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Employee fraud detection solutions are majorly adopted by organizations to reduce fraud losses and reputational risk. Companies are emphasizing on adopting enterprise fraud detection platforms for detetcting employee fraud, conspiracy, and business misconduct. This platform uses advanced technologies like machine learning or artificial intelligence and helps to build appropriate investigation regarding fraud. The employee fraud detection system offers preventive, detective, and recovery levels to ensure the safety of customer and organization assets. Countless economic crimes including embezzlement, Cheque fraud, vendor billing schemes, and financial statement frauds are enforcing financial institutes to deploy effective fraud detection solutions. Hence, increasing demands from financial institutes are driving the employee fraud detection market growth.
The developed IT environment led almost all organizations to adopt computerized work-platform. Although, this advanced work system is more susceptible to online frauds such as phishing and spoofing. Despite of company compliance and regulations guidelines several employees attempt frauds like theft of intellectual property and trade secrets. Thus, to mitigate such fraudlent activities IT oragnizations have directed their attention towards employee fraud detection system which is expected to drive the market growth.
The traditional methods to mitigate enterprise fraud includes hiring of right candidate, developing formal fraud policies, providing awareness about company policies, or restraining employee activities. Apart from this, organizations are now demanding fraud awareness training and workshops. Also, software-based employee fraud detection solutions are most demandable across IT and telecommunication industries. Hence, heavy demand for enterprise fraud detection systems likely to drive market growth in coming years.
Key Market Driver -
• Increasing enterprise frauds such as embezzlement • stringent government rules and regulations
Key Market Restraint -
• Lack of skilled security professionals
Major players are spending a major share of their revenue for exploring innovative fraud detection solutions. The technology advancements are supporting key players to develop powerful employee fraud detection solutions. Many key players are empowering their fraud solution by using behavioral analytics and machine learning algorithms. The global COVID-19 pendamic enforced almost all organizations to adopt work from home or bring your own device, which increases risks of employee fraud attempts. Thus, key players are offering cost-optimized solution and services to organizations for reducing employee frauds. For instance, in April 2020, Gurucul company announced to offer its Unified Security and Risk Analytics platform as a free cloud service during the COVID-19 global pandemic. These services will help organizations to discover rare and high-risk behavior patterns unveiled by distant workers and third party identities to detect fraud risks. Further, strategic collaborations and partnerships are helping key players to strengthen their market position and business portfolio.
Major players in the market include Straydot, NICE Actimize, NetGuardians, Inc., Verafin Inc, , Clari5, SoftCo, SAS, APEX Analytix, LLC, Ekran System, Bellin, Capgemini, CISO Platform, Asseco South Eastern Europe, Software AG, RS Software (India) Limited, Intellinx Ltd, SAP SE, GURUCUL, Securonix, Inc., Forcepoint LLC, Veriato Inc., HID Global Corporation, Exabeam, Inc., Bell Integrator, Inc., Informatique-MTF SA, NetGuardians, Inc., among others.
COVID-19 global pandemic enforced organizations across the world to issue shelter-in-place and work from home orders to stop spreading of the virus. The work from home has substantially increases chances of fraud attempts by employees. As a result, COVID-19 crisis has opened up opportunities for employee fraud detection market.
North America is likely to hold a large market share owing to the presence of prominent market players across the region. Strict data privacy laws and standards enforcing organizations to adopt appropriate fraud detction solution. North America is leader in the adoption of online or card based transaction methods. Thus, to avoid theft of critical financial data like credit card information, banks are heavily adopting employee fraud detection solutions. Thus, North America is expected to see high adoption of employee fraud detection solutions.
Cybersecurity regulations across Europe countries such as the United Kindom, Germany, Italy, Spain, and France are encouraging adoption for strong fraud detection solutions. Additionally, the growing population of electronic or digital payment methods across the United Kindom encouraging financial institutes for the adoption employee fraud detection solutions. Thus, the factors are likely to drive market growth across Europe.
Asia Pacific is anticipating to demonstrate the highest market growth in the coming years. Several countries such as India have imposed stringent laws and regulations against corruption. Thus, the market has opportunities to develop across the Asia Pacific.
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