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Fraud Detection & Prevention Market to Exhibit a 26.7% CAGR by 2028; Rising Demand for Fraud Analytics Solutions to Aid the Market Growth

July 21, 2021 | Information & Technology

The global fraud detection & prevention market size is projected to reach USD 141.75 billion by 2028 owing to the increasing e-commerce and online banking users, observes Fortune Business Insights™ in its report, titled “Fraud Detection and Prevention Market Size, Share & COVID-19 Impact Analysis, By 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 Vertical (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), and Regional Forecast, 2021-2028.” As per the report, the value of the market was USD 23.05 billion in 2020, and the market is anticipated to register a CAGR of 26.7% from 2021 to 2028.


Experian Announces Acquisition of Arvato Financial Solutions Risk Management Division to Provide Users Risk-free Digital Experience


Experian, a leading global information services company, acquired a majority stake in the Arvato Financial Solutions Risk Management division.  This acquisition combines Arvato Financial Solutions Risk Management Division’s and Experian's innovative, analytical, decision-making platforms, digital technologies, and industry expertise to accelerate their digital transformation projects and help consumers in the market.  Therefore, this investment will enable Experian to expand its fraud and identity management services in Germany, Austria, and Switzerland. Such initiatives by the companies are expected to favor the global market during the forecast period.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/fraud-detection-and-prevention-market-100231


Increasing Mobile Banking Services to Drive the Growth


Rising users of online applications and mobile banking services led to an abrupt increase in fake websites and mobile applications. There is an increase in counterfeit websites in retail & e-commerce and healthcare insurance platforms. These websites and their services resemble the exact websites, which trap customers to complete fake online transactions. Moreover, users are more inclined towards mobile applications in the banking sector for various purposes, such as online payment, statement review, registering complaints, and feedback. Thus, using any transaction application with insufficient code protection leaves banks and their clients vulnerable to source code analysis. Hackers use an application to decompile to extract informative user data. This is expected to boost the global fraud detection and prevention market growth during the forecast period.


Key Players Focus on Collaboration & Offering Advanced Cloud-Native Business Support Systems (BSS)


Major companies such IBM Corporation, BAE System, Kaspersky Lab, Tata Communication LtdAccenture PLC, and Experian focus on developing innovative and practical applications to protect their user’s privacy by online attackers. These key players are strengthening their presence in developing countries and collaborating and acquiring local organizations to mark their presence in the market for fraud detection & prevention. For example, In November 2020, Amdocs partnered with Amazon Web Services to offer their users cloud-native Business Support Systems (BSS), which uses encrypted connections such as SSL, HTTPS, and TLS. This aids in protecting user privacy and will further accelerate IT & telecom telecommunications to shift and adopt cloud platforms.


Industry Development:



  • November 2020 - BAE Systems launched the NetReveal platform to provide security against financial crime, such as money laundering transactions, KYC/DD fraud detection and prevention across banking platforms.


List of the Companies Profiled in the Global Market:



  • IBM Corporation (New York, United States)

  • Uplexis (São Paulo, Brazil)

  • Experian Information Solutions, Inc. (São Paulo, Brazil’s)

  • Accenture PLC (Dublin, Ireland)

  • Tata Communications (Maharashtra, India)

  • Clearsale LLC (Florida, United States)

  • Gemalto - Thales Group (Paris, France)

  • Amdocs (Missouri, United States)

  • Incognia (California, United States)

  • ACI Worldwide, Inc. (Florida, United States)

  • BAE Systems (Farnborough, United Kingdom)

  • DXC Technology Company (Virginia, United States)

  • Dell, Inc. (Texas, United States)

  • Fair Isaac Corporation (California, United States)

  • Fidelity National Information Services, Inc. (Florida, United States)

  • Fiserv, Inc. (Wisconsin, United States)

  • Forter (New York, United States)

  • Fraud.net, Inc. (New York, United States)

  • NICE Actimize Ltd. (Ra'anana, Israel)

  • SAS Institute, Inc. (North Carolina, United States)

  • Signifyd (California, United States)

  • ACH Alert (Tennessee, United States.)

  • Software AG (Ontario, Canada)

  • TransUnion LLC (Chicago, United States)

  • Everlink Payment Services, Inc. (Ontario, Canada)


Further Report Findings:



  • The market is classified into insurance claims, money laundering, electronic payment, and others based on the application area. The electronic payment segment is likely to register a significant market share due to the increasing adoption of mobile banking, online payment, mobile wallet transactions, SMS, etc.



  • North America stood at USD 8.62 billion in 2020 and is expected to hold the largest global fraud detection and prevention market share during the forecast period. This is owing to the presence of prominent players such as Samsung Group, Apple Inc., and others that are focusing on developing advanced mobile payment services.

  • The market in Asia Pacific is expected to gain momentum owing to the increasing investments by prominent companies to develop advanced fraud prevention solutions between 2021 and 2028.


Table of Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion)



Segmentation



Component; Application Area; Deployment; Enterprise Size; Vertical; and Geography



By Component




  • Solutions

    • Predictive Analytics

    • Customer Analytics

    • Social Media Analytics

    • Big Data Analytics

    • Behavioral Analytics



    • Single-Factor Authentication

    • Multi-Factor Authentication




    • Fraud Analytics

    • Authentication

    • Governance, Risk, and Compliance


  • Services

    • Consulting

    • Training and Education

    • Support and Maintenance




    • Professional Services

    • Managed Services




By Application Area




  • Insurance claims

  • Money laundering

  • Electronic payment

  • Others (Banking transactions, etc.)



By Deployment




  • On-Premise

  • Cloud



By Enterprise Size




  • Large Enterprises

  • Small & Medium Enterprises (SMES)



By Vertical




  • 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

  • Others



By Region




  • North America (Component; Application Area; Deployment; Enterprise Size; Vertical and Country) 

    • United States

    • Canada



  • Latin America (Component; Application Area; Deployment; Enterprise Size; Vertical and Country)

    • Brazil

    • Mexico

    • Rest of Latin America



  • Europe (Component; Application Area; Deployment; Enterprise Size; Vertical and Country)

    • United Kingdom

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe



  • The Middle East & Africa (Component; Application Area; Deployment; Enterprise Size; Vertical and Country)

    • GCC

    • South Africa

    • Rest of the Middle East & Africa





  • Asia Pacific (Component; Application Area; Deployment; Enterprise Size; Vertical and Country)


    • China

    • India

    • Japan

    • Southeast Asia

    • Rest of Asia Pacific



Fraud Detection and Prevention Market
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