New York, USA, Nov. 30, 2021 (GLOBE NEWSWIRE) -- A research report published by Research dive on the global fraud detection and prevention market explains the impact of COVID-19 pandemic on the present outlook and the future of the market. Comprehensive analysis on drivers, restraints, challenges, lucrative opportunities, COVID-19 impact, key segments of the market, and competitive landscape are provided in the report.
Highlights of the Report
The outbreak of the COVID-19 has had favorable impact on the global fraud detection and prevention market. According to the report, the global fraud detection and prevention market gathered $18.8 billion in 2018, and is projected to garner $145.7 billion by 2026, and exhibit a CAGR of 29.6% during the forecast period from 2019 to 2026. The anticipated market size in 2020 was $30.0 billion before the outbreak of COVID-19. But, due to the COVID-19 chaos, the market size increased to $31.5 billion due to the increased digitization across the globe.
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Factors Influencing the Market Growth during Coronavirus Pandemic
As per the analysts of Research Dive, continuous advancements in fraud detection & prevention software including flexible browser-based interface and pre-defined scenarios for historical as well as real-time alerts has positively impacted the fraud detection and prevention market growth. For instance, Software AG, a global leader in fraud detection & prevention software offers apps for detection and prevention that are built using the CEP (Complex Event Processing) engine.
Additionally, fraud detection and prevention is gaining importance among various large-scale business sector mainly owing to the increasing risk of frauds during the pandemic period. Many key players in the fraud detection & prevention are offering numerous advantages, such as storage of data for low-latency response and the processing of large data in less time.
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Future Scope of the Market
The global fraud detection and prevention market is expected to continue to observe striking growth even after the pandemic over the forecast period, majorly due to the increased usage of Internet of Things (IoT), mobile banking, cloud computational methods, and e-transactions owing to rising digitalization across the globe. Besides, the rise of illegal activities such as cyber-attacks, crimes or finical frauds, and data breaching activities are other factors predicted to propel the fraud detection and prevention market during the analysis period. Moreover, the presence of high-performance testing & flexibility in the data visualization process is anticipated to create huge growth opportunities for the global market by 2026.
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Major Market Players
The key players operating in the global fraud detection and prevention market include
- NCR limited
- SAS Institute Inc.
- Fair IssacCorporation
- ACI Worldwide
- SAP SE
- Lavastorm
- Oracle Corporation
- IBM Corporation.
These players are implementing various strategies such as strategic partnerships, technological advancements, product launches, and others to gain a competitive edge in the global industry.
For instance, in October 2020, BAE Systems, a global defense, aerospace, and security company, entered into a partnership with Guidewire Software, an American software company, to develop and launch NetReveal, and integrated fraud prevention solutions based on ClaimCenter Platform of Guidewire.
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
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