The global fraud detection & prevention market is estimated to experience remarkable growth in the upcoming years. Growing use of fraud detection & prevention solutions by various organizations is driving the growth of the market. The external type sub-segment, credit & debit fraud sub-segment, banking sub-segment, and service sub-segment are projected to dominate the market. The Asia pacific region market is estimated to rise significantly.
New York, USA, July 28, 2021 (GLOBE NEWSWIRE) -- Research Dive has added a report on the global fraud detection & prevention market to its repository. The report states that the market is estimated to surpass $123,391.8 million and grow with a substantial CAGR of 26.5% from 2019 to 2026. The report is an in-depth study presenting exhaustive lookout of the present scenario and future perspective of the global market. The report is articulated by veteran market analysts and assures to be a reliable source of data, recent trends, and all-encompassing market insights for new entrants, investors, existing market players, stakeholders, shareholders, etc.
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Factors Impacting the Market Growth:
A notable rise in the number of online & mobile banking services and growing adoption of digital payment methods are propelling the global fraud detection & prevention market growth. In addition, the growing use of fraud detection & prevention solutions to cater the security requirements and the rising integration of advanced technologies, such as artificial intelligence and machine learning, in fraud detection & prevention solutions are expected to bring in rewarding opportunities for the market growth during the forecast period. However, huge investments involved in the procurement of a fraud detection & prevention solution is estimated to impede the growth of the global market.
The report segments the global fraud detection & prevention market based on type, component, application, end user, and region.
External Type Sub-Segment to Hold Leading Market Share
The external sub-segment of the type segment is anticipated to lead the market by rising with 25.2% CAGR in the forecast period. This growth is mostly attributed to the increasing banking scams, data breaches, and burglary of confidential data as well as dearth of distinct fraud detection division in various organizations.
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Service Sub-Segment to Observe Outstanding Growth
The service sub-segment of the component segment is anticipated to experience outstanding growth with a CAGR of 25.4% in the forecast period. This growth is mostly attributed to the increasing unlawful activities and growing initiatives undertaken by governments as well as numerous leading companies for safeguarding their confidential data.
Credit & Debit Fraud Sub-Segment to Hold Leading Market Share
The credit & debit fraud sub-segment of the application segment is anticipated to grab leading market share, and rise with a CAGR of 25.4% during the estimated period. This growth is mostly attributed to the increasing usage of debit and credit in the finance sector which has significantly triggered the number of fraud cases.
Banking Sub-Segment to Observe Outstanding Growth
The banking sub-segment of the application segment is anticipated to grab leading market share, and rise with a CAGR of 25.4% during the estimated period. This growth is mostly attributed to the increasing usage of debit and credit in the finance sector which has significantly triggered the number of fraud cases.
Asia-Pacific Region to Observe Significant Growth
The report analyzes the global fraud detection & prevention market across various regions including North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is projected to rise significantly with a CAGR of 27.0% during the estimated period. The growth of this region market is mainly due to the growing acceptance for fraud detection & prevention software or system in various industrial and business areas.
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Major Players in the Market:
The report lists some of the leading players functioning in the global fraud detection & prevention industry including
Fair Issac Corporation
SAS Institute Inc.
The report also delivers numerous industry-top strategies and tactics like top tactical initiatives & advances, new launch of product/service range, business performance, Porter five forces analysis, and SWOT analysis of the leading players, operating in the global industry. For instance, in April 2021, Revelock, the forerunner in behavioral biometric based online fraud prevention (previously recognized as buguroo), launched the Revelock Fraud Detection & Response (FDR) Platform. The all-in-one platform is capable of protecting web and mobile banking apps with improved response competences offered by the company's previous flagship product, bugFraud.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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