According to a new market research report “Fraud Detection and Prevention Market by Solution (Fraud Analytics, Authentication, and GRC), Service (Managed and Professional), Vertical (BFSI, Retail and eCommerce, and Travel and Transportation), Deployment Mode, and Region – Global Forecast to 2025″, published by MarketsandMarkets, the market size is expected to grow from USD 20.9 billion in 2020 to USD 38.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period. Technological advancements, penetration of digital technologies, and Bring Your Own Device (BYOD) trend in organizations have greatly influenced work practices and led to an unprecedented rise in data volumes. These factors have led to the adoption of automatic software-based applications for analyzing data in real time, which have replaced the traditional data mining applications and tools. This, in turn, increases the need to update legacy manual fraud detection methods. Hence, FDP vendors are coming up with new varieties of FDP solutions to detect and prevent all types of frauds committed by fraudsters.
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By component, Solutions segment to hold the largest market size during the forecast period
The growth in the FDP solutions industry is associated with the increasing number of ransomware and endpoint breaches, and the growing cloud environment. FDP solutions built on ML algorithms, such as deep learning, neural network, and support vector machines, are capable of providing defense against those threats whose patterns and signatures are not available. The adoption of FDP solutions is growing; consequently, which boosts the adoption of FDP services. These services are enabling enterprises to safeguard their on-premises systems, data centers, cloud, and virtualized environments.
In deployment mode, cloud deployment to grow at a higher CAGR during the forecast period
According to Flexera, a computer software company, enterprises are set to spend around 15-16% of their revenue into cloud hosting services by 2020. Another study by Cisco stated that “53% of organizations host at least 50% of their infrastructure in the cloud.” The investment in cloud services and shifting of businesses from traditional to cloud are expected to accelerate the adoption of cloud-based solutions and services by enterprises. Owing to the increasing pace of digitalization, security breaches and fraud cases especially identity theft and online fraud has also increased. These increasing trend of eCommerce and online retail and digital payments has increased the adoption rate of online FDP solutions among end-user verticals to combat with fraud and compliance intruders.
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North America to hold the largest market size during the forecast period
North America is expected to be the largest contributor in terms of the market size in the FDP market. It is one of the most affected regions in the world by money laundering and terrorist financing crime activities; as a result, it has the highest number of FDP providers. Banks, governments, and financial institutes in this region face ever-increasing challenges related to frauds compelling them to implement advanced technological approaches for managing fraud protection. Further, organic and inorganic growth strategies among major FDP vendors are expected to drive the FDP market growth in North America. For example, in July 2020, NewDay, a financial services company partnered with RSA Security, financial crime prevention and predictive analytics company, to deliver advanced fraud protection for digital payments and address the requirements of the EMV 3-D Secure protocol.
Major vendors in the global FDP market include BAE Systems (UK), Nice Actimize (US), FICO (US), LexisNexis Corporation (US), TransUnion (US), Kount, Inc. (US), Software AG (Germany), NCR Corporation (US), Splunk, Inc. (US), Capgemini SE (France), DXC Technologies (US), RSA SecurityLLC (US), Fiserv (US), FIS Global (US), ACI Worldwide (US), Experian (Ireland), SecuroNix (US), Accertify (US), Feedzai (), CaseWare (Canada), Jumio (US), Cardinal Commerce (Ohio, US), FRISS (The Netherlands), MaxMind (US), Gurucul (US), Digital Resolve (US), DataVerify (US), Datavisor (US), and FCASE Ltd (UK).
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