Dublin, Oct. 15, 2024 (GLOBE NEWSWIRE) -- The "Financial Crime and Fraud Management Solutions Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The financial crime and fraud management solutions market size has grown rapidly in recent years. It will grow from $17.08 billion in 2023 to $19.35 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth during the historic period can be attributed to the emergence of advanced technologies, the transition to digital and cashless transactions, increased pressure on financial institutions, a surge in demand for fraud prevention solutions, and the ongoing challenge of achieving efficiency and effectiveness.
The financial crime and fraud management solutions market size is expected to see rapid growth in the next few years. It will grow to $32.22 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The anticipated growth during the forecast period can be attributed to increasing incidences of fraud and financial crimes, a growing demand for advanced analytics, rising digital transactions and e-commerce, high demand from financial institutions, and the global expansion of financial services. Major trends for this period include the expansion of robotic process automation, a shift towards integrated fraud management platforms, the integration of AI and ML technologies, the adoption of cloud computing, and the incorporation of blockchain technology.
The increasing threat of cybercrime is expected to drive the growth of the financial crime and fraud management solutions market. Cybercrime threats involve malicious activities targeting computer systems, networks, and digital data to cause harm, steal information, or disrupt operations. The rise in cyber threats is attributed to factors such as greater digitalization, more sophisticated attacks, an expanded attack surface, and insufficient cybersecurity awareness. Financial crime and fraud management solutions are essential for addressing these threats in the financial services sector. These solutions help detect, prevent, and mitigate various types of cybercrime, including data breaches, account takeovers, and financial fraud. For example, in November 2022, the Australian Cyber Security Centre, an Australian government agency, reported 76,000 cyberattack incidents in 2022, a 13% increase from the previous year. Consequently, the escalating cybercrime threats are driving the demand for financial crime and fraud management solutions.
Leading companies in the financial crime and fraud management solutions market are focusing on developing advanced technologies such as AI-powered ACH fraud detection systems to improve detection, streamline investigations, and enhance fraud prevention. An AI-powered ACH (Automated Clearing House) fraud detection system is designed to identify and prevent fraudulent activities related to ACH transactions, which are electronic payments and transfers processed through the ACH network. For instance, in June 2024, Oscilar, a US-based fintech company, launched its AI-Powered ACH Fraud Detection solution for fintechs and financial institutions. This new system uses machine learning (ML) algorithms, generative AI, and real-time data analysis with explainability to identify and prevent fraudulent transactions. It addresses various types of fraud, including first-party fraud, account takeovers, stolen account details, scams, business email compromise (BEC), money mules, and ACH check kiting. The system's fraud detection capabilities analyze bank account usage patterns, validate transaction intent, identify emerging attack vectors, and assist risk operations teams in scaling their investigations and reviews.
In May 2024, Permira, a UK-based private equity firm, acquired BioCatch for $1.3 billion. This acquisition aims to enhance global expansion and innovation in fraud detection solutions, utilizing BioCatch's advanced technology to address growing financial sector fraud threats and strengthen market leadership. BioCatch is a UK-based company specializing in behavioral biometric technology and financial crime and fraud management solutions.
Major companies operating in the financial crime and fraud management solutions market are Dell Technologies Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, BAE Systems Applied Intelligence, Capgemini SE, Fiserv Inc., DXC Technology Company, Fidelity National Information Services Inc., LexisNexis Risk Solutions, Thomson Reuters Corporation, Experian Information Solutions Inc., Genpact, SAS Institute Inc., NICE Ltd., ACI Worldwide Inc., Fair Isaac Corporation, Temenos AG, Cloudera Inc., CRISIL Limited, Feedzai Inc., Featurespace Ltd., Securonix Inc., AxiomSL Inc., Guardian Analytics Inc.
