New York, USA, Nov. 17, 2021 (GLOBE NEWSWIRE) -- A new report on the global fraud detection & prevention market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $123,391.8 million by 2026, rising at a CAGR of 26.5% from 2019 to 2026. This report in an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
Factors Impacting the Market Growth:
The key factors boosting the growth of the global fraud detection & prevention market are the rising cases of frauds owing to growing adoption of electronic devices, online & mobile banking, and digital payment methods across the globe. Moreover, growing implementation of artificial intelligence as well as machine learning in the fraud detection & prevention techniques is projected to open doors to lucrative opportunities for the growth of the market throughout the forecast period. However, high cost of adoption fraud detection & prevention solutions and unavailability of skilled professionals in this sector are expected to hinder the market growth.
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The report segments the global fraud detection & prevention market into type, component, application, end user, and region.
External Sub-Segment to Hold a Leading Market Share
The external sub-segment of the type segment is anticipated to grow significantly with a CAGR of 25.2% during the forecast period. This growth is chiefly owing to the rising frauds in banking activities, data breaches, and burglary of confidential data across the world.
Service Sub-Segment to Dominate the Market
The service sub-segment of the component segment is anticipated to hold a foremost position in the market by growing with a CAGR of 25.4% during the forecast period. This is chiefly owing to the rising illegitimate activities and growing initiatives by government bodies and large companies for safeguarding their sensitive data.
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Credit & Debit Fraud Sub-Segment to Hold a Foremost Market Position
The credit & debit fraud sub-segment of the application segment is anticipated to grow significantly with a CAGR of 25.4% during the forecast period. This growth is chiefly owing to the rising usage of debit and credit cards in banking activities due to which the number of fraud cases have surged significantly.
Banking Sub-Segment to Contribute the Market Growth
The banking sub-segment of the end user segment is anticipated to grow significantly with a CAGR of 25.1% during the forecast period. This is chiefly because of the increasing adoption of fraud detection & prevention solutions by many organizations across the world to offer safe transactions and secure the confidential data.
North America Market to Observe Highest Growth
The report analyzes the global fraud detection & prevention market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the North America region market is estimated to observe remarkable growth, rising with a CAGR of 25.3% in the forecast period. The growth of the region market is mainly because many companies in this region are using fraud detection & prevention technologies for preventing fraudulent activities in the company.
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Key Market Players
The report lists some of the foremost players operating in the global fraud detection & prevention industry including
- NCR limited
- IBM Corporation
- SAP SE
- Lavastorm
- ACI Worldwide
- SAS Institute Inc.
- Fair Issac Corporation
- Oracle Corporation, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in April 2021, Revelock, a leading company in behavioral biometric based online fraud prevention, launched novel Fraud Detection & Response (FDR) platform with an aim to safeguard financial institutions against fraudulent activities.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
Related Article Links:
- Innovations in the Fraud Detection & Prevention Market to reach newer heights
- Fraud detection & Prevention – What it is? Why does it matter?
