Market Research Future (MRFR) predicts the Fraud Detection and Prevention Market to hit USD 104.86 Billion at 22.71% CAGR from 2020 to 2030 (forecast period). Fraud detection & prevention systems, simply put, are software applications that offer analytical solutions to detect and prevent fraud in an organization.
Recently the rising fraud in different sectors has increased the growth of fraud detection and prevention to maintain revenue. The fraud detection and prevention market is growing due to the rising fraudulent activities around the globe—technologies like AI, cloud computing, the internet, and mobile banking fuel market growth. Financial, baking instituting are using the technology to prevent fraud, which improves the market’s growth rate. COVID-19 made people stay at home. The digital platform is used for various reasons, such as WFH, online banking, which opened doors for cyber attackers to use different technologies for fraud. The increasing demand for online services for mobile banking, shopping, purchases drives the growth of the fraud detection and prevention market. With this, many fake businesses also used the name of other brands and trapped people in the attack that improved the use of the fraud detection and prevention market. The use of fraud detection by banking and financial services to detect fraud in real-time creates opportunities for the market. Many types of new patterns and technologies are used to detect frauds. The lack of experts to identify the fraud activities or use fraud detection and prevention is a market challenge. Many organizations recruit professionals who lack the expertise to analyze fraudulent activities in less time.
Various factors are propelling the global fraud detection and prevention market share. According to the recent MRFR report, such factors include the growing need for tackling growing revenue losses due to fraudulent attacks, increasing use of electronic transactions in different end use verticals, strict government regulations for reinforcing fraud prevention & detection systems in the organizations, and technological advances. Additional factors adding market growth include rising fraudulent attacks, growing level of sophistication in cyber-attacks, the on-going trend of online transactions, online payment, and mobile banking, and increasing adoption of e-payment transactions & e-commerce during the COVID-19 pandemic.
On the contrary, low awareness level, the high price of solutions, lack of integration capabilities, and scarcity of skilled experts are factors that may impede the global fraud detection and prevention market growth over the forecast period.
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The MRFR report highlights an inclusive segmental analysis of the global fraud detection and prevention market based on vertical, organization size, application, service, and solution.
By solution, the fraud detection & prevention market is segmented into data synthesis, authentication, and fraud detection.
By services, the global fraud detection and prevention market is segmented into managed service and professional service.
By application, the global fraud detection and prevention market is segmented into electronic payment, money laundering, insurance claims, and others.
By organization size, the global fraud detection and prevention market is segmented into large enterprises and small & medium enterprises.
By verticals, the global fraud detection and prevention market is segmented into media and entertainment, travel and transportation, energy and power manufacturing, real estate, healthcare, government, telecommunication, retail, BFSI, and others. Of these, the BFSI segment will lead the market over the forecast period.
Based on the region, the global fraud detection and prevention industry report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, North America will lead the market over the forecast period. It is likely to develop at a healthy CAGR by 2023. Early adoption of digital technologies such as IoT, AI, and machine learning for fraud detection, constant investment in fraud detection solutions to stop the increasing revenue losses owing to fraudulent attacks on companies, presence of top global industry players, resellers, distributors, and integrators are adding to the global fraud detection and prevention market growth in the region.
The fraud detection & prevention market in Europe is predicted to hold the second-largest share over the forecast period. It is likely to develop at a whopping 23.4% CAGR by 2023. Numerous IT companies in Germany and the UK have shifted their business to the cloud that increases the chances of data breach, and attacks are adding to the global fraud detection and prevention market growth in the region.
The fraud detection & prevention market in the APAC region is predicted to have healthy growth over the forecast period. It is likely to grow at a favorable 28.1% CAGR by 2023. Rising fraudulent activities across banking, e-commerce, and retail sectors are adding to the global fraud detection and prevention market growth in the region.
The fraud detection & prevention market in the MEA is predicted to have sound growth over the forecast period.
Eminent contenders profiled in the global fraud detection and prevention market report include F5 Networks Inc. (US), Accertify Inc. (US), Experian PLC (Ireland), LexisNexis Risk Solutions Company (US), Distil Networks, Inc. (US), CardinalCommerce Corporation (US), PayPal Holdings, Inc. (US), Oracle Corporation (US), IBM Corporation (US), and iovation Inc. (US).
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Global Fraud Detection and Prevention Market Research Report: By Solution (Fraud Detection, Authentication, Data Synthesis), Service (Professional Service, Managed Service), Application (Insurance Claims, Money Laundering, Electronic Payment), Organization Size (SME, Large Enterprises), Vertical – Forecast till 2030
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