Pune, Feb. 28, 2023 (GLOBE NEWSWIRE) -- SNS Insider has reported that the global fraud detection and prevention market was valued at USD 30.52 billion in 2022, with a projected growth to reach USD 137.25 billion by 2030, indicating a CAGR of 20.67% during the forecast period of 2023-2030.
The global fraud detection and prevention market is expected to witness significant growth in the coming years, primarily due to rising revenue losses caused by fraudulent activities and the growing use of electronic transactions. The increasing popularity of e-banking, digital payment apps, and cross-border transactions have made the market more vulnerable to fraudulent activities such as identity thefts, data breaches, and payment fraud.
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Major Trends Observed for Fraud Detection and Prevention Market
- The fraud analytics segment is poised for rapid growth during the forecast period. This can be attributed to the increasing demand for more advanced and sophisticated fraud detection and prevention solutions.
- The e-commerce segment is anticipated to grow at a rapid rate over the forecast period. The e-commerce market is growing at an exponential rate owing to the increasing penetration of internet services across the globe along with the increased spending power of consumers.
- The North American region is expected to dominate the global market share for fraud detection and prevention systems in the coming years. This can be attributed to the presence of several prominent players in the region who have invested heavily in creating highly secure and efficient fraud detection and prevention systems.
Key Players Included in Fraud Detection and Prevention Market Report Are:
- Total System Services, Inc.
- Software AG
- SAS Institute, Inc.
- SAP SE
- Oracle
- IBM
- Fiserv, Inc.
- Experian PLC
- Equifax, Inc.
- BAE Systems
Fraud Detection and Prevention Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 30.52 Bn |
| Market Size by 2030 | US$ 137.25 Bn |
| CAGR | CAGR of 20.67% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segments | • By Component (Solution and Services) • By Organization Size (Large Enterprises and Small and Medium-sized Enterprises) • By Deployment Model (On-Premises and Cloud) • By Industry Vertical (BFSI, Government and Defense, Retail, IT and Telecom, Healthcare, Manufacturing, Travel and Transportation, Others) |
| Key Regional Coverage | North America, Europe, Asia-Pacific, The Middle East & Africa, Latin America |
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Impact of recession on Fraud Detection and Prevention Market
The impact of a recession on the fraud detection and prevention market is multifaceted. On the one hand, during an economic downturn, companies may be more vulnerable to fraudulent activities due to financial stress, decreased resources, and layoffs. This may result in an increase in fraudulent activities and an increased demand for fraud detection and prevention solutions. On the other hand, the budget constraints during a recession may lead to a decrease in spending on technology solutions, including fraud detection and prevention solutions.
Key Developments Related to Fraud Detection and Prevention Market
- Mastercard, one of the world's leading financial technology companies, has partnered with Vesta, a leading provider of end-to-end fraud protection solutions, to bring advanced fraud management capabilities to merchants across the Asia Pacific region. The partnership aims to provide merchants with comprehensive fraud management solutions that can help mitigate the risk of fraudulent activities and reduce chargebacks.
- Helix by Q2, an innovative cloud-based core system designed specifically for Banking-as-a-Service (BaaS), has recently partnered with Unit21, a leading provider of advanced fraud detection and investigation infrastructure. This partnership is aimed at offering Helix's customers with an added layer of protection against fraudulent activities.
Key Segmentation listed in Fraud Detection and Prevention Market Report are:
Segment by Component
- Solution
- Services
Segment by Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises
Segment by Deployment Model
- On-Premises
- Cloud
Segment by Industry Vertical
- BFSI
- Government and Defense
- Retail
- IT and Telecom
- Healthcare
- Manufacturing
- Travel and Transportation
- Others
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