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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, at a CAGR of 23.80% during the forecast period (2024-2031).

The Fraud Detection and Prevention Market is highly competitive and characterized by the presence of several key players. The market is driven by the Digital Revolution and IoT's Growing Influence. Also, With the surge in online applications and mobile banking services, there's been a corresponding increase in the proliferation of fake websites and mobile apps. This trend extends beyond the banking sector, infiltrating industries such as retail, e-commerce, manufacturing, and healthcare.  Market players focus on strategic collaborations, partnerships, and mergers and acquisitions to expand their market presence and gain a competitive edge. 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 (USA) ', 'Oracle Corporation (USA) ', 'SAS Institute Inc. (USA) ', 'FICO (USA) ', 'NICE Actimize (USA) ', 'Experian Information Solutions, Inc. (USA) ', 'ACI Worldwide Inc. (USA) ', 'BAE Systems (England) ', 'ThreatMetrix Inc. (USA) ', 'DXC Technology (USA) ', 'RSA Security LLC (USA) ', 'Kount Inc. (USA) ', 'LexisNexis Risk Solutions Group (USA) ', 'Splunk Inc. (USA) ', 'Easy Solutions Inc. (USA) ', 'Feedzai (Portugal) ', 'Forter (USA) ', 'Simility (USA) ', 'Pindrop Security (USA) ', 'Signifyd (USA)'

North America stands to be the major player in the fraud detection and prevention market and holds 41% of the fraud detection and prevention industry in 2023, primarily due to being one of the regions most affected globally by money laundering and terrorist financing. Therefore, it is home to a high number of fraud detection and prevention providers. Some of the challenges that Banks, governmental bodies, and financial institutions operating in this region include increasing fraud complication, which has forced them to embrace technological measures in combating fraud. Since the world is increasingly moving towards interconnectedness and automation, the protection of enterprise crucial structures and information becomes a major issue. North America, which is regarded as one of the technological hubs of the world, occupies the most share of cybersecurity vendors in the market. 

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Global Fraud Detection and Prevention Market

Product ID: SQMIG45E2077