Pune, May 20, 2020 (GLOBE NEWSWIRE) -- The global fraud detection and prevention market size is expected to gain momentum owing to rising need to prevent online frauds and monetary loss across the globe. Fortune Business Insights publish this information in its latest report, titled “Fraud Detection and Prevention Market Size, Share and Industry Analysis By Component (Solutions, Services), By Application area (Insurance Claims, Services, Money Laundering), By Deployment (Cloud & On-premise), By Organization Size (Large, Small & Medium Enterprises), By Vertical (BFSI, IT and Telecommunication, Government, Travel and Transportation, Manufacturing, Healthcare and Life Sciences) and Geography Forecast, 2019 – 2026.” The report mentions that the market is projected to hit USD 110.04 Billion by 2026, while exhibiting a CAGR of 25.5% between 2019 and 2026. Furthermore, the market was worth USD 19.27 Billion in 2018.
Most of the times in the companies a fraud is detected only after it takes place. Later on, the measures are implemented to ensure that the fraud does not repeats in the future. Several companies want to either prevent of detect such malpractices to protect themselves from massive monetary damages. Therefore, a fraud detection system is the safest bet to prevent such incidents and its future occurrences. According to a data by the Federal Trade Commission (FTC), overall monetary loss owing to fraud was estimated to be around USD 1.9 Billion in 2019. The companies are adopting advanced technological solutions such as inclusion of artificial intelligence to detect fraud and provide secure and reliable operational activities.
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An Overview of the Impact of COVID-19 on this Market:
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What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Drivers and Restraints:
Increasing Demand from the Healthcare Sector to Drive the Market
Healthcare fraud is termed to be serious offense affecting several patients and the consumers alike. According to a data by the Federal Bureau of Investigation (FBI), it is estimated that in the U.S. fraud related to health care results in the economic loss of around $68 billion to $260 billion every year. To prevent such frauds, healthcare organizations are adopting anti-fraud systems that efficiently detect, manage, and prevent huge monetary losses. The increasing demand for reliable fraud detection and prevention measures for the healthcare sector is expected to drive the growth of the market during the forecast period. Furthermore, the steep emergence of e-commerce sites wherein frauds such as identity theft, and data theft, among others are carried out rampantly requires strict measures to detect and prevent fraud. Thereby, increasing focus on efficient fraud detection and prevention system by the e-commerce companies will favor the market growth in the forthcoming years.
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Segmentation:
Insurance Claims to Register Exponential Growth
The segment Insurance claims (By Application Analysis) will hold the largest market share owing to growing number of fraudulent claims such as accident insurance fraud, and disaster insurance frauds, among others.
Regional Analysis:
North America to Remain Dominant; Presence of Prominent Players to Augur Growth
Among the regions, North America is expected to be at the forefront by holding highest global fraud detection and prevention market revenue during the forecast period. The region was estimated to be worth USD 6.51 billion in 2018 and is likely to expand owing to presence of major companies in the countries such as the U.S. Furthermore, high economic disbursement by the government towards several public and private organizations for developing efficient fraud detection system will aid market growth in the region. The market in Asia-Pacific is expected to witness promising growth during the forecast period. This is ascribable to factors such as increasing adoption of advanced fraud detection software by several enterprises to prevent data theft.
Competitive Landscape:
Product Expansion Strategies by the Companies to Surge Demand
In May 2020, Featurespace, an upcoming technology startup, raised over EURO 30 million in funding to propel its next stage growth. The Startup that provides artificial intelligence (AI) software to prevent fraud and money laundering has its software, Adaptive Behavioral Analytics, used by the UK’s four of the five largest banks. According to the company, the funding led by investment firm Merian Chrysalis Investment Company Limited, will facilitate its expansion plans over the regions comprising of Singapore, Europe, Australia, and the UK.
List of the Companies Operating in the Fraud Detection and Prevention Market are:
- ACI Worldwide Inc.
- BAE Systems
- Dell Inc.
- DXC Technology Company
- Experian Information Solutions Inc.
- Fair Isaac Corporation
- FIS
- Fiserv Inc.
- Forter
- Fraud.net Inc.
- IBM Corporation
- NICE
- SAS Institute Inc.
- Signifyd
- Software AG
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology and Assumptions
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Key Technological Developments
- Industry SWOT Analysis
- Global Fraud Detection and Prevention Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Component (US$ Mn)
- Solutions
- Fraud Analytics
- Predictive Analytics
- Customer Analytics
- Social Media Analytics
- Big Data Analytics
- Behavioural 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
- Market Sizing Estimations and Forecasts – By Application (US$ Mn)
- Insurance claims
- Money laundering
- Electronic payment
- Others
- Market Sizing Estimations and Forecasts – By Deployment (US$ Mn)
- Cloud
- On-Premises
- Market Sizing Estimations and Forecasts – By Organization Size (US$ Mn)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- Market Sizing Estimations and Forecasts – By Vertical (US$ Mn)
- BFSI
- IT and Telecom
- Retail and Consumer Packaged Goods
- Government
- Real Estate and Construction
- Energy and Utilities
- Travel and Transportation
- Manufacturing
- Healthcare and Life Sciences
- Media and Entertainment
- Others
- Market Analysis, Insights and Forecast – By Geography (US$ Mn)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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