According to the latest research by SkyQuest Technology, the Global Fraud Detection and Prevention Market was valued at USD 25,534.44 Million in 2021, and it is expected to reach USD 132,661.23 Million by 2028, with a CAGR of 22.9% during the forecast period of 2021-2027. The research provides up-to-date market analysis of the current market landscape, the latest market trends, market drivers, and overall market insights.
Westford, USA, May 24, 2022 (GLOBE NEWSWIRE) -- In Fraud Detection and Prevention Market, Fraud is defined as any illegal act that involves deceiving someone wilfully with an unfair and unlawful intent for financial or personal gain. Fraud detection and prevention systems are software applications that provide analytical solutions for fraud incidents and aid in the identification and prevention of future occurrences. Because of industrial expansion and an increase in fraudulent activities, Due to the generation of massive amounts of enterprise data and the increase in technological advancements, businesses are becoming more vulnerable to incidents of fraud that may result in financial losses.
Based on Fraud Detection and Prevention Market study, the increased investment by major market players in introducing secure fraud solutions across various industries such as manufacturing, BFSI, healthcare, and others is expected to drive market growth. Governments and end-user enterprises in countries such as India, the United States, Brazil, China, the United Kingdom, Germany, and Brazil, among others, are investing in advanced fraud prevention solutions. The market is growing due to a shift in end-user focus toward e-commerce platforms. Leading market players are focusing on a variety of business strategies to expand their product offerings.
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Fraud Detection and Prevention Market report analysis found that the introduction of big data analytics and cloud computing services, as well as the rapid growth of mobile banking, are driving the growth of the fraud detection and prevention market. Cloud infrastructure enables organizations to meet cloud security compliance requirements for encryption, separation of duties, and protected data access control. Furthermore, the increase in the generation of enterprise data and its complexity, high industry-specific requirements, and an increase in the incidence of fraud all contribute to the growth of the fraud detection and prevention market.
Read market research report, " Global Fraud Detection and Prevention Market Size, Share & Trends Analysis Report Based on Component (Solutions and Services), By Application Area (Insurance Claims, Money Laundering, Electronic Payment, and others), By Deployment (Cloud and On-Premise), By Enterprise Size (Large Enterprises and Small & Medium Enterprises (SMEs)), By Industry (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 Other, By Region, And Segment Forecasts and Analysis 2021-2027” by SkyQuest
Based on Fraud Detection and Prevention Market analysis, we found that companies in a range of industries are experiencing increased operational and financial pressure as a result of the pandemic, creating a higher level of economic risks such as decreased revenue and profits and loss of market demand. These financial risks may increase motivation to commit fraud through financial result manipulation, misrepresentation of facts, and asset misappropriation, among other fraud schemes.
In terms of the types of fraudulent activities undertaken by insiders/employees, the BFSI industry has been the most vulnerable. Employees have been accused of fraud in several instances (for instance, PNB fraud in India). To prevent these fraudulent activities, the industry requires robust fraud detection and prevention solutions.
North America is expected to be the largest contributor to the 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 Fraud Detection and Prevention 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.
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The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections that are featured in SkyQuest's reports are derived using proven research methodologies and assumptions. Our in-depth research analysis implements a quadruple approach to estimating the market size. Exhaustive primary and secondary research is conducted to collect information on the market, peer market, and parent market. The next step is to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches are employed to estimate the complete market size. Thereafter, market breakdown and data triangulation are done to estimate the market size of segments and subsegments.
The prominent market players are constantly adopting various innovation and growth strategies to capture more market share. The key market players are IBM Corporation, Uplexis, Experian Information Solutions, Inc, and Gemalto - Thales Group among others.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
Drivers- The increasing use of online applications and mobile banking services has increased 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. which is expected to accelerate the market growth.
Restraint- Law enforcement is constantly on the lookout for Fraud Detection and Prevention companies because it is a highly sensitive industry, which is a key impediment to the Fraud Detection and Prevention market growth.
What does this Report Deliver?
Market Estimation for 20+ Countries
Customization on Segments, Regions, and Company Profiles
100+ tables, 150+ Figures
Global and Country Fraud Detection and Prevention Market Trends
Comprehensive Mapping of Fraud Detection and Prevention Industry Parameters
Attractive Investment Proposition
Competitive Strategies Adopted by Leading Fraud Detection and Prevention Market Players
Fraud Detection and Prevention Market Drivers, Restraints, Opportunities And impact on the Market
Fraud Detection and Prevention Market growth rate till 2027
Regulatory scenario, regional dynamics, and Fraud Detection and Prevention market insights of leading countries in each region
Fraud Detection and Prevention Market Opportunity analysis by region and country
Fraud Detection and Prevention Market Segmentation opportunity and growth
Porter’s five force analysis to know the market’s condition
Parent market analysis
Product portfolio benchmarking
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SkyQuest has segmented the Global Fraud Detection and Prevention market based on Component, Application, Deployment, Enterprise size, Industry and Region:
Global Fraud Detection and Prevention Market By Component (Revenue, USD Million, 2021 - 2027)
Social Media Analytics
Big Data Analytics
Governance, Risk, and Compliance
Training and Education
Support and Maintenance
Global Fraud Detection and Prevention Market By Application (Revenue, USD Million, 2020 - 2027)
Others (Banking transactions, etc.)
Global Fraud Detection and Prevention Market By Deployment (Revenue, USD Million, 2020 - 2027)
Global Fraud Detection and Prevention Market By Enterprise Size (Revenue, USD Million, 2020 - 2027)
Small & Medium Enterprises (SMEs)
Global Fraud Detection and Prevention Market By Industry (Revenue, USD Million, 2020 - 2027)
IT and Telecom
Retail and Consumer Packaged Goods
Construction and Real Estate
Energy and Utilities
Travel and Transportation
Healthcare and Life Sciences
Media and Entertainment
Global Fraud Detection and Prevention Market By Region (Revenue, USD Million, 2020 - 2027)
Rest of Europe
Rest of Asia Pacific
Central & South America
Rest of CSA
Middle East & Africa
Rest of MEA
List of Key Players in Fraud Detection and Prevention Market
IBM Corporation (US)
Experian Information Solutions, Inc. (Brazil)
Gemalto - Thales Group (France)
ACI Worldwide, Inc. (US)
BAE Systems (US)
Fair Isaac Corporation (US)
Fidelity National Information Services, Inc. (US)
NICE Actimize Ltd. (Israel)
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