Pune, India, July 21, 2021 (GLOBE NEWSWIRE) -- The global fraud detection and prevention market size is set to gain traction due to increased investments by the key players to provide secure online services to its users against fraud. Fortune Business Insights™ gives this information in a published report titled, “Fraud Detection and Prevention Market, 2021-2028.” As per the report, the market size was USD 23.05 billion in 2020 and is projected to reach USD 141.75 billion by 2028, exhibiting a substantial CAGR of 26.7 % during the forecast period.
COVID-19 Pandemic: Increased Online Services to Promote the Market
The outbreak of the COVID-19 pandemic has crippled the global economy. Still, to avoid personal interactions, there is a dramatic rise in online users on various platforms such as net banking, online insurances, and many other e-commerce platforms. The rising number of users offers fraudsters an opportunity to develop fraud cases to extract insurance claims from hospitals and governments. So, to keep a check on such fraud activities, demand for fraud detection and prevention solutions across several online platforms will increase, which will positively promote the market.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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A list of renowned fraud detection and prevention market providers operating in the global market:
- IBM Corporation (New York, United States)
- Uplexis (São Paulo, Brazil)
- Experian Information Solutions, Inc. (São Paulo, Brazil’s)
- Accenture PLC (Dublin, Ireland)
- Tata Communications (Maharashtra, India)
- Clearsale LLC (Florida, United States)
- Gemalto - Thales Group (Paris, France)
- Amdocs (Missouri, United States)
- Incognia (California, United States)
- ACI Worldwide, Inc. (Florida, United States)
- BAE Systems (Farnborough, United Kingdom)
- DXC Technology Company (Virginia, United States)
- Dell, Inc. (Texas, United States)
- Fair Isaac Corporation (California, United States)
- Fidelity National Information Services, Inc. (Florida, United States)
- Fiserv, Inc. (Wisconsin, United States)
- Forter (New York, United States)
- Fraud.net, Inc. (New York, United States)
- NICE Actimize Ltd. (Ra'anana, Israel)
- SAS Institute, Inc. (North Carolina, United States)
- Signifyd (California, United States)
- ACH Alert (Tennessee, United States.)
- Software AG (Ontario, Canada)
- TransUnion LLC (Chicago, United States)
- Everlink Payment Services, Inc. (Ontario, Canada)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 26.7% |
| 2028 Value Projection | USD 141.75 Billion |
| Base Year | 2020 |
| Market Size in 2019 | USD 26.97 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 150 |
| Segments covered | Component,Application,Area Deployment,Enterprise Size,Vertical, Geography |
| Growth Drivers | Increasing Demand for Cloud-based Solutions across Healthcare to Aid Growth |
| Emerging Technologies such as Cloud Has Increased the Adoption Rate of Fraud Detection Solutions | |
| Increasing Online Application and Mobile Banking Services to Propel Growth | |
| Pitfalls & Challenges | Lack of Professionals & Awareness Across Developing Nations to Impede Growth |
Segments-
By 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). On the basis of the application area, the market is classified into insurance claims, money laundering, electronic payment, and others. By vertical, the 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.
- Out of these, healthcare & life sciences are anticipated to hold the major market share. IT & telecom segment held a market share of about 14.4% in 2020 and is expected to experience considerable growth due to the increasing adoption of advanced fraud detection tools by the companies worldwide.
Finally, based on the region, the market is classified into North America, Latin America, Asia-Pacific, Europe, and the Middle East and Africa.
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Report Coverage-
The report provides descriptive information by considering their contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to analyze their core competencies in each segment. Apart from that, it ensures to help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations. Lastly, it also provides information on the impact of COVID-19 on the market’s revenues.
Drivers & Restraints-
Increased Adoption of Digital Payments to Fuel Market Growth
The growing number of internet users, increasing adoption of digital payment methods, and rising number of start-ups are also expected to drive the demand for solutions. For instance, according to a Boston Consulting Group (BCG) report, nearly 70% of the urban population are digital financial and services. This has led numerous organizations involved in fraud detection and prevention solutions to advance their business road maps by launching secure applications. For example, in October 2020, BAE Systems partnered with Guidewire Software to develop NetReveal integrated fraud prevention solutions based on Guidewire’s ClaimCenter platform to prevent online attacks on e-commerce platforms.
On the other hand, the lack of awareness among people about cyber-attack in developing economies and the lack of working professionals in organizations to keep their online documents secure from online fraudsters obstruct the market growth.
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Regional Insights
Asia Pacific to Command Backed by Increased Online Frauds
North America is expected to hold the largest global fraud detection and prevention market share during the forecast period. In 2020, the region stood at USD 8.62 billion. According to a report by Accenture's Unmask Digital Frauds Today- 2018, Card-Not-Present (CNP) fraud losses were twice that of fraud loss in 2015, owing to the deployment of EMV chips by users for payments and transactions in the U.S. To stop this, several FDP providers developed software to prevent this online forgery, thus fueling the FDPs market.
Asia Pacific is expected to rise substantially in upcoming years due to several frauds and detection services manufacturers in the region, such as China, Japan, India, and South Korea. These countries are increasing their investment to adopt fraud prevention solutions due to the rising fraud cases to prevent. Companies and organizations are adopting advanced security solutions, which will subsequently favor the growth of the market in this region.
Competitive Landscape
Key Players Focus on Collaborations to Intensify Competition
The global key players in the market for fraud detection and prevention currently focus on collaborating and launching innovative applications to fuel the market growth. For example, IBM’s Safer Payments fraud prevention system was selected by Qatar International Islamic Bank (QIIB) to improve their security on online banking channels by providing them with an analysis of online fraud patterns, its alert, and upcoming threats. IBM also mentioned that its Safer Payments solution allows banks to intercept fraudulent activities even before they happen.
Industry Development
April 2021 - SURVEIL-X was launched by NICE Actimize. It is an AI-based surveillance and suitability solution to be used in online insurance sectors.
September 2019 - Temenos Peer Group Identifier was launched by Temenos AG. It is a financial profiling tool supported by an AI platform to detect online financial crime.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Fraud Detection and Prevention Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Overview
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