Market Size of Crime Risk Report Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 16.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Crime Risk Report Market Analysis
The crime risk report market is anticipated to witness a CAGR of 16.0% over the forecast period 2021 - 2026. Factors, such as increased digitalization in the banking system, and concern for data security and fraud detection issues are anticipated to fuel the market growth. The surge in banking-related fraud and risk management are influencing the financial institutes across the globe to implement crime risk management solutions. With the growth in web-based banking and payment system, the risk of fraud and spams have increased over the last few years. Currently, crime risk management solutions are being implemented for various applications such as banking, insurance, real estate, and others.
- Financial crime costs around USD 2.5 trillion per year which is equivalent to 3-4% of global GDP. Internet banking is expected to hold more than 70% share in the financial crime cost value, followed by mobile banking with more than 12%.
- According to UK Finance Limited, fraud and scams have cost GBP 1.2 billion to the UK government in 2018, which is 75% of the spending on finance security systems by the country.
