Global Fraud Detection and Prevention Market was valued at USD 23.53 Bn in 2019 and is expected to reach at USD 28.62 Bn by 2027 at a CAGR of 21.65% over forecast period 2020-2027.
The report covers an in depth analysis of COVID 19 pandemic impact on Global Fraud Detection and Prevention Market by region and on the key players revenue affected till April 2020 and expected short term and long term impact on the market.
Global Fraud Detection and Prevention Market Dynamics:
The regulatory compliance of financial institutions is growing at a faster pace than before. Moreover, technology firms are reciprocating with solutions at an even higher pace. An emerging technologies like artificial intelligence and machine learning have seen practical applications, which were earlier restricted to theory. Institutions facing losses from financial crimes are growing at a similar pace. Fraudsters keep innovating and beating the system. This calls for a solution where technological advancements have to be leveraged to beat the fraudster and allow early identification of their modus operandi which is expected to drive the global fraud and detection market over forecast period. Various factors such as rise in revenue loss due to numerous frauds, growing use of electronic and digital payment methods, increase in the frequency of cyber-attacks and frauds and rapid surge in deployment of AI and big data analytics are driving the global fraud detection and prevention market over forecast period.
However, factors such as limited presence of skilled professionals, huge cost associated with FDP solutions and lack of integration capabilities are restraining the market growth over forecast period.
Global Fraud Detection and Prevention Market Segmentation Analysis:
Global Fraud Detection and Prevention Market segmented by type, solution, service, application, End users and by region. By Solution, fraud analytics segment held 34.76% of market share in 2019 and is expected to keep its dominance over forecast period. Fraud analytics is a critical discipline which involves set of analytical techniques to analyze enterprises systems and database to identify the vulnerabilities where fraud can happen. They help in monitoring and analyzing data from several data sources; detect anomalies, and suspicious and unusual behaviour across all channels.
By End User, BFSI held 38.98% of market share in 2019 and is expected to keep its dominance over forecast period owing to the growing digitalization across banks. The banks in China, India and Japan are pushing consumers to increase the use of digital payment methods, which is expected to create lucrative opportunities for FDP solutions market over forecast period. BFSI is followed by E-commerce segment. E-commerce end user is expected to hold 24.56% of market share over forecast period. The growing number of dummy e-commerce websites. With the proliferation of internet services globally and the increased spending power of consumers, the e-commerce market has undergone a huge growth.
By geography, Global Fraud Detection and Prevention Market segmented into North America, APAC, Europe and MEA& Africa. Among all of these North America held 37.65% of market share in 2019 and is expected to hold 37.87% of market share in 2019 and is expected to keep its dominance over forecast period due to the presence of prominent market players such as FIS, IBM, and Fiserv, contributing to the market revenue in the region. Rising revenue losses due to fraudulent attacks on organizations, early adoption of digital technologies including AI, IoT and machine learning for fraud detection and the emergence of several FDP solution providers are driving the market growth in this market growth in North America. North America is followed by APAC and Europe. North America is followed by APAC and Europe. APAC is expected to hold 24.56% of market share over forecast period.
Report cover’s key development and company profiles of market leaders, potential players and new entrants. Some of the key players covered in this report are ACI Worldwide Inc., Arbutus Software Inc, Avast Software s.r.o., AVG Technologies (Avast Software s.r.o.), DXC Technology Company, ESET spol.s r.o., Experian plc and Fiserv, Inc. These key players are adopting various inorganic and organic growth strategies such as merger& acquisitions, joint ventures, strategic alliances, new product launches, collaborations, patent etc. to increase their regional presence and business opeartions.
The objective of the report is to present a comprehensive analysis of the Global Fraud Detection and Prevention Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Fraud Detection and Prevention Market dynamics, structure by analyzing the market segments and project Global Fraud Detection and Prevention Market. Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Fraud Detection and Prevention Market make the report investor’s guide.
Scope of Global Fraud Detection and Prevention Market
Global Fraud Detection and Prevention Market Segmentation by Type
• External
• Internal
Global Fraud Detection and Prevention Market Segmentation by Solution
• Fraud Analytics
• Identity and Authentication
• GRC
• Monitoring and Reporting
Global Fraud Detection and Prevention Market Segmentation by Service
• Professional Service
• Managed Service
Global Fraud Detection and Prevention Market Segmentation by Application
• Money Laundering
• Credit and Debit Fraud
• Mobile Fraud
• Identity Threat
• Electronic Fraud
Global Fraud Detection and Prevention Market Major Players
• ACI Worldwide Inc.
• Arbutus Software Inc.
• Avast Software s.r.o.
• AVG Technologies (Avast Software s.r.o.)
• DXC Technology Company
• ESET spol.s r.o.
• Experian plc
• Fiserv, Inc.
• First Data Corporation
• Fidelity National Information Services, Inc.
• FRISS
• GreatHorn, Inc.
• Guardian Analytics
• IBM Corporation
• LexisNexis Risk Solutions
• SAP SE
• SAS Institute Inc.
• SpyCloud, Inc.
• Trulioo
• Verifi, Inc.
• Webroot Inc.
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The Fraud Detection And Prevention Market 2021 research report gives emerging industry data, global segments and regional outlook.
This report covers up all details such as size, share, value, growth, restraints, and opportunities for the year 2020 to 2027.
The report generated using various analysis tools like porter’s five forces model, market attractiveness and value chain.
The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the fraud detection and prevention market include BAE Systems, DXC Technology (CSC), Fair Isaac Corporation, Fiserv, Inc., International Business Machines Corporation, Lexisnexis, Oracle Corporation, SAP SE, SAS Institute and Threatmetrix, Inc.. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Fraud Detection And Prevention Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/fraud-detection-and-prevention-market/download-sampleMarket DynamicsThe increasing frequency and sophistication of cyber frauds and attacks are driving market growth.
Whereas, increasing use of digital technologies and digital banking for payments is accepted to create potential opportunity during the forecast period.This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis.
Fraud Detection and Prevention Industry 2021With rising incidences of fraud across a variety of industries, enterprises and government bodies are losing large amounts of capital every year.
Furthermore, increased use of digital data mode, high usage of internet enabled devices, and cloud services has rapidly increased the vulnerability of enterprises towards fraud, further fueling the Fraud Detection and Prevention Industry.With growing digitization, Fraud Detection and Prevention Industry has witnessed the replacement of traditional methods of fraud detection by advanced techniques.
The introduction of key technologies namely big data analytics, cloud computing services, AI and machine learning are driving the growth of Fraud Detection and Prevention Industry.
For instance, LexisNexis offers fraud detection solutions leveraging advanced analytics and robust data to combat insurance fraud.
This solution helps insurance carriers identify and investigate potentially fraudulent claims and questionable provider behavior more efficiently.
On the other hand, deepsense.ai builds machine learning algorithms that are more efficient than rules-based systems for fraud detection.
