessitating the development of novel solutions to address cyber risks. For instance, in January 2021, QuantaVerse, a US-based technology firm, introduced an additional Financial Crime Investigation Report utilizing AI and machine learning tailored for Level 1 AML compliance teams. This innovation reduced the average investigation time spent on an alert by over 50%. QuantaVerse's Financial Crime Platform harnesses artificial intelligence to automate the anti-money laundering investigation process, providing analysts with various Financial Crime Investigation Reports (FCIRs) delineating conclusive findings.

Key players in the cyber risk report market are directing their attention towards adopting Financial Crime Risk SaaS solutions to secure a competitive advantage. A Financial Crime Risk SaaS solution refers to a cloud-based software-as-a-service offering tailored to proactively mitigate and manage financial crime risks within organizational frameworks. This solution encompasses real-time monitoring, analysis, and compliance functionalities. For example, in May 2022, Fenergo, headquartered in Dublin and specializing in SaaS solutions, unveiled 'FinCrime Risk.' This API-first SaaS solution aims to streamline and automate risk assessment protocols, facilitating accelerated anti-money laundering (AML) compliance across various business sectors and geographical locations. Focused on technology, FinCrime Risk empowers financial institutions to centralize risk assessment processes, digitize manual operations, enhance operational efficiencies, and elevate customer onboarding experiences. It provides comprehensive client and entity risk profiles accessible to authorized users through integrated platforms.

In September 2021, BitSight, a US-based cybersecurity ratings company, completed the acquisition of VisibleRisk for an undisclosed sum. This strategic move by BitSight was geared towards fortifying its capacity to offer clients a more comprehensive and precise perspective of their cyber risk status, while simultaneously expanding its global clientele. VisibleRisk, also based in the US, specializes in cybersecurity technology, delivering assessment and rating services to organizations. The acquisition bolsters BitSight's position by integrating VisibleRisk's expertise, enabling enhanced cyber risk evaluation capabilities and furthering BitSight's commitment to providing comprehensive cybersecurity solutions.

Major companies operating in the crime risk report market report are CAP Index Inc., CoreLogic Inc., HackSurfer LLC, International Business Machines Corporation, Intelligent Direct Inc., Location Inc., PricewaterhouseCoopers International Limited, Pinkerton Consulting & Investigations Inc., Silva Consultants, Verisk Analytics Inc., ACI Worldwide Inc., Capco LLC, Fenergo Limited, Fiserv Inc., Oracle Corporation, Refinitiv US Holdings Inc., RiskScreen International Limited, Mphasis Limited, Capgemini SE, Moody's Corporation, Deloitte Touche Tohmatsu Limited, KPMG International Cooperative, Accenture plc, Ernst & Young Global Limited, Dell Technologies Inc., Check Point Software Technologies, Palo Alto Networks, VMware Inc., CrowdStrike Inc., Darktrace Limited.

North America was the largest region in the crime risk report market in 2023. Asia-Pacific is expected to be the fastest-growing region in the crime risk report market report during the forecast period. The regions covered in the crime risk report market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the crime risk report market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of crime risk reports encompass financial and cybercrime, personal, property, and other categories. Financial and cybercrime involve criminal activities conducted through digital technologies to illicitly acquire sensitive information or funds. These solutions can be deployed both on-premises and in the cloud, catering to organizations of various sizes, including large enterprises and small to medium enterprises (SMEs). The applications of crime risk reports span across industries such as banking, financial services and insurance (BFSI), government, real estate, and others.\

The crime risk report market research report is one of a series of new reports that provides crime risk report market statistics, including crime risk report industry global market size, regional shares, competitors with a crime risk report market share, detailed crime risk report market segments, market trends, and opportunities, and any further data you may need to thrive in the crime risk report industry. This crime risk report market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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