Dubai, UAE, Aug. 03, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Extrapolate, the Global Fraud Detection and Prevention Market is projected to register a revenue of USD 200.37 billion by 2030 from USD 28.11 billion in 2022, recording a CAGR of 28.22% during the forecast period of 2023-2030.
Fraud detection is a method that identifies fraudulent transactions and stops fraudsters from using unethical tactics. Cyberattacks, fake invoices, money laundering, identity theft, and other unethical practices are examples of fraudulent activities.
The market for fraud detection and prevention is expanding as a result of the rapid digitalization of transactions, and the adoption of e-banking, global trade, and digital payment apps. As they simplify business operations and increase internal security, artificial intelligence and machine learning have become crucial in the fraud detection and prevention sector. A fraud detection solution can be made more effective by integrating artificial intelligence for delivering real-time data to lessen the latency of fraud.
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Key Takeaways:
- Based on deployment, the cloud segment is expected to dominate the market in the near future.
- On the basis of vertical, the healthcare and life sciences segment is estimated to hold the largest market share in the upcoming years.
- In terms of region, North America is likely to lead the market during the forecast period.
Competitive Landscape
Companies operating in the global fraud detection and prevention market are focusing on introducing novel solutions in order to increase their market share. For instance, Experian introduced Experian Fraud Score in September 2022. This fraud prevention tool will help businesses of all sizes detect fraudulent activities during the transaction and customer lifecycle stages.
Key participants leading the market include:
- BAE Systems. (UK)
- NICE Ltd. (US)
- FICO (US)
- LexisNexis Risk Solutions Group. (US)
- TransUnion LLC. (US)
- IBM (US)
- Uplexis (Brazil)
- Experian Information Solutions, Inc. (Brazil)
- Accenture. (Dublin, Ireland)
- Tata Communications. (India)
- Florida (US)
- Thales Group (France)
- SAS Institute, Inc. (US)
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Market Segmentation
By Deployment
- Cloud
- On-Premise
Rising Adoption of Cloud Security Solutions Among SMEs to Bolster Market Expansion
The cloud segment is likely to hold the largest share of the global fraud detection and prevention market as a result of the advancements in data analytics and artificial intelligence. Cloud-based fraud detection and prevention software finds its most promising clients in small & mid-sized enterprises (SMEs). With limited security spending and IT infrastructure, SMEs are expected to be increasingly drawn to cloud-based solutions in order to fortify their defenses against fraud.
By Vertical
- BFSI
- IT and Telecom
- Retail and Consumer Packaged Goods
- Government
- Construction and Real Estate
- Energy and Utilities
- Travel and Transportation
- Manufacturing
- Healthcare and Life Sciences
- Media and Entertainment
- and Others
Demand for Fraud Analytics and Authentication Solutions in Healthcare and Life Sciences to Rise
The healthcare & life sciences segment is foreseen to dominate the global fraud detection and prevention market through the estimated timeline due to the mounting demand for fraud analytics and authentication solutions and services. The segment’s growth is set to expand due to the rising number of fraudulent claims, including disaster insurance fraud, break-in insurance, and life insurance fraud.
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Rapid Digitalization to Boost Adoption of Fraud Detection & Prevention Systems
Online transactions in the banking and insurance industries are on the rise as a result of widespread digitalization. By offering the same services as real websites, today's growing number of fake websites trap users. The most prevalent frauds driving the fraud detection and prevention industry are incidences, such as fake ads and ATM frauds. To counteract fraudulent transactions in the market, government measures are also being put into practice. The Indian government, for instance, launched the National Cyber Crime Reporting Portal in 2020 to evaluate reports about online fraud.
Moreover, the market for fraud detection and prevention is booming as a result of the deployment of artificial intelligence (AI) and big data analytics. When employing cloud infrastructure for data protection, organizations adhere to cloud security compliance standards for encryption and access control. Businesses use a lot of fraud detection tools to decrease both financial and non-financial frauds.
Lack of Skilled Professionals to Impede Market Growth
The demand for skilled professionals who can adapt to the ever-changing technology landscape is rising. The online threat environment is constantly evolving, with attacks becoming increasingly sophisticated in their methods. As a result, the development of the fraud detection and prevention market is being hindered.
