According to a research report "Fraud Detection and Prevention (FDP) Market by Solution (Fraud Analytics, Authentication, and Governance), Service, Application Area (Identity Theft, Payment Frauds, and Money Laundering), Organization Size, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets, the Fraud Detection and Prevention market size expected to grow from USD 19.5 billion in 2018 to USD 63.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 26.6% during the forecast period.
Growth factors for the FDP market include increasing revenue losses faced by the organizations due to growing frequency and sophistication of cyber frauds and attacks and rapid growth in electronic transactions.
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Payment fraud application area segment to dominate the Fraud Detection and Prevention market
Payment fraud is a form of incorrect or unlawful transaction done by a cybercriminal. FDP solutions enable organizations to detect fraud at an early stage and also provide ways to prevent them. The increasing number of fraudulent activities related to digital transactions and payments is the reason for the growing demand for FDP solutions in this application area. These solutions identify fraudulent transactions with real-time authorization scoring and monitoring of internal transactions for potential frauds. The payment fraud application segment includes electronic payment fraud, mobile payment fraud, and credit card or debit card frauds. The payment fraud application area segment is estimated to have a largest market share during the forecast period, whereas the identity theft application area segment is expected to register growth at the highest CAGR in the FDP market during the forecast period.
Increase in the frequency and sophistication of cyber frauds and attacks to drive the Fraud Detection and Prevention market during 2018–2023
The FDP market by vertical covers Banking, Financial Services, Insurance (BFSI), retail, telecommunication, government/public sector, healthcare, real estate, energy and power, manufacturing, and other verticals. Among them, the retail vertical is expected to grow at the highest CAGR from 2018 to 2023. The vertical has always been a target for fraudsters, because of several monetary transactions been carried out via VISA, MasterCard, and other payment processing networks. Moreover, it is always on the top in terms of cost-cutting, revenue margins, and the adoption of the latest technologies. With the growth in eCommerce, retailers are facing several issues, including fraudulent transactions. The banking vertical is estimated to hold the largest market size in 2018, due to the increased adoption of FDP solutions. The BFSI vertical is also a major target for cyber criminals, as it holds sensitive information of employees, customers, assets, offices, branches, and operations. Moreover, due to its amount of transactions (both monetary and data centric), number of transactions, technological advancements, and digitalization of financial sector, the possibility of frauds in the BFSI vertical is increasing significantly.
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APAC to have the highest growth rate in the Fraud Detection and Prevention market during the forecast period.
APAC includes the emerging economies of India, China, Australia, Hong Kong, and Japan. APAC is highly concerned with the increase in security spending, owing to the ever-growing threat landscape. The threat of frauds in APAC is rising at an alarming rate, thus driving an increase in spending on FDP solutions. ML, IoT, big data analytics, and AI are the emerging methodologies that are being deployed in this region. Due to the increasing organization size and business complexities, SMEs in APAC have also begun investing in FDP solutions. The public sector companies, and financial and educational institutes in APAC have become more aware about government regulations and compliances, and have begun adopting proactive fraud detection solutions to combat fraudulent activities. Over the coming years, a majority of the big FDP vendors are expected to widen their partner network in APAC, as the market is largely untapped. The FDP market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2018 and 2023. Major growth factors for the APAC market include increasing technology adoption, significant opportunities across industry verticals, and strict directives for data privacy in APAC countries, especially India and China.
The report covers different growth strategies, such as mergers and acquisitions, partnerships and collaborations, business expansions, and product developments, adopted by major players to increase their market share. Major technology vendors in the global Fraud Detection and Prevention market include IBM (US), FICO (US), SAS Institute (US), BAE Systems (UK), DXC Technology (US), SAP (Germany), ACI Worldwide (US), Fiserv (US), NICE Systems (Israel), Experian (US), LexisNexis Risk solutions (US), iovation (US), Friss (Netherlands), Dell Technologies (US), First Data (US), Wirecard (Germany), Software AG (Germany), Easy Solutions (US), Distil Networks (US), Guardian Analytics (US), Securonix (US), MaxMind (US), Kount (US), and Simility (US).
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