Global Fraud Detection and Prevention Market to be Driven by Rising Online Transactions in the Forecast Period of 2023-2028
The new report by Expert Market Research titled, ‘Global Fraud Detection and Prevention Market Size, Share, Growth, Analysis, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global fraud detection and prevention market, assessing the market based on segments like solution, scale of end user, type of fraud, end use industry, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 29,658.96 million
• Forecast CAGR (2023-2028): 16.80%
• Forecast Market Size (2028): USD 75,303.12 million
Fraud prevention and detection are major concerns for financial institutions, and they are projected to become major drivers of IT investment. The use of these solutions in the insurance, banking, and financial services industries has increased as a result of online transaction fraud, insurance claim fraud, and card-related fraud.
The potential for fraud has been highest in online payments, which are expected to expand in parallel with the availability of digital client interactions as more businesses provide online payments. Because of the increased digitalisation, the banking and financial services industry has become an accessible target for hackers. Customers’ increased use of digital platforms for investing, such as stockbroking, mutual funds, and insurance, has prompted firms to implement fraud detection and prevention systems to prevent fraudulent transactions.
Fraud Detection and Prevention Industry Definition and Major Segments
The execution of measures to identify and prevent fraudulent transactions from inflicting financial harm to clients and financial institutions is referred to as fraud detection and prevention. Superior fraud detection and prevention systems may assist and enhance corporate outcomes by lowering costs and risks, boosting innovation, and increasing customer happiness.
Based on solution, the industry can be segmented into:
• Fraud Analytics
• Authentication
• Reporting
• Visualisation
• Governance, Risk, and Compliance (GRC) Solutions
On the basis of scale of end user, the industry can be divided into:
• Small Scale
• Medium Scale
• Large Scale
By type of fraud, the industry can be fragmented into:
• Internal
• External
Division on the basis of end use industry includes:
• BFSI
• Retail
• IT and Telecom
• Healthcare
• Energy and Power
• Manufacturing
• Others
The regional market for the product includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Fraud Detection and Prevention Market Trends
The advent of big data analytics and cloud computing services, as well as the rapid rise of mobile banking, are driving the growth of the fraud detection and prevention market. Applications in cloud infrastructure enables enterprises to satisfy cloud security compliance standards for encryption, separation of tasks, and secured data access control. Furthermore, the increase in the development of corporate data and its complexity, high industry-specific needs, and an increase in the incidence of fraud contribute to the growth of the fraud detection and prevention market.
Major organisations’ increasing efforts to upgrade IT security infrastructure and safeguard data breaches are assisting the industry’s growth. Furthermore, an increase in the number of instances involving identity theft, payment fraud, and money laundering across nations is epected to boost the market’s growth. As a result, the market in the regions is seeing stable expansion and is projected to prosper in the future.
Key Market Players
The major players in the market are SAP SE, IBM Corporation, SAS Institute Inc., Oracle Corporation, ACI Worldwide Inc., others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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