USD 41.94 Billion
Fraud Detection And Prevention Market Size, Share, Growth Analysis, By Fraud Type(Identity Fraud, Investment Fraud, Payment Fraud, Others), By Functionality(Real Time Detection, Forensic Analysis), By Deployment Mode(Cloud, On-Premises), By Organization Size(Large Enterprises, Small & Medium Enterprises (SMEs)), By Vertical(BFSI, IT and Telecom, Government, Energy and Utilities), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2077 |
Region:
Global |
Published Date: June, 2024
Pages:
165
|Tables:
179
|Figures:
78
Fraud Detection And Prevention Market Insights
Fraud Detection and Prevention Market size was valued at USD 41.94 Billion in 2022 and is poised to grow from USD 57.73 Billion in 2023 to USD 272.34 Billion by 2031, growing at a CAGR of 23.80% in the forecast period (2024-2031).
Fraud detection and prevention are attempts to detect, track, and eliminate fraudulent activities within organizations. These procedures begin with fraud detection, which is then followed by prevention utilizing both automated and manual methods, typically aided by specialist software tools. The growing complexity of cyber-attacks, the rise in online fraud, and the proliferation of B2C, B2B, and C2C e-commerce transactions holding sensitive personal data have all contributed to a higher focus on analytics for threat analysis patterns. Furthermore, the proliferation of mobile gaming and social media use increases the sophistication of fraud schemes and corresponding losses, providing challenges for contextual detection and prevention. The growing complexity of these dangers necessitates a greater deployment of advanced fraud detection and prevention systems.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Authentication
Fastest Growth
Fraud Analytics
Growth Rate
23.80% CAGR
Global Fraud Detection and Prevention Market ($ Bn)
Country Share for North America Region (%)
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Fraud Detection And Prevention Market Segmental Analysis
The global fraud detection and prevention market is segmented into fraud type, functionality, deployment mode, organization size, vertical, and region. According to fraud type, the market is segregated into identity fraud, investment fraud, payment fraud, and others. Depending on the functionality, it is classified into real time detection and forensic analysis. By deployment mode, the market is bifurcated into cloud and on-premises. As per organization size, it is categorized into large enterprises and SMEs. Depending on vertical, the market is divided into BFSI, IT and Telecom, Government, Energy and Utilities, Healthcare and Life Sciences, Media and Entertainment, and Others. Region wise, it is analyzed across North America, Asia-Pacific, Latin America, Europe, and Middle East and Africa.
Fraud Detection and Prevention Market Analysis by Deployment Mode
The cloud segment dominated the market in 2023. It is expected to continue being the highest growth during the forecast period. Small and medium-sized enterprises are predicted to turn potential users of the cloud-based fraud detection and prevention systems. Limited security spending and IT infrastructure drive up demand for cloud-based solutions among SMEs.
The on-premise segment must be growing progressively due to its solutions and services reliability in the government and education sectors. Built specifically for the government and education industries, this segment has robust solutions and services. Industries dealing with this type of sensitive information need reliable and secure solutions in processing without aiming to avoid fraudsters. On-premises solutions always offer more control and customization, making them perfect for institutions with strict security and compliance requirements.
Fraud Detection and Prevention Market Analysis by Organization Size
Small and Medium Enterprises (SMEs) are predicted to grow at the fastest CAGR over the forecast period. The expansion is mostly driven by increased demand for security solutions aimed at the expanding number of start-ups in Germany, Brazil, Canada, and Israel, among other nations.
The Large Enterprise category dominated the market in 2023 due to a substantial increase in fraudulent activities that was caused by the fast-moving digital transformation of sectors. With business expansions, concerns for new challenges and security threats rose, demanding a rigid fraud protection solution that can be embedded promptly and preserve vast data with complex procedures of large enterprises. Large companies or businesses with loads of data and complex processes require advanced technologies to help manage new risks and prevent them.
Global Fraud Detection and Prevention Market By Solution
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Fraud Detection And Prevention Market Regional Insights
The maximum revenue is expected to be generated by North America in 2023. Most of the leading mobile payment companies across the globe, including Apple Inc., are headquartered in North America. Samsung Group is focusing on introducing innovative technology-enabled mobile payment services built on fraud protection solutions. Organizations in the US and Canada are focused on FDP solutions to secure sensitive data from increasing cyberattacks. The governments of the US and Canada are working on many ideas to create a secure and robust payment platform that includes advanced fraud prevention technology.
