Fraud Detection and Prevention Market Booming about 4X to Cross USD 110 billion by 2028 | BlueWeave Consulting
Geographically, global fraud detection and prevention market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America is the leading regional market in terms of market share. A rise in the number of cases involving payment fraud, identity theft, and money laundering in the United States and Canada contributed to regional market's expansion. The market is expected to grow at a steady CAGR from 2021 to 2028 as a result of increasing investments by various organizations to protect data breaches and improve security IT infrastructure. Furthermore, the increasing stringency of data security compliance standards, as well as the need to comply with these standards to avoid hefty fines, will sustain regional demand in the coming years.
New Delhi, Oct. 14, 2022 (GLOBE NEWSWIRE) -- Global fraud detection and prevention market is expanding due to the increasing use of fraud detection and prevention to meet security needs and an increase in the use of artificial intelligence (AI) and machine learning (ML).
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the size of global fraud detection and prevention market at USD 28.36 billion in 2021. During the forecast period between 2022 and 2028, BlueWeave expects the size of global fraud detection and prevention market to grow at a CAGR of 22%, reaching a value of USD 110.17 billion by 2028. Money laundering, cybersecurity issues, tax evasion, false insurance claims, identity theft, and terrorist financing are all examples of fraudulent behaviors in financial institutions which occur in government, healthcare, public, and insurance sectors. To combat the growing number of fraudulent transactions, organizations are implementing modern fraud detection and prevention technologies as well as risk management strategies. However, organizations struggle with lack of qualified personnel who can prevent fraudulent activities, this, in turn, could challenge the market growth.
Global Fraud Detection and Prevention Market - Overview
Organizations can predict common fraud tactics, automate data cross-referencing, manually and continuously monitor transactions and crimes in real-time, and identify novel and sophisticated fraud schemes by using data analytics, fraud detection software and tools, and a fraud detection and prevention program. Several businesses have implemented modern fraud detection and prevention technologies, as well as risk management strategies, to combat the growing number of opportunities for fraud. These strategies employ adaptive and predictive analytics techniques, such as ML and AI, as well as big data sources and real-time monitoring.
The world is currently experiencing a digital revolution. Internet users today not only conduct online searches and social networking, but they have also expanded their online activities to include online banking and online shopping. Because of the COVID-19 lockdown, people stayed inside their homes, and a sizable portion of the population engaged in online transactions. As a result, the number of fraudulent websites has increased dramatically. In addition to the financial sector, various fraudulent websites impersonating businesses and services that deliver goods to customers' homes have increased.
Despite technology advancements that make payment options and data access more convenient, the growing concern about digital fraud necessitates the deployment of fraud detection solutions. The sophistication of digital frauds, financial crimes, and cyberattacks is posing a challenge to the growth of several businesses around the world. As e-banking, digital payment apps, and cross-border transactions become more popular, so does the number of fraudulent cases involve identity thefts, data breaches, and payment frauds. To detect and prevent such frauds, there is a high demand for fraud detection and prevention software and services across the globe.
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Global Fraud Detection and Prevention Market – Technology Advancements
Demand for fraud detection and prevention (FDP) solutions will increase over the forecast period to mitigate fraud and secure customer and business data. Consumers interact with businesses directly through digital platforms, which is complicated. For these applications to effectively identify fraud at each layer, various risk-based security solutions are required. The market has been divided into solutions and services based on the component; into Small & Medium Enterprises (SMEs) and Large Enterprises based on the organization size; Insurance claims, Money laundering, Electronic Payment, and Others based on application; into BFSI, IT and Telecom, Retail and Consumer Packaged Good, Government, Construction and Real Estate, Energy and Utilities, Travel and Transportation, Manufacturing, Healthcare and Life Sciences, Media and Entertainment, and Others based on industry. Currently, the BFSI segment dominates the global FDP market, accounting for most of the share.
