Pune, India, April 11, 2023 (GLOBE NEWSWIRE) -- The global fraud detection and prevention market size was valued at USD 25.66 billion in 2021. The market is estimated to expand from USD 30.65 billion in 2022 to USD 129.17 billion in 2029, exhibiting a CAGR of 22.8% over the projected period. The expansion is due the growing adoption of cloud services. Fortune Business Insights™ provides this information in its research report, titled “Fraud Detection and Prevention Market Forecast, 2023-2029”.
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Key Industry Development:
Thales Group, Gemalto launched an identity verification suite during a pandemic. The solution helps to minimize ID fraud by digitally checking customers' identities by verifying documents authenticity.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 22.8% |
| 2029 Value Projection | USD 129.17 Billion |
| Base Year | 2021 |
| Fraud Detection and Prevention Market Size in 2021 | USD 25.66 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Component, Application Area, Deployment, Enterprise Size, Industry and Geography |
Key Takeaways:
- Fraud Detection and Prevention Market size in North America was USD 10.84 billion in 2021
- Major driving factors include growing adoption of cloud services
- The healthcare and life sciences segment has the largest share in the global market.
- Global demand is driven by electronic payment segment
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Drivers and Restraints:
Increase in demand for Cloud-Based solutions to drive the global fraud detection and prevention software market
For today’s financial institution, fraud detection and prevention is all about speed. The introduction of advanced analytics and cloud computing and the growing demand in mobile banking are major factors that drive the global growth of the fraud detection and prevention market. The cloud infrastructure provides security to the personal data of the user, secure online transactions can be achieved. Big data analytics, machine learning or artificial intelligence algorithms help organizations to predict the possibilities of fraudulent activities based on the analysis of the historical fraudulent patterns.
Rising Demand for Cloud-based Solutions across Healthcare Settings to Foster Growth
The novel coronavirus pandemic is influencing the global economy. Perceiving numerous primary pointers from the year 2020, a trivial deterioration is noticed in the global demand for fraud detection and prevention (FDP) across numerous applications. Likewise, various commercial programs, predicted investment, government tactics, and others are paused due to scarcity of functioning. The stance for the market size in the second half of the year 2020 and beyond increased the adoption of fraud detection and prevention solutions owing to increased cybercrimes, payments frauds, insurance frauds, and others.
Segments:
Rising Numbers of Fraudulent Scams to Spur Implementation of Insurance Claims Solution
- Based on the component, the market is separated into solutions and services.
- Based on deployment, the market is classified into cloud and on-premise.
- By enterprise size, the market is segmented into large enterprises and small & medium enterprises (SMEs).
- Based on the application area, the market is classified into insurance claims, money laundering, electronic payment, and others. The electronic payment segment is likely to register the major market share during the prediction period.
- By Industry, the fraud detection and prevention market is segmented into BFSI, retail & consumer packaged goods, IT & telecom, government, energy & utilities, travel & transportation, construction & real estate, manufacturing, healthcare & life sciences, media & entertainment, and others.
- Geographically, the market is divided across five major regions, namely North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
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Regional Insights:
North America to Dominate Stoked by Presence of Major Technology-based Players
In North America, fundamental companies in the mobile payment industry such as Apple Inc., Samsung Group, and others are concentrated on unveiling advanced mobile payment services based on fraud hindrance solutions. Consequently, North America held the largest fraud detection and prevention market share.
Asia Pacific is estimated to grow with the highest CAGR during the forecast period. Manufacturing companies in nations such as China, Japan, India, South Korea, Southeast Asian countries, and others are rising their investment to implement fraud prevention solutions.
Europe is estimated to grow with a considerable CAGR during the forecast period of 2022-2029. Government, production, and healthcare corporations in nations are greatly investing in implementing fraud avoidance solutions.
List of Key Players Mentioned in the Report:
- IBM Corporation (U.S.)
- Uplexis (Brazil)
- Experian Information Solutions, Inc. (Brazil)
- Gemalto - Thales Group (France)
- ACI Worldwide, Inc. (U.S.)
- BAE Systems (U.K.)
- Fair Isaac Corporation (U.S.)
- NICE Actimize Ltd. (Israel)
- SAS Institute, Inc. (U.S.)
- Fidelity National Information Services, Inc. (U.S.)
- LexisNexis (U.S.)
- F5 Inc. (U.S.)
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Major Table of Contents:
- North America Fraud Detection and Prevention Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solutions
- Fraud Analytics
- Predictive Analytics
- Customer Analytics
- Social Media Analytics
- Big Data Analytics
- Behavioral Analytics
- Authentication
- Single-factor Authentication
- Multi-factor Authentication
- Governance, Risk and Compliance
- Fraud Analytics
- Services
- Professional Services
- Consulting
- Training and Education
- Support and Maintenance
- Managed Services
- Professional Services
- Solutions
- By Deployment (USD)
- On-premise
- Cloud
- By Enterprise Size (USD)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By Application (USD)
- Insurance claims
- Money laundering
- Electronic payment
- Others (Banking transactions, etc.)
- By Industry (USD)
- BFSI
- IT and Telecom
- Retail and consumer goods
- Government
- Construction and Real Estate
- Energy and Utilities
- Travel and Transportation
- Manufacturing
- Healthcare and Life Sciences
- Media and Entertainment
- Others
- By Country (USD)
- United States
- Canada
- South America Fraud Detection and Prevention Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solutions
- Fraud Analytics
- Predictive Analytics
- Customer Analytics
- Social Media Analytics
- Big Data Analytics
- Behavioral Analytics
- Authentication
- Single-factor Authentication
- Multi-factor Authentication
- Governance, Risk and Compliance
- Fraud Analytics
- Services
- Professional Services
- Consulting
- Training and Education
- Support and Maintenance
- Managed Services
- Professional Services
- Solutions
- By Deployment (USD)
- On-premise
- Cloud
- By Enterprise Size (USD)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By Application (USD)
- Insurance claims
- Money laundering
- Electronic payment
- Others (Banking transactions, etc.)
TOC Continued…!
FAQs
How big is the fraud detection and prevention market?
Fraud detection and prevention market size was USD 25.66 billion in 2021. It is expected to reach USD 129.17 billion by 2029.
How fast is the fraud detection and prevention market growing?
The fraud detection and prevention market will exhibit a CAGR of 22.8% during the forecast period, 2023-2030
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