According to a research report “COVID-19 Impact on Fraud Detection and Prevention (FDP) Market by Fraud Type, Verticals and Region – Global Forecast to 2021″ published by MarketsandMarkets, the COVID-19 impact on the global Fraud Detection and Prevention (FDP) market size is projected to grow from USD 23.4 billion in 2019 to USD 38.6 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 28.4% during the forecast period, considering the optimistic scenario.
The major factors expected to drive the growth of the fraud detection and prevention market are increased risks from remote access, growing use of electronic transactions amidst the pandemic crisis, and rising revenue losses due to fraudulent activities.
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The availability of immense new opportunities for FDP solutions and service vendors is further expected to shape the future of this market. These opportunities include a rise in the use of digital technologies and digital banking for payment, and leveraging Artificial Intelligence (AI) and Machine Learning (ML) capabilities to prevent potential frauds.
Internet sales frauds segment projected to record the largest market size during the forecast period
Under the fraud type segment, the internet sales frauds segment is projected to record the largest market size during the forecast period. During the unprecedented and uncertain times due to COVID-19, millions of individuals are working from home and opting for online purchases of products and services. Quarantine has changed lives across the world, with consumers buying electronics and furniture to support work, communication, school, and entertainment, as well as items such as home goods and DIY products. However, several frauds have bourgeoned since the beginning of 2020. Therefore, the demand for FDP solutions and services is expected to accredit the largest market size for internet sales frauds, owing to a growing number of unlawful sales of products on the internet, especially amidst the COVID-19 pandemic crisis.
Travel and Transportation vertical to see less growth during the forecast period in the FDP market
The world is facing an unprecedented global health, social, and economic emergency. As the number of cases of COVID-19 increases, travel and transportation are among the most affected sectors. Due to the COVID-19 pandemic, the international tourist arrivals have been cut in the first quarter of 2020, and as a result, a huge loss is expected. Depending on the speed of the containment and the duration of travel restrictions and shutdown of borders, the current scenarios show that there would be declination in international tourist arrivals for this year. These scenarios would put millions of tourism jobs at risk, and this would be the worst result in the history of international tourism since 1950. It would put to an abrupt end to a 10-year-period of sustained growth since the 2009 financial crisis.
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Europe to witness the significant impact of COVID-19 during the forecast period in the FDP market
European countries, including Italy, Spain, France, and Germany, have reported rapidly growing cases of COVID-19, with Italy being the most affected. The WHO has declared Europe as the new epicenter for the virus after China, as there have been 50,000+ deaths. With a lot of companies adopting goodwill services as their strategy for this crisis to retain and acquire customer base, they are primarily providing protection solutions and services against phishing attacks that primarily target Italian email addresses that contain malicious Microsoft Office documents with Trickbot, and banking Trojan, which are used to steal victims’ confidential information.
Major vendors in the global FDP 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), FRISS (Netherlands), Dell Technologies (US), Wirecard (Germany), Software AG (Germany), Easy Solutions (US), TransUnion (US), Hitachi Vantara (US), Kount (US), and Simility (US).
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