Fast fraud detection and prevention solutions are expected to be adopted by businesses, which is expected to support the market's robust growth during the forecast period. The market is expected to expand in the coming years due to the rise in loan frauds, credit card frauds, and money laundering cases using advanced analytics. Furthermore, Fiserv, Inc.'s introduction of consumer authentication solutions is expected to open new growth prospects for the market in the years to come. To reduce card fraud in call centers, for instance, Fiserv, Inc. launched two improved consumer authentication solutions in August 2018: step-up authentication and identity verification. Additionally, it is projected that the release of BAE Systems' NetReveal Fraud Prevention Solution will boost the growth of the Fraud Detection and Prevention Market. For instance, in April 2019, BAE Systems unveiled the NetReveal Fraud Prevention Solution, an analytics and detection tool that aids banks, insurers, and government organizations in spotting fraudulent activities.
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Impact of COVID-19 on Global Fraud Detection and Prevention Market
The outbreak of the COVID-19 pandemic in 2020 prompted the adoption of mobile banking services because banking service users prefer to avoid travel and human contact within bank premises. Amid the COVID-19 pandemic's economic unpredictability, MX, a digital transformation platform for credit unions, banks, and fintech, revealed new research findings about consumer spending and mobile banking adoption. According to data released in April 2020, mobile banking engagement to control finances and plan one's economic future increased by 50%. The demand for fraud detection and prevention solutions is expected to rise over the forecast period due to significant growth in mobile banking adoption as well as the technology's potential vulnerability to fraudulent activities.
Competitive Landscape
Prominent players in global fraud detection and prevention market include BAE Systems, Experian, Microsoft Corporation, FICO, LexisNexis, Nice Actimize, TransUnion, Kount, RSA Security, Fiserv, Software AG, FIS, MaxMind, SecuroNix, SAS institute, Accertify, CaseWare, Feedzai, Gurucul, ACI Worldwide, DataVisor, PayPal, Visa, SAP SE, F5, Inc, Ingenico, AWS, FRISS, OneSpan, Signifyd, Cleafy, Pondera Solutions, and PerimeterX. These companies use R&D, expansions, acquisitions, and new product releases to improve their market position.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Fraud Detection and Prevention Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Fraud Detection and Prevention Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Recent Developments
In April 2021 - IBM Security and HCL Technologies (HCL) teamed up to help clients unify and streamline threat management through a modernized security operation center (SOC) platform. HCL's Cybersecurity Fusion Centers will use IBM's Cloud Pak for Security to help build a unified security platform that connects security teams, tools, and processes across the threat lifecycle. The partnership helps expand on HCL and IBM's recent alliance extension to assist businesses with digital transformation.
Scope of the Report
Attributes | Details |
Years Considered | Historical Data – 2018–2021 |
Base Year – 2021 | |
Estimated Year – 2022 | |
Forecast Period – 2022–2028 | |
Facts Covered | Revenue in USD Billion |
Market Coverage | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
Product/ Service Segmentation | Component, Application, Organization Size, Deployment, Industry, Region |
Key Players | BAE Systems, Experian, Microsoft Corporation, FICO, LexisNexis, Nice Actimize, TransUnion, Kount, RSA Security, Fiserv, Software AG, FIS, MaxMind, SecuroNix, SAS institute, Accertify, CaseWare, Feedzai, Gurucul, ACI Worldwide, DataVisor, PayPal, Visa, SAP SE, F5, Inc, Ingenico, AWS, FRISS, OneSpan, Signifyd, Cleafy, Pondera Solutions, PerimeterX. |
By Component
Solutions
Predictive Analytics
Customer Analytics
Social Media Analytics
Big Data Analytics
Fraud Analytics
Authentication
Governance, Risk and Compliance
Others
Services
Professional Services
Managed Services
Consulting
Training and Education
Support and Maintenance
Others
By Application
Insurance claims
Money laundering
Electronic payment
Others
By Organization Size
Small & Medium-sized Enterprises (SMEs)
Large Enterprises
By Deployment
Cloud
On-Premises
By Industry
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
Europe
Asia Pacific
Latin America
Middle East and Africa
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