The growing number of fraudulent activities due to an increase in the number of electronic transactions is driving the demand for global Fraud Detection and Prevention market
The global Fraud Detection and Prevention market is expected to reach nearly USD 88 billion by 2025, at a CAGR of ~27% during the forecast period. Fraud comprises improper payments, terrorist financing, money laundering, identity theft, cyber-attacks, and others. Fraud Detection and Prevention solution enable end-users to detects and prevent fraud in real-time or even before its occurrence. In addition, by detecting and preventing fraud it helps organizations in saving huge costs and monetary losses.
The existing and future Fraud Detection and Prevention market developments are defined to determine the attractiveness of the market. Key impacting factors highlight the fraud detection and prevention market opportunities throughout the forecast period. Factors such as the growing number of data breaches and complex cyber-attacks are the key factors fueling the demand for Fraud Detection and Prevention solutions. In addition, the growing number of fraudulent activities due to an increasing number of electronic transactions is also fueling the market growth. Moreover, growing organizational and economic revenue losses are also one of the key factors fueling the demand for fraud detection and prevention solutions among various industry verticals. However, huge costs associated with the deployment of fraud detection and prevention solutions are anticipated to hamper the market growth. Furthermore, the application of ML and AI in FDP solutions are anticipated to provide major opportunities for the market in the upcoming years.
The report also highlights numerous aspects of the global fraud detection and prevention industry by evaluating the market through value chain analysis. In addition, the report covers numerous qualitative aspects of the Fraud Detection and Prevention industry in market drivers, restraints, and key industry opportunities. Furthermore, the report offers a comprehensive assessment of the market competition along with company profiling of local as well as global vendors.
The global fraud detection and prevention market has strong competition among the new emerging and well-established players. In addition, the Fraud Detection and Prevention industry players are targeting prospective markets to get a competitive advantage over the other industry players by acquiring new startups & other companies, forming agreements, mergers & acquisitions, partnerships, collaboration, and expanding their businesses.
On the basis of solutions, the market is segmented into real-time analytics, Authentication, Risk and Compliance, and others. The Authentication solutions are further divided into single-factor and multi-factor authentication. In 2019, the market for authentication solution had the highest revenue and is expected to dominate the Fraud Detection and Prevention market throughout the forecast period. The growth of this segment is mainly accredited to the growing number of complex cyber-attacks.
Asia-Pacific dominated the global Fraud Detection and Prevention market in 2019 and is expected to dominate the market throughout the forecast period 2020–2025. It is expected to have the largest market revenue with nearly 8 Billion in 2019. The growth of this region is mainly accredited to the growing penetration of smartphones and increasing government initiatives for digital payments in this region. Moreover, Middle-East & Africa region is anticipated to gather the highest CAGR close to 32% during the forecast period.
The major players of the global Fraud Detection and Prevention market are BAE Systems, Dell technologies, DXC Technology, Experian, First Data, Fiserv, IBM, SAP, SAS, and Securonix. Moreover, the other potential players in the Fraud Detection and Prevention Market are FICO, ACI Worldwide, LexisNexis, NICE Systems, and Risk solutions. As of 2019, the Fraud Detection and Prevention market is fragmented with the existence of established global and domestic players across the globe. In addition, the established companies are coming up with new innovative Fraud Detection and Prevention solutions and services. For instance, In November 2019, FIS, a financial service provider collaborated with IBM. The collaboration is aimed at the company’s strategy to provide person-to-person services in order to prevent fraud in real-time by integrating with IBMs Safer Payment Solution.
Segment Overview of Global Fraud Detection and Prevention Market
Fraud Type Overview, 2018-2025 (USD Billion)
- Money Laundering
- Identity Theft
- Payment Fraud
- IP Theft
Solution Overview, 2018-2025 (USD Billion)
- Real-Time Analytics
- Risk and Compliance
Industry Vertical Overview, 2018-2025 (USD Billion)
- IT & Telecom
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Middle East and Africa
- South America
- Rest of South America