Fraud Detection and Prevention Market Size Projected to Reach $65.8 billion by 2026, growing at a CAGR of 21.5%: Report by MarketsandMarkets

Chicago, Dec. 13, 2022 (GLOBE NEWSWIRE) -- The Fraud Detection and Prevention Market size is expected to grow from an estimated value of USD 24.8 billion in 2021 to 65.8 billion USD by 2026, at a Compound Annual Growth Rate (CAGR) of 21.5% from 2021 to 2026, according to report by MarketsandMarkets. Some factors driving the FDP market growth include need for safeguarding the privacy of critical data from fraudulent activities and the increasing cases of money laundering cases across various verticals. However, the huge costs associated with deploying FDP solutions, the dearth of skilled security professionals to deal with fraudulent activities, and the lack of integration capabilities with the legacy systems are hindering the growth of the FDP market.

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493 - Tables
46 - Figures
381 - Pages

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Scope of the Report

Report Metric	Details
Market size available for years	2015–2026
Base year considered	2020
Forecast period	2021–2026
Market size value in 2021	USD 24.8 Billion
Revenue forecast in 2026	USD 65.8 Billion
Growth rate	CAGR of 21.5%
Segments covered	Fraud Type, Components, Deployment Mode, Organization size, Verticals and Regions.
Geographies covered	North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
Fraud Detection and Prevention Market Drivers	Adoption of digitalization and IoT increased the adoption rate of fraud detection and prevention system Increasing revenue loss due to frauds
Fraud Detection and Prevention Market Opportunities	Rise in complexity of frauds High investment in developing in-house fraud detection solutions COVID-19 pandemic impact
Major companies covered	BAE Systems (UK), Nice Actimize(US), FICO (US), LexisNexis(US), TransUnion(US), Kount (US), Software AG(Germany), RSA Security(US), Fiserv(US), FIS (US), ACI Worldwide(US), Experian(Ireland), SecuroNix (US), Accertify (US), Feedzai (US), CaseWare (Canada), FRISS(Netherland), MaxMind (US), Gurucul (US), DataVisor (US), PayPal (US), Visa (US), SAS institute (US), SAP SE (Germany), Microsoft Corporation (US), F5, Inc (US), Ingenico (France), AWS (US), PerimeterX (US), OneSpan (US), Signifyd (US), Cleafy (Italy) and Pondera Solutions (US).

By Fraud Type, Identity Fraud segment to hold the largest market size during the forecast period

Identity theft or identity fraud is the misuse of a person’s identity or credentials by some other person for fraudulent transactions or criminal activities. Cybercriminals use the stolen identity for making fraudulent purchases or transactions for their gain. Account takeover, new account opening fraud, application fraud, first-party fraud, and synthetic fraud are considered in the identity fraud segment. Enterprises actively implement FDP solutions to prevent theft of identities for financial crimes. According to FTC, around 1.4 million complaints related to identity theft in 2020 were reported. Due to the COVID-19 pandemic, consumer penetration on digital platforms for banking and official purposes has increased significantly. Digital penetration eases the process for end-users and has paved the way for fraudsters to steal crucial identity-related information easily. To combat identity fraud, FDP solutions such as fraud analytics, authentication, and GRC are gaining popularity amongst BFSI, retail, government, and healthcare verticals.

By Solution Type, Authentication segment to grow at the highest CAGR during the forecast period

Authentication technology refers to the process of verifying the identity of users, devices, or systems. Authentication plays a crucial role in the FDP market and protects customer identity from fraudsters. While fraud analytics helps detect fraudulent activities and the possibility of fraud incidents happening in the future, fraud authentication is more inclined toward the prevention of such cases. Fraud authentication helps enterprises maintain the authenticity of transactions/information by blocking unauthorized access to the information and identifying false inputs from users. Based on the use cases and complexity, authentication solutions can be categorized as single-factor authentication (SFA), MFA, and risk-based authentication (RBA).

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By Vertical, Retail and eCommerce segment to grow at a significant CAGR during the forecast period

The retail industries sell consumer products and services to clients through multiple channels, and it is one of the largest and most demanding verticals. The retail vertical has always been a target for fraudsters because of the many monetary transactions being carried out via VISA, MasterCard, and other payment processing networks in this vertical. It is always on the top in terms of cost-cutting, revenue margins, and the adoption of the latest technologies. With the growth in eCommerce, retailers face several issues, including fraudulent transactions, which is one of the major issues. Retailers are losing goods from their supply chain and money from their bank accounts as fraudsters and criminals gain access to eCommerce websites using false identities and information. Hence, retail organizations should secure network points that include POS terminals, eCommerce websites, third-party vendors, employees’ access points, and increasing IoT-based devices, such as printers and security cameras. FDP solutions are helping the retail industry to identify fraud patterns and trends in customer behavior and alert them when deviations or irregularities are observed.

Major vendors in the global Fraud Detection and Prevention Market include BAE Systems (UK), Nice Actimize(US), FICO (US), LexisNexis(US), TransUnion(US), Kount (US), Software AG(Germany), RSA Security(US), Fiserv(US), FIS (US), ACI Worldwide(US), Experian(Ireland), SecuroNix (US), Accertify (US), Feedzai (US), CaseWare (Canada), FRISS(Netherland), MaxMind (US), Gurucul (US), DataVisor (US), PayPal (US), Visa (US), SAS institute (US), SAP SE (Germany), Microsoft Corporation (US), F5, Inc (US), Ingenico (France), AWS (US), PerimeterX (US), OneSpan (US), Signifyd (US), Cleafy (Italy) and Pondera Solutions (US).

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