Westford, June 25, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Fraud Detection and Prevention Market will attain a value of USD 57.73 Billion by 2031, with a CAGR of 23.80 % during the forecast period (2024-2031). Fraudulent activities include money laundering, cyber-attacks, tax evasion, identity theft, and insurance fraud, which are common in businesses such as finance, government, healthcare, and insurance. Organizations are implementing modern technologies and risk management tactics to combat the growing chances for fraud, including big data, real-time monitoring, and advanced analytics like machine learning and AI. Today industries such as banking, healthcare, and e-commerce also acknowledge the necessity of innovative systems. Even though there are many organizations who still use traditional research methods, regardless of their ineffectiveness. The rising complexity of threats needs flexible detection tools, which may drive increased usage of fraud detection and prevention solutions.
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Browse in-depth TOC on the "Fraud Detection and Prevention Market"
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- Tables - 179
- Figures – 78
Fraud Detection and Prevention Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $57.73Billion |
| Estimated Value by 2031 | $272.34 Billion |
| Growth Rate | Poised to grow at a CAGR of 23.80% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Fraud Type, Component, Deployment Mode, Organization Size, Functionality, and Vertical |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Surge in fraud detection and prevention due to the growth of the cyber sphere has increased the extent of cybercriminal activity. |
| Key Market Opportunities | Development of new products and technologies to detect fraud and prevent it. |
| Key Market Drivers | The growing influence of Internet of Things (IoT) |
Offering Authentication Solutions Across Industries Driving the Fraud Detection and Prevention Market
Authentication solutions are booming in many industries. This is primarily due to the increasing sophistication of fraudulent operations within customer-facing applications, which has compelled businesses to implement advanced authentication systems. Such solutions include components like single-factor and multi-factor authentication, along with voice biometrics.
Surge in Fraud Analytics Solutions Due to High Demand for Data From Digital Technologies
Fraud analytics solutions segment dominates the market. The demand for the solution has increased due to the integration of data obtained from innovative digital technologies. These data have a substantial impact on the corporate environment by offering new opportunities for company growth and strategic innovation.
Rapid Development of Business in North America Due to Rising Incidences of Money Laundering And Terrorist Funding
North America is projected to become the leading contributor to the global fraud detection and prevention market. One of the primary factors is due to its status as one of the most affected areas in the world by money laundering and terrorism funding. As a result, it supports a large number of fraud detection and prevention companies. Banks, government agencies, and financial institutions in this region are dealing with increasing fraudulent challenges, necessitating the implementation of advanced technical frameworks for fraud prevention. As the world becomes more interconnected and digitalized, the security of vital enterprise infrastructures and sensitive data becomes increasingly important.
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Fraud Detection and Prevention Market Insight
Drivers:
- Worldwide digital revolution
- Internet users expanding their online activities for tasks like banking and shopping
- Increasing usage of IoT devices across industries
Restraints:
- Shortage of skilled employees to combat fraudulent activities
- Difficult to seamlessly implement fraud detection and prevention solutions
- Organizations still depend of outdated cybersecurity tools despite their inefficiencies
Prominent Players in the Fraud Detection and Prevention Market
The following are the Top Fraud Detection and Prevention Companies
- IBM Corporation
- Oracle Corporation
- SAS Institute Inc.
- FICO
- NICE Actimize
- Experian Information Solutions, Inc.
- ACI Worldwide Inc.
- BAE Systems
- ThreatMetrix Inc.
- DXC Technology
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Key Questions Answered in Global Fraud Detection and Prevention Market Report
- What is the estimated 2031 market value for the global fraud detection and prevention market?
- What is the market size of the fraud detection and prevention market?
- Which geographical region held the biggest share of the global fraud detection and prevention market?
This report provides the following insights:
- Analysis of key drivers (Digital evolution, increase in online activities, surge in online transactions for shopping and other activities, integration of IoT into consumer lifestyle, and various mobile banking services that led to a surge in fake websites), restraints (Lack of skilled employees and companies experiencing difficulties in implementing fraud detection and prevention solution), opportunities (Growing influence of IoT, increasing online applications and mobile banking services, high demand of innovative fraud detection solution), and challenges (Escalating complexity and prevalence of cyberattacks, growing number of fake websites) influencing the growth of fraud detection and prevention market
- Market Penetration: Comprehensive information on the product offered by the top players in the fraud detection and prevention market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the fraud detection and prevention market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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