Pune, India, May 25, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global fraud detection and prevention market size was valued at USD 36.89 billion in 2022 and is projected to grow from USD 43.97 billion in 2023 to USD 182.66 billion by 2030, exhibiting a CAGR of 22.6% during the forecast period. Increasing Requirement in the Healthcare industry for Cloud-based Solutions to Augment Growth. Fortune Business Insights presents this information in their report titled Global Fraud Detection and Prevention Market, 2023–2030.
It is anticipated that major organizations will spend more money on offering fraud solutions across several industries, including BFSI, healthcare, manufacturing, and others. Governments and end-user businesses from numerous nations, including the U.S., India, Brazil, China, Germany, the U.K., and Brazil invest in implementing improved fraud protection techniques. Additionally, the shift in end consumers' priorities toward e-commerce platforms spurs industry expansion. To expand their product offerings, the businesses will concentrate on a number of business techniques.
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Key Industry Development:
Experian information solutions, Inc. acquired around 60% stakes in Arvato, a Germany-based financial solutions risk management division. The acquisition assisted the company to expand its coverage to Germany, Austria & Switzerland (DACH) region.
Key Takeaways
- The increasing spending by key companies on introducing fraud solutions across different industries, such as BFSI, healthcare, manufacturing, and others
- Growing Adoption of Cloud Increased the Adoption Rate of Fraud Detection Solutions
- Increasing Demand for Cloud-based Solutions across the Healthcare Industry to Aid Growth
- By Solution Analysis: Rising Demand for Authentication Solutions to Aid Market Growth
- Fraud Detection and Prevention Market Size in North America was USD 15.44 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the Fraud Detection and Prevention Market are 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.), Fidelity National Information Services, Inc. (U.S.), LexisNexis (U.S.), NICE Actimize Ltd. (Israel)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 22.6% |
| 2030 Value Projection | USD 182.66 Billion |
| Base Year | 2022 |
| Fraud Detection and Prevention Market Size in 2022 | USD 36.89 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Solution, Application, Deployment, Enterprise Type, Industry and Geography |
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Drivers & Restraints:
Increasing Mobile Banking and Online Application Services to Drive Market Growth
A sudden rise in the quantity of bogus websites and mobile applications has been caused by the increasing popularity of online applications and mobile banking services. Customers are tricked into carrying out fraudulent online transactions by these websites and programs, which accurately resemble retail stores and home delivery services. Customers in the banking industry are increasingly focusing on mobile applications for a variety of functions, including online payment, statement review, complaint filing, and feedback submission, among others. These factors are expected to increase the global fraud detection and prevention market share.
It is anticipated that the absence of specialists and a competent workforce in emerging nations will impede the fraud detection and prevention market growth.
Segments:
By Solution
- 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
By Application
- Insurance Claims
- Money Laundering
- Electronic Payment
- Others
By Deployment
- On-Premise
- Cloud
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By Industry
- BFSI
- IT & Telecom
- Retail & Consumer Packaged Goods
- Government
- Construction & Real Estate
- Energy & Utilities
- Travel & Transportation
- Manufacturing
- Healthcare & Life Sciences
- Media & Entertainment
- Others
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
Regional Insights
North America Dominates the Market due to Development of Advanced Mobile Payment Services
Leading mobile payment providers in North America, including Apple Inc., Samsung Group, and others, are concentrating on launching cutting-edge mobile payment services based on fraud protection techniques. Adopting FDP solutions is a top priority for businesses in the U.S. and Canada that want to protect sensitive data from evolving cyberattacks. The governments of the U.S. and Canada are actively putting various plans into action to develop a reliable and secure payment infrastructure that incorporates cutting-edge fraud prevention techniques.
Asia Pacific is expected to grow at the highest CAGR during the forecast period as China, Japan, India, South Korea, Southeast Asian countries, and others are increasing their investment to adopt fraud detection and prevention solutions.
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Competitive Landscape
Major Companies Concentrate on Innovative Solutions to Increase Competition
Among the top companies in the industry are Experian Information Solutions Inc., BAE Systems, IBM Corporation, Uplexis, Fair Isaac Corporation, and ACI Worldwide. These industry leaders are concentrating on expanding their geographic reach and building their brands in emerging markets. Additionally, in order to strengthen their position in the market, these big businesses mostly concentrate on partnering with and acquiring domestic competitors.
FAQ’s
How big is the Fraud Detection and Prevention Market?
Fraud Detection and Prevention Market size was USD 36.89 billion in 2022.
How fast is the Fraud Detection and Prevention Market growing?
The Fraud Detection and Prevention Market will exhibit a CAGR of 22.6% during the forecast period, 2023-2030
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