May 08, 2020: The globalcrime risk market size is expected to reach USD 15.34 billion by 2025, registering a CAGR of 21.4% from 2019 to 2025, according to a new study conducted by Radiant Insights, Inc. Growing threats from internal and external terrorist activities coupled with rising number of financial frauds, such as fraudulent investment scams, Ponzi schemes, illegal online lotteries, and money laundering activities, are expected to drive the market over the forecast period. Crime risk analytics solutions are designed to collect crime data from law enforcement agencies and statistically predict the crime rates for every individual type of crime. The need for such solutions is growing due to increasing crime cases across the world.
Increasing personal crimes, such as homicides and kidnapping, are forcing individuals to consult crime risk report companies. Moreover, property crimes, such as carjacking, burglaries, shop robberies, and gun point robberies, make individuals and organizations take pre-emptive measures. These factors are expected to drive the growth of this market over the forecast period. Quick adoption of new and innovative technologies, such as IoT and Big Data, are increasing the complexities and security challenges regarding networks and systems. This factor is also expected to contribute to the market growth in the years to come.
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Further key findings from the study suggest:
• The financial & cybercrime segment is anticipated to register the highest CAGR from 2019 to 2025 as the growing monetary losses associated with financial frauds and cybercrimes prompt law enforcement agencies to curb such crimes
• Asia Pacific is expected to be the fastest-growing regional market recording a CAGR of 23.9% from 2019 to 2025
• On the other hand, North America is projected to be the largest crime risk report market during the forecast years
• Some of key companies in the market include CAP Index, Inc.; CCL Ltd.; CORELOGIC; HackSurfer, Intelligent Direct, Inc.; Location, Inc.; Pinkerton Consulting & Investigations, Inc.; Silva Consultants; and Verisk Analytics, Inc.
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