Rockville, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, has published a new report, which reveals that the global private investigation services market is estimated at US$ 18.2 billion in 2022 and is expected to evolve further at a CAGR of 4.5% between 2022 and 2032. The market is expected to grow due to the integration of technology into services and growing financial fraud across the world.
The global private investigation industry is looking promising due to an increase in the number of different frauds across the world. Rising incidents such as burglary, theft, property damage, kidnapping, and murder have also driven up the demand for private detective services.
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Private investigation service providers are looking to acquire new customers by offering bundled services for corporates, 24X7 services, and tech-enabled services. The investigation industry as a whole is evolving after the tech boom. Customers are looking for those who are more accessible in comparison to their counterparts. Private investigation services require maintaining clients’ information and secrecy, thus requiring the utmost trust between customers and service providers.
Key Takeaways from Market Study
- The global private investigation services market is projected to expand at a CAGR of 4.5% and be valued at US$ 28.2 billion by the end of 2032.
- The market expanded at 3.9% CAGR from 2017 to 2021.
- Under services type, employee verification services dominate the market and are valued at US$ 2.7 billion in 2022.
- North America led the global market with 35% market share in 2021.
- Demand for private investigation services is expected to increase at CAGRs of 4.7% and 6.2%, respectively, in Europe and South Asia & Oceania.
“Integration of technology coupled with increased unrest among society will push the private investigation industry to new heights,” says a Fact.MR analyst.
Market Development
The business environment in the investigation industry is witnessing a swift change towards the adoption of technology into its service offerings. Furthermore, market players are taking efforts to increase their customer base by focusing on diverse end users and regions.
- In September 2022, Protos Security, one of the leading tech-enabled security firms, acquired MG Security Services. This will help Protos Security expand in the east coast area of the United States.
Key Companies Profiled
- AAC Group
- ACES Private Investigations Houston
- AMX Detectives
- Apple Investigations
- Bill Robison Investigations
- Bobby Dean Investigations
- Canadian Special Investigations
- Cunningham Investigations
- Detective international
- Foglight Investigations
- Global Threat Solutions
- Golden Shield Security services
- IBM Investigations, LLC
- IPI International Private Investigators
- Lancer network limited
- Private Detective London
- Rhino Surveillance
- Scope Investigations Limited
- Securitas AB
- Truth Investigations
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Is the United States a Prominent Market for Private Investigation Services?
The American economy is extremely developed overall in all respects. The U.S. private investigation sector is crucial to maintaining the integrity and efficiency of the system. In 2022, the US market is expected to be worth roughly US$ 5.2 billion.
The way the private investigation industry operates and provides its services is changing quickly. Both clients and service providers have transformed as a result of the integration of technology. Surprisingly, despite the current economic climate, the U.S. Bureau of Labor Statistics predicts that the job outlook for private investigative services will increase by 6% over the next two years.
Segmentation of Private Investigation Services Industry Research
- By Service:
- Personal Services
- Infidelity Check
- Divorce
- Surveillance & Shadowing
- Corporate Services
- Employee Verification
- Competitor Investigation
- Corporate Espionage
- Financial Fraud Verification
- Corporate Due Diligence
- Personal Services
- Legal Services
- Labour Court Case
- Domestic Violence
- Tracing & Suspicious IP
- Website Tracking
- Asset Search
- Other Services
- Background Check
- Debugging
- Drug Abuse
- Theft Investigation
- Record Search
- Others (Not Mentioned Elsewhere)
- By End-use Industry:
- BFSI
- Agriculture and Forestry
- Information Technology
- Construction
- Arts, Entertainment, and Recreation
- Manufacturing
- Transportation, Warehousing, and Utilities
- Retail Trade
- Educational Services
- Public Administration
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Will BFSI Remain the Biggest Client of Private Investigation Firms?
One of the industries most impacted by various forms of fraud is the BFSI sector. Frauds in this industry include, but are not limited to, frauds involving duplicate financial transactions, unapproved transactions, loan defaults, and false insurance claims.
The majority of the time, these scams are financial in nature; but, if they are not, they may involve consumer data, making them a more serious problem for BFSI businesses. In order to address these concerns for their clients, BFSI organisations enter into long-term collaboration agreements with private investigative service providers.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global private investigation services market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of service (personal services - infidelity check, divorce, surveillance & shadowing, corporate services -employee verification, competitor investigation, corporate espionage, financial fraud verification, corporate due diligence, legal services - labour court case, domestic violence, tracing & suspicious IP, website tracking, asset search, other services - background check, debugging, drug abuse, theft investigation, record search, others (not mentioned elsewhere)) and end-use industry (BFSI, agriculture & forestry, information technology, construction, arts, entertainment, recreation, manufacturing, transportation, warehousing, utilities, retail trade, educational services, public administration), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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