Newark, Aug. 15, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 30 billion in 2022 global fraud detection and prevention market will reach USD 185.75 billion in 2032. Around 30 billion people were affected by cybercrimes in 2023 globally. 80% of these crimes are related to phishing and are anticipated to cost around USD 8 trillion annually in the coming years. The growing use of online and internet banking, mobile-based banking applications, UPI and digital payments has led to a rising incidence of cyber-frauds given the lack of digital literacy, awareness, knowledge and a robust security environment. Business providers must protect their customers from phishing attacks and other Cyber-frauds in the rising digital economy. Therefore, increasing cyber-crimes will drive the growth of global fraud detection and prevention.
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Key Insight of the Global Fraud Detection and Prevention Market
North America is expected to dominate the market during the forecast period.
The existence of important market players provides the region's extensive digital economy with various products and services. The consumer market for these products and services is also sizable because of substantial banking, finance, insurance, and defence businesses and the retail and e-commerce sectors. To protect and safeguard citizens and national interests, market regulators have been prompted by the region's rising number of cyberattacks to strengthen fraud detection and prevention services and solutions.
In 2022, the solutions segment dominated the market with the largest market share of 53% and revenue of 15.90 billion.
The product type segment is divided into solutions and services. In 2022, the solutions segment dominated the market with the largest market share of 53% and revenue of 15.90 billion.
In 2022, the large enterprises' segment dominated the market with the largest market share of 56% and revenue of 16.80 billion.
The enterprise type segment is divided into small and medium enterprises and large enterprises. In 2022, the large enterprises' segment dominated the market with the largest market share of 56% and revenue of 16.80 billion.
In 2022, the BFSI segment dominated the market with the largest market share of 27% and revenue of 8.10 billion.
The industry vertical segment is divided into BFSI, government, manufacturing, real estate, retail and e-commerce, healthcare, travel and transportation, telecommunications and others. In 2022, the BFSI segment dominated the market with the largest market share of 27% and revenue of 8.10 billion.
In 2022, the cloud segment dominated the market with the largest share of 52% and revenue of 15.60 billion.
The deployment type segment is divided into cloud and on-premises. In 2022, the cloud segment dominated the market with the largest market share of 52% and revenue of 15.60 billion.
Advancement in Market
October 2022 - A novel solution that stops issuer processing fraud was created in collaboration with Global Processing Services (GPS) and Featurespace, a risk management company.
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Market Dynamics
Driver: Growing automation and economic digitization.
The beginning of the industrial revolution 4.0 is related to the economies' growing automation and digitization. A significant illustration of increased automation is the increasing usage of Internet banking, UPI and digital payments, and mobile application-based banking services to enhance the customer experience in the BFSI sector. Additionally, worldwide digitalization is being driven by the thriving e-commerce sector. The prevalence of cyber frauds, such as identity theft, phishing, counterfeiting, credit and debit card fraud, and other scams, has increased along with the growth in online traffic. Automation and digitisation are accelerating, and the digital world is continually changing. A clear legal or policy framework that provides a safety net for individual users, frequently the targets of fraud, is severely lacking. To safeguard their companies against cyber fraud, industrial units or businesses use fraud detection and prevention services and solutions. The expansion of the worldwide fraud detection and prevention market will be fueled by rising automation and digitization.
Restraints: The scarcity of experts.
The dynamic nature of its risks, hazards, and vulnerabilities stems from the always-changing field of digital fraud. Market participants who provide fraud detection and prevention services and solutions must proactively recognise these evolving risks and develop the required defences against them. However, the market is lacking in professionals who are qualified, skilled, and trained. A dearth of analysts. The lack of knowledge about these job profiles, educational opportunities, infrastructure, and logistics all contribute to analysts' scarcity. Technology that relies on huge amounts of historical data to discover and detect fraud patterns and trends to stop them also cannot forecast the emergence of new risks or frauds. The scarcity of professionals was understandable because it was a high-end position requiring multidisciplinary knowledge. A lack of professionals will hamper the market's expansion.
Opportunities: Breakthroughs in AI and ML technology.
Artificial intelligence and machine learning are the basic components of fraud detection and prevention technologies. They allow economic entities to instantly evaluate massive amounts of data to provide insightful information that safeguards their clients' interests. They offer precision and speed and provide real-time monitoring, accuracy, speed, dependability, and the capacity to identify and stop fraud quickly. They support national security goals and help the world's economies defend their populations. Artificial intelligence and machine learning developments will enhance fraud detection and prevention tools, allowing businesses to stay one step ahead of fraudsters and emerging threats and opening up lucrative market prospects.
Challenges: The lack of global regulatory and policy framework.
The digital economy has brought the world closer. Globalization has ushered in new opportunities as well as risks. The fraudsters can target anyone globally; national boundaries do not hinder the crime or offence. The increasing integration of the global economy, rising internet penetration and adoption of smart connected devices have increased the vulnerability of users in the digital space. Cross-border crimes require global cooperation and collaboration to develop a comprehensive policy framework that will deal with digital crime identification, prevention, monitoring and accountability. The lack of global consensus on a holistic framework leaves the users open to attacks and losses. Therefore, the lack of a global regulatory and policy framework will challenge the market's growth.
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Some of the major players operating in the global fraud detection and prevention market are:
• ACI Worldwide
• BAE Systems PLC.
• Fair Isaac Corporation (FICO)
• FIS Global
• Fiserv, Inc.
• International Business Machines Corporation
• LexisNexis
• Oracle Corporation
• SAP SE
• SAS Institute Inc.
Key Segments cover in the market:
By Product Type
• Solutions
• Services
By Enterprise Type
• Small and Medium Enterprises
• Large Enterprises
By Industry Vertical
• BFSI
• Government
• Manufacturing
• Real Estate
• Retail and E-commerce
• Healthcare
• Travel and Transportation
• Telecommunications
• Others
By Deployment Type
• Cloud
• On-Premises
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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