What is the global market size of Fraud Detection And Prevention Market?

Fraud Detection And Prevention Market size was valued at USD 29.8 billion in 2021 and is poised to grow from USD 36.94 billion in 2022 to USD 217.3 billion by 2030, growing at a CAGR of 23.8% in the forecast period (2023-2030).

Who are the key vendors in the Global Fraud Detection And Prevention Market?

The fraud detection and prevention market is growing rapidly due to the increasing incidence of fraud and the threat it poses to businesses. The market is expected to grow at a CAGR of 24.89% between 2022 and 2028. Major players in the market include Accenture, IBM, Intel Security, Symantec, and Verizon. These companies are focusing on developing new technologies and products to detect fraud and prevent it from occurring. They are also partnering with various organizations to help them combat fraud. 'IBM Corporation', 'Oracle Corporation', 'SAS Institute Inc.', 'FICO', 'NICE Actimize', 'Experian Information Solutions, Inc.', 'ACI Worldwide Inc.', 'BAE Systems', 'ThreatMetrix Inc.', 'DXC Technology', 'RSA Security LLC', 'Kount Inc.', 'LexisNexis Risk Solutions Groupiovation Inc.', 'Splunk Inc.', 'Easy Solutions Inc.', 'Feedzai', 'Forter', 'Simility', 'Pindrop Security'

What is the key driver of Global Fraud Detection And Prevention Market?

The use of online applications and mobile banking services has increased, so does the number of fake websites and mobile applications. Fake websites and online applications are on the rise in other industries, including retail and e-commerce, manufacturing, and healthcare. These websites and applications look exactly like retail stores and home delivery services, luring customers into completing bogus online transactions. Customers in the banking industry are increasingly reliant on mobile applications for a variety of purposes, including online payments, statement reviews, registering complaints, and providing feedback, among others.

What is the key market trend for Global Fraud Detection And Prevention Market?

Global economy was severely impacted by the coronavirus pandemic. In the first half of 2020, the overall demand for fraud detection and prevention (FDP) solutions dropped slightly across all the applications. Several commercial campaigns, planned investments, government strategies, and other initiatives have also been brought to a halt due to a lack of functioning. The outlook for fraud detection and prevention market in the second half of 2020 and beyond increased the adoption of fraud detection and prevention solutions as a result of increased cybercrime, payments fraud, insurance fraud, and other types of fraud. Individuals are claiming medical expenses for COVID-19 through their life and health insurance policies. The increased number of online insurance claims has created opportunities for fraudsters to engage in fraudulent activities involving insurance claims from hospitals and the government.

Which region accounted for the largest share in Global Fraud Detection And Prevention Market?

By market size, North America is expected to be the largest contributor to the global fraud detection and prevention market. It is one of the most affected regions in the world by money laundering and terrorist financing crimes, and as a result, it has the most FDP providers. Banks, governments, and financial institutions in this region face ever-increasing fraud challenges, compelling them to implement advanced technological approaches to fraud management. As the world moves toward interconnections and digitalization, protecting enterprise-critical infrastructures and sensitive data has become one of the major challenges. North America, a technologically advanced region, leads the world in terms of cybersecurity vendor presence.

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 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.

Fraud Detection And Prevention Market Report Snapshots

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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).

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. '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.'

Increasing Online Applications and Mobile Banking Services to Accelerate Market Growth

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.

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.

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Fraud Detection And Prevention Market Dynamics

Fraud Detection And Prevention Market Report Snapshots

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What is the global market size of Fraud Detection And Prevention Market?

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Which region accounted for the largest share in Fraud Detection And Prevention Market?

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