Markets Covered:
- By Component: Hardware; Software; Services
- By Deployment: On-Premise; Cloud-Based
- By End User: Banks; Credit Unions; Specialty Finance; Thrifts; Other End Users
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $19.35 Billion |
| Forecasted Market Value (USD) by 2028 | $32.22 Billion |
| Compound Annual Growth Rate | 13.6% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Financial Crime and Fraud Management Solutions Market Characteristics
3. Financial Crime and Fraud Management Solutions Market Trends and Strategies
4. Financial Crime and Fraud Management Solutions Market - Macro Economic Scenario
5. Global Financial Crime and Fraud Management Solutions Market Size and Growth
5.1. Global Financial Crime and Fraud Management Solutions Market Drivers and Restraints
5.2. Global Financial Crime and Fraud Management Solutions Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Financial Crime and Fraud Management Solutions Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Financial Crime and Fraud Management Solutions Market Segmentation
6.1. Global Financial Crime and Fraud Management Solutions Market, Segmentation by Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Hardware
- Software
- Services
6.2. Global Financial Crime and Fraud Management Solutions Market, Segmentation by Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- on-Premise
- Cloud-Based
6.3. Global Financial Crime and Fraud Management Solutions Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Banks
- Credit Unions
- Specialty Finance
- Thrifts
- Other End Users
7. Financial Crime and Fraud Management Solutions Market Regional and Country Analysis
7.1. Global Financial Crime and Fraud Management Solutions Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Financial Crime and Fraud Management Solutions Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. Asia-Pacific Financial Crime and Fraud Management Solutions Market
9. China Financial Crime and Fraud Management Solutions Market
10. India Financial Crime and Fraud Management Solutions Market
11. Japan Financial Crime and Fraud Management Solutions Market
12. Australia Financial Crime and Fraud Management Solutions Market
13. Indonesia Financial Crime and Fraud Management Solutions Market
14. South Korea Financial Crime and Fraud Management Solutions Market
15. Western Europe Financial Crime and Fraud Management Solutions Market
16. UK Financial Crime and Fraud Management Solutions Market
17. Germany Financial Crime and Fraud Management Solutions Market
18. France Financial Crime and Fraud Management Solutions Market
19. Italy Financial Crime and Fraud Management Solutions Market
20. Spain Financial Crime and Fraud Management Solutions Market
21. Eastern Europe Financial Crime and Fraud Management Solutions Market
22. Russia Financial Crime and Fraud Management Solutions Market
23. North America Financial Crime and Fraud Management Solutions Market
24. USA Financial Crime and Fraud Management Solutions Market
25. Canada Financial Crime and Fraud Management Solutions Market
26. South America Financial Crime and Fraud Management Solutions Market
27. Brazil Financial Crime and Fraud Management Solutions Market
28. Middle East Financial Crime and Fraud Management Solutions Market
29. Africa Financial Crime and Fraud Management Solutions Market
30. Financial Crime and Fraud Management Solutions Market Competitive Landscape and Company Profiles
30.1. Financial Crime and Fraud Management Solutions Market Competitive Landscape
30.2. Financial Crime and Fraud Management Solutions Market Company Profiles
- Dell Technologies
- IBM
- Oracle
- SAP
- BAE Systems Applied Intelligence
31. Financial Crime and Fraud Management Solutions Market Other Major and Innovative Companies
- Capgemini
- Fiserv
- DXC Technology Company
- Fidelity National Information Services
- LexisNexis Risk Solutions
- Thomson Reuters Corporation
- Experian Information Solutions
- Genpact
- SAS Institute
- NICE
- ACI Worldwide
- Fair Isaac Corporation
- Temenos
- Cloudera
- CRISIL
32. Global Financial Crime and Fraud Management Solutions Market Competitive Benchmarking
33. Global Financial Crime and Fraud Management Solutions Market Competitive Dashboard
34. Key Mergers and Acquisitions in the Financial Crime and Fraud Management Solutions Market
35. Financial Crime and Fraud Management Solutions Market Future Outlook and Potential Analysis
35.1 Financial Crime and Fraud Management Solutions Market in 2028 - Countries Offering Most New Opportunities
35.2 Financial Crime and Fraud Management Solutions Market in 2028 - Segments Offering Most New Opportunities
35.3 Financial Crime and Fraud Management Solutions Market in 2028 - Growth Strategies
For more information about this report visit https://www.researchandmarkets.com/r/m5yrzy
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
