USD 29.8 billion
Report ID: SQMIG45E2077 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: 157 | Figures: 77
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.
Global Market Size
USD 29.8 billion
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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.
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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.
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Fraud Detection and Prevention Market Driver
Fraud Detection and Prevention Market Restraint
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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
Fraud Detection and Prevention Market Recent Developments
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.
|Market size value in 2021
|USD 29.8 billion
|Market size value in 2030
|USD 217.3 billion
|Forecast Unit (Value)
|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)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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