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The global fraud detection and prevention market size valued at USD 19,269.8 Mn 2018 is projected to reach USD 1,10,041.3 Mn by the end of 2026, exhibiting a CAGR of 25.48%.
The global market is expected to witness significant growth in the forecast period owing to the rising revenue losses due to the rise in a number of frauds across the globe. In banking, frauds can be involved using stolen credit cards, forging checks, misleading accounting practices, etc. In the Insurance sector, fraudulent claims could cause a significant financial loose of the organizations. Many companies are adopting new technologies such as machine learning, artificial intelligence, data mining and statistics which will positively influence the global market.
A rising number of online transactions is expected to be the major driver for the market. Automated fraud detection and prevention systems help organizations to identify unusual patterns consistent with loan fraud, credit card fraud and money laundering by leveraging advanced analytics. Due to an increasing number of multiple channels and transactions per day organizations require to adopt fast fraud detection and prevention solutions to process transactions quickly enough. Large enterprises which deal with many monetary transactions highly adopt the fraud detection and prevention software to keep a track on the online transactions.
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"Increase in demand for Cloud-Based solutions to drive the global fraud detection and prevention software market"
For today’s financial institution, fraud detection and prevention is all about speed. The introduction of advanced analytics and cloud computing and the growing demand in mobile banking are major factors that drive the fraud detection and prevention market growth. The cloud infrastructure provides security to the personal data of the user, secure online transactions can be achieved. Big data analytics, machine learning or artificial intelligence algorithms help organizations to predict the possibilities of fraudulent activities based on the analysis of the historical fraudulent patterns. With the increasing demand for cloud computing, end-use industries are getting attracted towards cloud-based fraud detection and prevention solutions as it reduces the time to process and is cost-effective. Security is the main concern of the organization for adopting cloud-based fraud detection and prevention solutions. Also, it is being projected that there will be a heavy growth of the cloud-based fraud detection and prevention solutions for the forecast 2019 – 2026.
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Increasing investment in the technologically driven solutions is supplementing the revenue growth of North America, whereas Asia Pacific is estimated to have a significant growth
North America generated USD 6,414.0 Mn market revenue in 2018 and is anticipated to emerge dominant in the global market during the forecast period. In 2018, North America led the global market on account of early adoption of online-based services and e-tailing in countries like US and Canada. Growth witnessed in the region is likely to be driven by the presence of the strong and prominent players operating in the fraud detection and prevention industry across the U.S. and spending by the U.S. government for the provision of fraud detection and prevention systems in various public and private organizations. Likewise, Asia Pacific generated revenue of USD 3,860.5 Mn in 2018 in the global fraud detection and prevention market and is expected to witness growth in the investments of the small and medium enterprises for adopting the technologically enhanced software. The emerging economies of China, India, and Singapore are expected to be the key contributors to the Fraud detection and prevention software market.
North America Global Fraud Detection and Prevention Software Market, 2018
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"A significant trend observed in penetration of fraud detection and prevention solutions across the range of end-use industries."
The report provides qualitative and quantitative insights on the global Fraud detection and prevention market and detailed analysis of market size & growth rate for all possible segments in the market. The market has been segmented based on component, application area, deployment, organization size, vertical and geography. By component, the market is categorized into solutions and services. Based on application area the market is segmented into insurance claims, money laundering, and electronic payments. On the basis of deployment model, the market is divided into cloud and on-premises models.
The types of organizations that use fraud detection and prevention software the most are bifurcated into small and medium enterprises(SMEs) and large enterprises (LE). By Industry vertical, it is classified into banking, financial services and insurance (BFSI), IT and telecommunications, retail and consumer packed goods, government, construction and real estate, health care and life sciences, manufacturing, travel and transportation, media and entertainment, energy and utilities and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
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To get information on various segments, share your queries with us
Along with this, the report provides elaborative analysis of the fraud detection and prevention market dynamics and competitive landscape. Various key insights provided in the report are the price trend analysis, recent industry developments in fraud detection and prevention, such as mergers & acquisitions, the regulatory scenario in key countries, an analysis of pages printed by digital technology, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape.
o Fraud Analytics
§ Predictive Analytics
§ Customer Analytics
§ Social Media Analytics
§ Big data Analytics
§ Behavioral Analytics
§ Single –Factor Authentication
§ Multi-Factor Authentication
o Governance, Risk and Compliance
o Professional Service
§ Training and Education
§ Support and Maintenance
o Managed Services
By Organization Size
By Application Area
As per our (Fortune Business Insights) study, the global fraud detection and prevention market is predicted to reach USD 110.0 Bn by 2026 with a CAGR of 25.5% (2019 -2026).
As per our study, adoption of fraud detection and prevention is being driven by data-intensive industries such as healthcare, BFSI, and IT &Telecommunication. Currently (in 2019), global Fraud Detection and Prevention market value at USD 22.4 Bn, and it is anticipated to reach USD 110.0 Bn by 2026 at a CAGR of 25.5% during the forecast period (2019 -2026)
Globally, spending on fraud detection and prevention solutions is increasing each year. Some of the regions, such as in Europe generated a revenue of USD 4.5 Bn in 2018 and is expected to generate a remarkable revenue share by 2026. Start-ups, SME’s and the large size enterprises are making substantial investments in Fraud Detection and Prevention solutions.
In the fraud detection and prevention market, solutions segment is the leading segments. Fraud detection and prevention solutions includes fraud analytics, authentication and governance, risk, and compliance.
Some of the driving factors for the fraud detection and prevention market are growing importance of real-time alert systems for early detection and prevention of fraudulent activities to avoid financial losses. Also, rising demand to increase operational efficiency, reduce cost, data security and improve flexibility across organizations and inflating online monetary transactions, uncontrollable cybercrimes would drive the market growth.
In the fraud detection and prevention market, some of the key players are Fico, IBM, Fiserv, Inc., FIS Global, ACI Worldwide, and Bae Systems. These players are focusing on acquisition and partnership with domestic players to provide Fraud Detection and Prevention solutions.
North America is expected to hold the highest market share in the Fraud Detection and Prevention market. Factors triggering the market growth are availability of adequate IT infrastructure and massive investments of government and organizations for secured data solutions. Furthermore, North America houses the key market players, which contributes to market growth.
BFSI industry is expected to exhibit high adoption of fraud detection and prevention solutions. As BFSI industry is completely based on the monetary actions it is therefore prone to fraud and cybercrimes. Followed by BFSI, Retail industry is expected to exhibit a significant growth during the forecast period.