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The global fraud detection and prevention market size is predicted to reach USD 106.71 billion by 2027. The growing digitalization in developing countries has led to high fraudulent activities in banks and others organizations, which, in turn, will fuel demand for FDP solutions, mentioned in a report, titled “Fraud Detection and Prevention Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (On-Premise and Cloud), By Enterprise Size (Large Enterprises and Small and Medium Enterprises), By Application Area (Insurance Claim, Money Laundering, Electronic Payments, and others), By Vertical (BFSI, IT and Telecommunication, Government, Retail and Consumer packed Goods, Manufacturing, Health and Life Sciences, Construction and Real Estate, Travel and Transportation, Energy and Utilities, Media and Enterprises, and Others) and Regional Forecast, 2020-2027” the market size stood at USD 19.82 billion in 2019 and is expected to exhibit a CAGR of 24.4% between 2020 to 2027.
Acquisition of Arvato’s Risk Management division by Experian to Drive Market
Experian, an Irish-domiciled multinational consumer credit reporting company signed an agreement to acquire a majority stake in the Arvato Financial Solutions Risk Management division, a leading credit risk management service provider in Germany. The acquisition of Arvato Financial Solutions Risk Management will create lucrative business opportunities for the market in the foreseeable future owing to the combined industry expertise of the companies for better utilization of data and faster decision-making. Moreover, the Arvato Financial Solutions Risk Management’s core data assets and sector expertise will help to implement a uniquely innovative platform providing benefits to clients of both the companies. Furthermore, in November 2019, ACI worldwide Inc announced that it has collaborated with Salesforce.Com Inc to amalgamate its real-time fraud prevention system with the Salesforce commerce cloud. The integration will offer the utilization of predictive analytics, machine learning, behavioral model, customer profiling techniques, and many more to block potential fraud and enable genuine transactions.
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Emergence of Mobile Payment Apps to Fuel Market Demand
The advent of online payment or electronic payment (E-payment) methods for easier and faster transactions will create new openings for the market. The launch of mobile payment applications for easy and secured transactions will enable speedy expansion of the market in the forthcoming years. For instance, Google pay, which was earlier Tez has increased security by integrating end-to-end encryption for customer payment data in Google's servers. However, inadequate data visibility for confidential and accurate fraud detection results will restrict the growth of the market. The lack of capacity to detect unexpected fraud attempts will obstruct the adoption of the market in the foreseeable future.
Strategic Collaborations of Companies to Reinforce Industry Position
The market involves players offering FDP solutions and prevention techniques for their customers. The growing focus of companies towards enhanced FDP solutions by leveraging advanced technologies such as artificial intelligence (AI), predictive analytics, behavioral analytics, or machine will spur competition among the major players. The ongoing investments to improve the performance of the FDP systems will create lucrative opportunities for the market. The eminent players are focused on strategic partnerships, acquisitions, and collaborations to expand their distribution system and establish a strong foot in the industry. For instance, in September 2019, Everlink Payment Services Inc., based in Canada, extended its partnership with ACI Worldwide Inc., to introduce its new machine learning-based fraud management solution named 'eSCORE'.
The Report Lists the Main Companies in the Market for Fraud Detection and Prevention:
Further Report Findings:
The Fraud Detection and Prevention Market is Segmented into:
Value (USD billion)
By Enterprise Size
By Application Area