The global fraud detection and prevention market is anticipated to reach a market value of US$ 110,041.3 Mn by the end of 2026. Key insights into this growing market have been offered by Fortune Business Insights in a report, titled “Fraud Detection and Prevention“ Market Size, Share and Global Trend By Deployment (Cloud & On-premises), By Service Type (Fraud Analytics & Authentication), By Industry Vertical (IT and Telecommunication, Retail, Consumer Electronics, Manufacturing, Automotive, Transportation and Logistics, Energy and Utilities) and Geography Forecast till 2026”. The report evaluates the factors that will play the most influential role in the growth of the market. Fraudulent activity can be understood as any kind of deception that is criminal in nature and is performed for financial or personal gain. The most rampant frauds are known to take place in the banking sector such as forging checks, phishing activities, stealing of credit and debit cards, the opening of fake accounts, and so on. The other sector where frauds have become commonplace is insurance. Here, frauds are mainly seen in the form of false insurance claims.
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- Fiserv, Inc.
- FIS Global
- ACI Worldwide
- Bae Systems
- Experian Information Solutions, Inc.
- Software AG
- DXC Technology
- Dell Technologies
- SAS Institute
The advent of Cloud-based Computing to Aid Market Growth
The global fraud detection and prevention market is set to grow formidably in the wake of the rapidly developing cloud-based software solutions and advanced analytics. Cloud computing offers speedy fraud detection and prevention mechanisms for financial institutions, which has increased its demand all over the globe. One of the key benefits of cloud infrastructure is the multi-layered security it provides for the personal data of users. Moreover, it also enables the facilitation of secure online transactions. Advancements in big data analytics, artificial intelligence, and machine learning technologies enable organizations to pre-empt frauds and take the necessary steps to prevent them. As more and more industries and markets start recognizing the benefits of cloud-based security systems, their demand is expected to rise. As a result, global fraud detection and prevention market will gain momentum in the forecast period.
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Key Industry Developments
- Aug ,2018 – Fiserv, Inc. (NASDAQ: FISV), launched two enhanced consumer authentication solutions, step-up authentication and identity verification, to mitigate card fraud within call centres.
- April, 2020 – BAE Systems introduced the NetReveal Fraud Prevention Solution with advanced analytics and detection methodologies employing machine learning techniques helping banks, insurers, and government agencies identify fraudulent activities.
Over-reliance on Cloud Software May Not be the Best Course of Action
While cloud-based solutions promise the highest quality of security infrastructure, they carry certain disadvantages. For example, since cloud computing is dependent on the internet, service downtime and outages are very real possibilities. In the same vein, with every piece of information being put online, the entire system is open to attacks such as hacking and phishing. While measures like the EU’s GDPR have been taken to ensure user privacy, not every form of data breach or privacy infringement can be foreseen. For example, recent cyberattacks such as WannaCry and the Equifax data breach were grim reminders of how vulnerable cloud-based systems are. These limiting factors can hinder the growth of the global fraud detection and prevention market.
Important Features that are under Offering and Key Highlights of the Market Report:
- Detailed overview of Market Share
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application, etc.
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising market growth
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Key Players Identified
The global fraud detection and prevention market is poised to become a competitive one due to its multi-dimensional nature and scope. The promising market is expected to attract innovative participants; some of them are already increasing their market presence through collaborations and new products. For example, in January 2018, US-based IBM and Denmark-based Maersk collaborated to develop a global trade platform using blockchain technology.
Key Segment within the Market
1. By Component
- Fraud Analytics
- Predictive Analytics
- Customer Analytics
- Social Media Analytics
- Big data Analytics
- Behavioral Analytics
- Single –Factor Authentication
- Multi-Factor Authentication
- Governance, Risk and Compliance
2. By Application area
- Insurance Claims
- Money Laundering
- Electronic Payment
3. By Organization Size
- Small & Medium Enterprises (SMEs)
4. By Deployment
5. By Vertical
- IT & Telecommunication
- Retail & Consumer Packed Goods
- Healthcare and Life Sciences
- Construction & Real Estate
- Travel and Transportation
- Energy and Utilities
- Media & Entertainment
6. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
North America to Lead the Charge
Generating a revenue of USD 6414 million in 2018, North America is expected to hold a commanding position in the global fraud detection and prevention market in the forecast period. Rapid adoption of cloud-based computing across various sectors is seen to be the major driver in the US and Canada for this market.
Fast-paced growth of Indian and Chinese economies is expected to fuel the market in the Asia-Pacific region. The region generated a revenue of USD 3860.5 million in 2018 and as economies develop, the market is expected to grow in tandem. The primary reason cited for this growth rate is the rising investments in adoption of advanced software solutions by companies for fraud detection and prevention purposes in the region.
- What opportunities are present for the market players to enhance their business footprint?
- What manufacturing techniques are being implemented in the development of advanced Construction Equipment?
- Which segment is witnessing huge traction from the consumers?
- For what purposes, is the market being utilized?
- How many units are estimated to be sold in 2020?
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Key Features of Fraud Detection and Prevention Market Research Report:
- This report provides detail analysis of the market and have a comprehensive understanding of the market and its commercial landscape.
- Learn about the various market strategies that are being adopted by leading companies.
- It provides a five-year forecast assessed based on how the market is predicted to grow.
- It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.
