USD 29.8 billion
Global Fraud Detection And Prevention Market Size, Share, Growth Analysis, By Components(Solutions, Services), By Application(Insurance Claims, Money Laundering), By Deployment(Cloud, On-Premise), By Enterprise Size(Large Enterprises, Small & Medium Enterprises (SMEs)), By Industry(BFSI, IT) - Industry Forecast 2023-2030
Report ID:
SQMIG45E2077 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
157 |
Figures:
77
Global Fraud Detection And Prevention Market Insights
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).
In today's world, fraud detection and prevention is becoming more and more important. Businesses of all sizes are facing increased cyber-security threats, which can lead to serious financial losses. Fraudsters are constantly developing new ways to steal money from unsuspecting victims, so it's important that businesses take measures to protect themselves. One way that businesses can protect themselves is by using fraud detection and prevention software. This software can help identify suspicious activity, track down the perpetrators, and prevent any financial losses from happening. In addition, this software can also help protect the company's reputation and data security.
Strong adoption of digitalization and IoT has increased the demand for fraud detection and prevention systems. In addition, growing number of cyber-attacks and increased incidences of data theft leading to revenue loss is pushing the fraud detection and prevention market growth forward. Currently, the market has opportunity to make the use of AI and ML in the banking sector to boost the fraud detection and prevention activities.
US Fraud Detection And Prevention Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2023-2030
Global Market Size
Largest Segment
on-premise
Fastest Growth
cloud
Growth Rate
23.8% CAGR
Global Fraud Detection and Prevention Market, 2021-2027 ($ Mn)
Country Share for North America Region- 2021 (%)
Global Fraud Detection and Prevention Market Size By Deployment , 2021-2027 ($ Mn)
Global Fraud Detection and Prevention Market Size By Deployment , 2021-2027 (%)
To get more reports on the above market click here to Buy The Report
Global Fraud Detection And Prevention Market Segmental Analysis
Fraud Detection and Prevention Market is segmented by component, application, deployment, enterprise’s size, industry and region. Based on component, the Fraud Detection and Prevention Market is bifurcated into solutions and services. By application, Fraud Detection and Prevention Market is segmented into insurance claims, money laundering, electronic payment, and others. Based on deployment, Fraud Detection and Prevention Market is categorized into cloud and on-premise. By enterprise size, the Fraud Detection and Prevention Market is divided into large enterprises and small & medium enterprises (SMEs). By industry, the Fraud Detection and Prevention Market is categorized into BFSI, IT and telecom, retail and consumer packaged goods, government, construction and real estate, energy and utilities, travel and transportation, manufacturing, healthcare and life sciences, media and entertainment and Others. By region the fraud detection and prevention market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Fraud Detection and Prevention Market Analysis by Component
By component, the fraud detection and prevention market is segmented into solutions and services. The services segment is projected to enjoy the fastest growth because of increased demand for professional services such as consulting, training & education, and support & maintenance by large enterprises. Wherein, the market is likely to witness high demand for fraud analytics, governance, risk, compliance, and authentication. The authentication segment is expected to hold a sizable market share during the forecast period as large number of end-users are trying to introducing layer of extra security and blockades makes it very difficult for an attacker to attack confidential data.
Fraud Detection and Prevention Market Analysis by Deployment
By deployment, the fraud detection and prevention market is classified into on-premise and cloud. Due to various advancements in artificial intelligence and data analytics, the cloud segment is expected to witness high growth in the coming years. Small and medium-sized businesses are likely to be potential clients of cloud-based fraud detection and prevention software. SME demand for cloud-based solutions is fueled by limited security spending and IT infrastructure.
Global Fraud Detection and Prevention Market By Deployment , 2021(%), 2021 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global Fraud Detection And Prevention Market Regional Insights
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.
Governments and end-user enterprises in countries such as India, the US, Brazil, China, the United Kingdom, Germany, and Brazil, among others are investing heavily in advanced fraud prevention solutions. Therefore, leading players in the global fraud detection and prevention market are focusing on a variety of business strategies to expand their product offerings.
Global Fraud Detection and Prevention Market By Geography, 2021 - 2027, 2023-2030
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Fraud Detection And Prevention Market Dynamics
Fraud Detection and Prevention Market Driver
- 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.
- The world is experiencing a digital revolution. Internet users are no longer limited to online search and social networking but have expanded to include activities such as online banking and shopping. People have stopped leaving their homes due to COVID-19 lockdown restrictions, and a large population has shifted to online transactions. As per our fraud detection and prevention market analysis, around 70% of urban users in countries such as India are digitally influenced to purchase any financial product, which means they use banking apps or various websites to do so. This has increased the number of fake websites and increased demand fraud detection and prevention software.
Fraud Detection and Prevention Market Restraint
- Lack of professionals and skilled labor to hamper growth of fraud detection and prevention market to some extent. This is especially true across emerging markets.
- Corporations store critical records and documentation of their customers' data on servers. Thus, protecting and securing records is critical for businesses to protect themselves from data theft. However, advanced cyber-attacks and novel anonymous threats are sometimes expected to pose a challenge to traditional FDP solutions.
- Lack of acceptance and responsiveness among developing nations in the Middle East and Africa, APAC, and South America, including Mexico, Argentina, Chile, Peru, Colombia, and Caribbean countries
Request Free Customization of this report to help us to meet your business objectives.
Global Fraud Detection And Prevention Market Competitive Landscape
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.
Fraud Detection and Prevention Market Top Players Company Profiles
- 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
Fraud Detection and Prevention Market Recent Developments
- April 2022, IBM Corp. introduced the latest generation of its venerable Z Series mainframe family, which is powered by a new processor with built-in artificial intelligence for real-time fraud detection.
Global Fraud Detection And Prevention Key Market Trends
- 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.
Global 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, co-relates and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis of fraud detection and prevention market, the banking and financial services industries are early adopters of risk-prevention technology. Financial institutions are extremely vulnerable as a result of large online data transactions. Financial institutions are now focused not only on financial risk mitigation but also on real-time fraud detection. With the introduction of pattern recognition, fraud detection methods are evolving.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 29.8 billion |
| Market size value in 2030 | USD 217.3 billion |
| Growth Rate | 23.8% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| 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:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
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 Global 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 Global 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 Global 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 Global 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 Global 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 Global 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.
Global Fraud Detection And Prevention Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 617-230-0741
