New York, USA, Jan. 24, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global fraud detection & prevention market is anticipated to generate a revenue of $123,391.8 million by 2026, surging exponentially at a CAGR of 26.5% during the forecast period 2019-2026. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Fraud Detection & Prevention Market
Drivers: Extensive use of online & mobile banking services among people across the globe is expected to drive the growth of the market during the forecast period. In addition, the increasing internet penetration, and the growing use of electronic devices are further expected to bolster the growth of the global fraud detection & prevention market during the forecast period.
Restraints: Extortionate cost involved in fraud detection & prevention solutions is expected to hinder the growth of the market during the forecast period.
Opportunities: Increasing application of machine learning and artificial intelligence in fraud detection & prevention is expected to create ample opportunities for the growth of the global fraud detection & prevention market during the forecast period.
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Segments of the Fraud Detection & Prevention Market
The report has divided the market into various segments based on type, component, application, end-user, and region.
Type: External Sub-segment to be Most Profitable
The external sub-segment generated a revenue of $11,629.2 million in 2018 and is further expected to grow rapidly during the forecast period. The significant surge in banking data breaches, banking frauds, and theft of crucial confidential data is expected to accelerate the growth of the fraud detection & protection market sub-segment during the forecast period.
Component: Service Sub-segment to be Most Beneficial
The service sub-segment of the global fraud detection & prevention market generated a revenue of $9,879.2 million in 2018 and is further expected to grow expeditiously during the forecast period. Initiatives taken by the governments and numerous companies across the globe so as to secure their pivotal data are expected to drive the growth of the sub-segment during the forecast period.
Application: Credit & Debit Fraud Sub-segment to be Most Lucrative
The credit & debit fraud sub-segment generated a revenue of $5,645.3 million in 2018 and is further expected to grow rapidly during the forecast period. A growing number of fraud cases with the increasing adoption of credit and debit cards among people is expected to propel the growth of the fraud detection & prevention market sub-segment during the forecast period.
End-user: Banking Sub-segment to be Most Remunerative
The banking sub-segment generated a revenue of $5,344.2 million in 2018 and is further expected to surge swiftly during the forecast period. The massive investment made by banks to devise a secure transaction and payment method for their customers is expected to bolster the growth of the sub-segment during the forecast period.
Region: North America Region Expected to Dominate the Global Fraud Detection & Prevention Market
The North America region generated a revenue of $6,586.1 million in 2018 and is further expected to surge exponentially during the forecast period. The rising adoption of artificial intelligence and machine learning by various companies in this region is expected to propel the growth of the market. In addition, the presence of major prominent players in the market in this region is further expected to accelerate the growth of the regional fraud detection & prevention market during the forecast period.
Region: North America has Vast Growth Opportunities – Click here to connect with Expert Analyst
Key Players of the Fraud Detection & Prevention Market
The major players of the fraud detection & prevention market include
- SAS Institute Inc.
- Fair Issac Corporation
- Oracle Corporation
- IBM Corporation
- SAP SE
- NCR limited
- Lavastorm
- ACI Worldwide, and many more.
These players are working on developing strategies such as product development, merger, and acquisition, partnerships, and collaborations to sustain the market growth. - Inquire to Get access for Detailed Top Companies Development Strategy Report
For instance, in September 2021, TransUnion, an American consumer credit reporting agency that offers total credit protection all in one place from credit score, credit report, and credit alert, acquired Neustar, a premier identity resolution company with solutions in marketing, fraud, and communications, in order to expand TransUnion’s digital identity capabilities to enable consumers and businesses to transact online with greater confidence.
The report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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- Innovations in the Fraud Detection & Prevention Market to reach newer heights
- Fraud detection & Prevention – What it is? Why does it matter?