The Asia-Pacific region is expected to grow at the fastest rate in the forecast period, 2024-2031. Investments that the manufacturing enterprises in China, Japan, India, South Korea, and most countries in Southeast Asia are making are escalating; these have infused demand for Fraud Prevention Systems, thereby enhancing the growth of the market. These countries offer a wide range of fraud protection services.
Global Fraud Detection and Prevention Market By Region
- Largest
- Fastest
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Fraud Detection And Prevention Market Dynamics
Fraud Detection and Prevention Market Driver
- Increasing Online Applications and Mobile Banking Services to Accelerate Market Growth
With the development of online applications and mobile banking services, fraudulent websites and mobile applications have developed. Fraudulent websites and online applications increased in other industries such as retail and e-commerce, manufacturing, and healthcare as well. These websites and applications masquerade as legitimate retail businesses and home delivery services and dupe customers into doing fraudulent online transactions. Customers in the banking industry are now looking towards mobile applications for many of their requirements, from online payments to statement reviews, registration of complaints, and reporting feedback.
Fraud Detection and Prevention Market Restraint
- Lack of professionals and awareness in developing countries limit growth
The shortage of professionals and experienced workers to modernize FDP systems in emerging markets is expected to hinder industry growth. Corporations keep crucial records and documentation of their consumers' data on servers. Thus, protecting and securing papers is crucial for businesses seeking to avoid money laundering. However, better cyber-attacks and creative anonymous threats are expected to put current FDP systems to the test.
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Fraud Detection And Prevention Market Competitive Landscape
Experian Information Solutions Inc., BAE System, IBM Corporation, Uplexis, Fair Isaac Corporation, and ACI Worldwide are among the market leaders in fraud detection and prevention market. These companies are market leaders aiming to broaden their geographical reach and strengthen their brand names in developing countries. Furthermore, these massive corporations prioritize collaborating with and acquiring domestic players to increase their market position.
Fraud Detection and Prevention Market Top Player’s Company Profiles
- IBM Corporation
- FICO
- NICE Actimize
- DXC Technology
- Kount Inc.
- Easy Solutions Inc.
- Forter
- Simility
- Signifyd
- Feedzai
- RSA Security LLC
- BAE Systems
- ACI Worldwide Inc.
- Oracle Corporation
- SAS Institute Inc.
Fraud Detection and Prevention Market Recent Developments
- December 2023: Experian and NeuroID have signed an agreement. It highlights mutual interest in collaborating on the development of fraud prevention products. This helps in fighting back against attacks in fraud, identity theft, and AI-powered bot defense.
- October 2023: Oscilar introduces the industry's first generative AI-powered fraud prevention platform, which automatically detects potential fraud trends, does root cause analysis, and delivers real-time risk advice.
- May 2023: Experian announced the launch of Experian's Hunter in the U.S., the fintech-focused version of the industry-leading fraud prevention data network, saying it would give businesses and people new safeguards against fraud.
Fraud Detection And Prevention Key Market Trends
Expanding use of cloud technology has accelerated the adoption of fraud detection technologies
- Expansion in cloud technology is a significant trend in fraud detection and prevention. It offers tremendous processing power, enough storage space, and internet access. Furthermore, cloud technology allows for the rapid detection of internet cybercrimes. Furthermore, small and medium-sized banks and financial institutions are actively integrating cloud-based fraud detection and prevention services into their operations.
Fraud Detection And Prevention Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest Analysis, the global fraud detection and prevention market is predicted to witness high growth. It expands with increased digital transactions, complex fraud scenarios, and a growing need for security. With progress in the AI sector, more space is given to cloud-based solutions; it's driven by SMEs and large corporations. North America and Asia-Pacific are the areas of significant growth. However, the lack of experienced labor in emerging markets slows down market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 41.94 Billion |
| Market size value in 2031 | USD 272.34 Billion |
| Growth Rate | 23.80% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Fraud Detection And Prevention Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Fraud Detection And Prevention Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Fraud Detection And Prevention Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Fraud Detection And Prevention Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Fraud Detection And Prevention Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Fraud Detection And Prevention Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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