There is a significant talent gap between vacant cybersecurity employment roles and the availability of a trained workforce who can fill them, according to multiple surveys. Nevertheless, companies are making efforts to educate their staff through specialized training opportunities and courses, as well as the use of cutting-edge technologies including Al and ML, which are anticipated to be beneficial for product penetration.
Key Industry Development:
- In February 2021, SAS Institute, Inc. acquired Boemcka, a technology firm with operations in the UK that specializes in the deployment of low-code and no-code applications and analytical workload management. This acquisition increases SAS Viya's ability to grow its analytical division and introduce new technologies.
- The SURVEIL-X Holistic Trade Surveillance Solution was enhanced by NICE Actimize in July 2020 with the addition of Self-Service Analytics for Custom Risk Detection. With SURVEIL-X Studio, Financial Services Organizations (FSOs) can efficiently create, test, and implement custom analytic risk detection models.
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Rising Money Laundering Activities to Propel North America's Market Dominance
North America is projected to lead the fraud detection and prevention market owing to a rise in money laundering and terrorist financing activities within the region. As a result, governments, banks, and financial institutions are placing significant emphasis on adopting advanced technological solutions to enhance fraud protection measures. Additionally, the presence of key market players, such as NICE Ltd., FICO, LexisNexis Risk Solutions Group, TransUnion LLC, IBM, Florida, and SAS Institute, Inc., among others, is anticipated to further drive the regional market growth.
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data sources
2.3.1. Secondary Sources
2.3.1.1. Preliminary data mining
2.3.2. Primary Sources
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.3. Market drivers
3.4. Market restraints
3.5. Market opportunities
3.6. Market Challenges
3.7. Porter’s Five Forces analysis
3.8. Value chain analysis
Chapter 4. COVID-19 Impact On Fraud Detection and Prevention Market
Chapter 5. Global Fraud Detection and Prevention Market Overview, By Application Area, 2020 - 2030 (USD Million)
Chapter 6. Global Fraud Detection and Prevention Market Overview, By Component, 2020 - 2030 (USD Million)
Chapter 7. Global Fraud Detection and Prevention Market Overview, By Deployment, 2020 - 2030 (USD Million)
Chapter 8. Global Fraud Detection and Prevention Market Overview, By Enterprise Size, 2020 - 2030 (USD Million)
Chapter 9. Global Fraud Detection and Prevention Market Overview, By Vertical, 2020 - 2030 (USD Million)
Chapter 10. Global Fraud Detection and Prevention Market Overview, By Geography, 2020 - 2030 (USD Million)
...
Chapter 16. Competitive Landscape
16.1. Competitive environment, 2021
16.2. Strategic framework
16.2.1. Partnership/agreement
16.2.2. Expansion
16.2.3. Mergers & Acquisitions
16.2.4. New Organ Technology development
Chapter 17. Key Vendor Analysis
17.1. BAE Systems.
17.2. NICE Ltd.
17.3. FICO
17.4. LexisNexis Risk Solutions Group.
17.5. TransUnion LLC.
17.6. IBM
17.7. Uplexis
17.8. Experian Information Solutions, Inc.
17.9. Accenture.
17.10. Tata Communications.
17.11. Other
Chapter 18. Industrial Chain, Sourcing Strategy and Downstream Buyers
18.1. Fraud Detection and Prevention Market Industrial Chain Analysis
18.2. Downstream Buyers
Chapter 19. Marketing Strategy Analysis, Distributors/Traders
19.1. Marketing Channel
19.1.1. Direct Marketing
19.1.2. Indirect Marketing
19.1.3. Marketing Channel Development Trend
19.2. Market Positioning
19.2.1. Pricing Strategy
19.2.2. Brand Strategy
19.2.3. Target Client
19.3. Distributors/Traders List
Chapter 20. Market Effect Factors Analysis
20.1. Organ Technology Progress/Risk
20.1.1. Substitutes Threat
20.1.2. Organ Technology Progress in Related Size
20.2. Consumer Needs/Customer Preference Change
20.3. Economic/Political Environmental Change
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