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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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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
Fortune Business Insights says that the value of the global Fraud Detection and Prevention Market was USD 19,269.8 Million in 2018
The Fraud Detection and Prevention Market is projected to reach USD 1,10,041.3 Million by 2026
The Fraud Detection and Prevention Market will grow at the rate of 25.4% CAGR