Richmond, Dec. 14, 2023 (GLOBE NEWSWIRE) -- According to a research report "Fraud Detection and Prevention Market”, by Offering (Solutions {Fraud Analytics [Predictive Analytics, Customer Analytics, Social Media Analytics, Big Data Analytics and Behavioral Analytics], Authentication [Single-Factor Authentication and Multi-Factor Authentication], Governance, Risk & Compliance} and Services {Professional and Managed}), Deployment Model (Cloud and On-premises), Organization Size (SMEs and Large Enterprises), Fraud Type (Check Fraud, Identity Fraud, Insider Fraud, Investment Fraud, Payment Fraud, Insurance Fraud and Others), End-use Industry (BFSI, IT & Telecom, Retail & Consumer Packaged Goods, Government, Construction & Real Estate, Energy & Utilities, Travel & Transportation, Manufacturing, Healthcare & Life Sciences, Media & Entertainment and Others) and Region - Global Forecast to 2030.
Global Fraud Detection and Prevention Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 25.7 Billion |
| Market size value in 2030 | USD 117.2 Billion |
| CAGR (2023-2030) | 20.9% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Offering, Deployment Model, Organization Size, Fraud Type, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Fraud Detection and Prevention Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
Instances of fraudulent activities such as money laundering, cybersecurity threats, tax evasion, false insurance claims, identity theft, and terrorist financing are prevalent in sectors like financial institutions, government, healthcare, public services, and insurance. To counteract this evolving array of fraudulent opportunities, organizations are adopting modern technologies for fraud detection and prevention, along with robust risk management strategies. Solutions such as Fraud Analytics, Identity and Authentication, Governance, Risk, and Compliance (GRC), as well as Monitoring and Reporting play crucial roles in addressing these challenges. As technology advances, hackers have become more sophisticated, identifying and exploiting vulnerabilities, leading to significant repercussions for organizations. The Fraud Detection and Prevention Market is gaining momentum as organizations grapple with the increasing volume of data generated by numerous transactions, prompting proactive measures to mitigate potential losses from cybersecurity fraud. Across various sectors, including finance and healthcare, there's a recognition of the limitations of traditional strategies in the face of evolving cyber threats, resulting in data and revenue losses. Attacks such as malware, viruses, phishing, and counterfeit cards are particularly impacting e-payment platforms, and the escalating number of such threats poses a hindrance to the growth of digital businesses, thereby propelling the fraud detection and prevention market at an exponential rate.
Major Vendors in the Global Fraud Detection and Prevention Market:
- ACI Worldwide, Inc.
- AltexSoft
- BAE Systems
- Dell Inc.
- Equifax, Inc.
- Experian plc
- Fiserv, Inc.
- IBM
- NICE Ltd.
- Oracle
- SAP SE
- SAS Institute Inc.
- SEON Technologies Ltd.
- Signifyd
- Software AG
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Increasing Cases of cyberattacks are driving the market growth
The surge in cyberattacks and scams is propelling the growth of the fraud detection and prevention market. According to the International Criminal Police Organization's evaluation of the impact of COVID-19 on cybercrime, there has been a notable shift in targets from individuals and small enterprises to larger organizations. For instance, in 2020, as businesses swiftly implemented remote systems for employees to work from home, criminals seized the opportunity to exploit heightened security vulnerabilities, engaging in activities such as data theft, financial gains, and disruptions. During the period between January and April of that year, INTERPOL identified 907,000 spam communications, 737 incidents related to malware, and approximately 48,000 malicious websites. Consequently, the market for fraud detection and prevention is witnessing expansion in response to the escalating instances of cyberattacks and fraud.
Market Dynamics
Drivers:
- Advancements in Technology
- Growth of Digital Transactions
- Remote Work Trends
Opportunities:
- Integration with Identity and Access Management (IAM)
- Support for Emerging Cloud Technologies
- Cloud Service Provider (CSP) Partnerships
Growing need for digital technologies and IoT across industries
The advent of Industry 4.0 and the swift expansion of eCommerce have left a profound impact on the Fraud Detection and Prevention (FDP) domain. The digital revolution has given rise to a thriving online marketplace and widespread acceptance of digital payment methods. However, this digital transformation has concurrently opened up new avenues for fraudulent activities, with the proliferation of counterfeit websites and scams targeting unsuspecting consumers. The heavy reliance on online platforms, banking applications, and websites has resulted in a notable surge in fraudulent websites, not limited to the banking sector but extending into e-commerce and home delivery services. Cybercriminals exploit these digital interactions to engage in deceptive practices during online transactions. The increasing use of Internet of Things (IoT) devices, aligning with the projected growth in IoT connections outlined by the Global System of Mobile Communication (GSMA), contributes to the evolving fraud landscape. While connected devices offer convenience, they also pose inherent risks, collecting, transmitting, and storing sensitive consumer data, raising concerns regarding privacy and security. Notably, ad and ATM frauds are among the prevalent IoT frauds. The escalating incidents of fraud related to fake card activations, online bookings, free COVID-19 tests, and deceptive job offers underscore the imperative adoption of robust FDP systems. These systems leverage advanced technologies to detect and prevent fraudulent activities, safeguarding individuals and businesses from financial losses and reputational damage in the swiftly evolving digital landscape.
The market for Fraud Detection and Prevention is led by North America.
During the forecast period, North America is anticipated to secure the largest share of revenue in the market. In recent years, the region has witnessed a notable surge in fraudulent activities. To mitigate financial losses resulting from such activities, numerous organizations, including financial institutions and government entities, are deploying innovative fraud detection and prevention systems. The increasing use of digital payment systems and the prevailing trend of online transactions further fuel the demand for fraud detection and prevention solutions in the region. Regulatory authorities' enforcement of stringent rules and guidelines contributes to the revenue growth of the market.
Furthermore, the Asia Pacific market is poised to register the fastest revenue Compound Annual Growth Rate (CAGR) during the forecast period. The e-commerce sector is experiencing rapid and substantial growth in the region, driving the demand for fraud detection and prevention tools. Additionally, the increasing adoption of mobile payment methods and the rising volume of digital transactions are propelling the demand for advanced fraud detection and prevention solutions. The growing necessity for such solutions in emerging economies like China and India is a key driver of revenue growth in the Asia Pacific market.
The Services Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Based on offering the Fraud Detection and Prevention market is segmented into solutions and services. The services segment is anticipated to experience rapid growth, driven by a heightened demand for professional services like consulting, training and education, and support and maintenance, particularly from large enterprises. The market is poised to witness substantial demand for fraud analytics, governance, risk, compliance, and authentication. Specifically, the authentication segment is expected to command a significant market share throughout the forecast period. This prominence is attributed to a large number of end-users seeking to enhance security measures by introducing an additional layer of protection, making it considerably challenging for attackers to compromise confidential data.
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