- To understand the future scope and outlooks for the market.
- Market Forecast by regions, type and application, with sales and revenue, from 2020 to 2026.
- Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
- Market Size (sales, revenue) forecast by regions and countries from 2020 to 2023 of industry.
- The global market Growth is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2023. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
- Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
- Market Report also mentions market share accrued by each product in the market, along with the production growth.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
Table of Content
5. Global Fraud Detection and Prevention Market Analysis, Insights and Forecast, 2015-2026
5.1. Key Findings / Summary
5.2. Fraud Detection and Prevention Market Sizing Estimations and Forecasts – By Component (US$ Mn)
220.127.116.11. Fraud Analytics
18.104.22.168.1. Predictive Analytics
22.214.171.124.2. Customer Analytics
126.96.36.199.3. Social Media Analytics
188.8.131.52.4. Big Data Analytics
184.108.40.206.5. Behavioural Analytics
220.127.116.11.1. Single-Factor Authentication
18.104.22.168.2. Multi-Factor Authentication
22.214.171.124. Governance, Risk, and Compliance
126.96.36.199. Professional Services
188.8.131.52.2. Training and Education
184.108.40.206.3. Support and Maintenance
220.127.116.11. Managed Services
5.3. Fraud Detection and Prevention Market Sizing Estimations and Forecasts – By Application (US$ Mn)
5.3.1. Insurance claims
5.3.2. Money laundering
5.3.3. Electronic payment
5.4. Fraud Detection and Prevention Market Sizing Estimations and Forecasts – By Deployment (US$ Mn)
5.5. Fraud Detection and Prevention Market Sizing Estimations and Forecasts – By Organization Size (US$ Mn)
5.5.1. Small and Medium Enterprises (SMEs)
5.5.2. Large Enterprises
5.6. Fraud Detection and Prevention Market Sizing Estimations and Forecasts – By Vertical (US$ Mn)
5.6.2. IT and Telecom
5.6.3. Retail and Consumer Packaged Goods
5.6.5. Real Estate and Construction
5.6.6. Energy and Utilities
5.6.7. Travel and Transportation
5.6.9. Healthcare and Life Sciences
5.6.10. Media and Entertainment
5.7. Fraud Detection and Prevention Market Analysis, Insights and Forecast – By Geography (US$ Mn)
5.7.1. North America
5.7.3. Asia Pacific
5.7.4. Middle East and Africa
5.7.5. Latin America
6. North America Fraud Detection and Prevention Market Analysis, Insights and Forecast, 2015-2026
6.1. Key Findings / Summary
6.2. Fraud Detection and Prevention Market Sizing Estimations and Forecasts – By Component (US$ Mn)
18.104.22.168. Fraud Analytics
22.214.171.124.1. Predictive Analytics
126.96.36.199.2. Customer Analytics
188.8.131.52.3. Social Media Analytics
184.108.40.206.4. Big Data Analytics
220.127.116.11.5. Behavioural Analytics
18.104.22.168.1. Single-Factor Authentication
22.214.171.124.2. Multi-Factor Authentication
126.96.36.199. Governance, Risk, and Compliance
188.8.131.52. Professional Services
184.108.40.206.2. Training and Education
220.127.116.11.3. Support and Maintenance
18.104.22.168. Managed Services
6.3. Fraud Detection and Prevention Market Sizing Estimations and Forecasts – By Application (US$ Mn)
6.3.1. Insurance claims
6.3.2. Money laundering
6.3.3. Electronic payment
6.4. Market Sizing Estimations and Forecasts – By Deployment (US$ Mn)
6.5. Market Sizing Estimations and Forecasts – By Organization Size (US$ Mn)
6.5.1. Small and Medium Enterprises (SMEs)
6.5.2. Large Enterprises
6.6. Market Sizing Estimations and Forecasts – By Vertical (US$ Mn)
6.6.2. IT and Telecom
6.6.3. Retail and Consumer Packaged Goods
6.6.5. Real Estate and Construction
6.6.6. Energy and Utilities
6.6.7. Travel and Transportation
6.6.9. Healthcare and Life Sciences
6.6.10. Media and Entertainment
6.7. Market Analysis, Insights and Forecast – By Country (US$ Mn)
6.7.1. United States
7. Europe Fraud Detection and Prevention Market Analysis, Insights and Forecast, 2015-2026
7.1. Key Findings / Summary
7.2. Market Sizing Estimations and Forecasts – By Component (US$ Mn)
22.214.171.124. Fraud Analytics
126.96.36.199.1. Predictive Analytics
188.8.131.52.2. Customer Analytics
184.108.40.206.3. Social Media Analytics
220.127.116.11.4. Big Data Analytics
18.104.22.168.5. Behavioural Analytics
22.214.171.124.1. Single-Factor Authentication
126.96.36.199.2. Multi-Factor Authentication
188.8.131.52. Governance, Risk, and Compliance
184.108.40.206. Professional Services
220.127.116.11.2. Training and Education
18.104.22.168.3. Support and Maintenance
22.214.171.124. Managed Services
7.3. Market Sizing Estimations and Forecasts – By Application (US$ Mn)
7.3.1. Insurance claims
7.3.2. Money laundering
7.3.3. Electronic payment
7.4. Market Sizing Estimations and Forecasts – By Deployment (US$ Mn)
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