Pune, March 24, 2022 (GLOBE NEWSWIRE) -- The global fraud detection and prevention market size was USD 25.66 billion in 2021. The market is exhibited to grow from USD 30.65 billion in 2022 to USD 129.17 billion by 2029, exhibiting a CAGR of 22.8% during the forecast period.
This information is provided by Fortune Business Insights™, in its report, titled, “Fraud Detection and Prevention Market, 2022-2029.”
The growth predicted is backed by the surging investment by prime players to develop safe fraud solutions across the industries, such as BFSI, manufacturing, healthcare, and others.
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COVID-19 Impact
Rising Demand for Cloud-based Solutions across Healthcare Settings to Foster Growth
The novel coronavirus pandemic is influencing the global economy. Perceiving numerous primary pointers from the year 2020, a trivial deterioration is noticed in the global demand for fraud detection and prevention (FDP) across numerous applications. Likewise, various commercial programs, predicted investment, government tactics, and others are paused due to scarcity of functioning. The stance for the market size in the second half of the year 2020 and beyond increased the adoption of fraud detection and prevention solutions owing to increased cybercrimes, payments frauds, insurance frauds, and others.
Key Players Covered in the Report
- IBM Corporation (U.S.)
- Uplexis (Brazil)
- Experian Information Solutions, Inc. (Brazil)
- Gemalto - Thales Group (France)
- ACI Worldwide, Inc. (U.S.)
- BAE Systems (U.K.)
- Fair Isaac Corporation (U.S.)
- NICE Actimize Ltd. (Israel)
- SAS Institute, Inc. (U.S.)
- Fidelity National Information Services, Inc. (U.S.)
- LexisNexis (U.S.)
- F5 Inc. (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 22.8 % |
| 2029 Value Projection | USD 129.17 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 25.66 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Size, Share, Component, Application Area, Geography |
| Growth Drivers | Increasing Online Application and Mobile Banking Services to Propel Market Growth |
| Rising Demand for Fraud Analytics Solutions, to Aid Market Growth | |
| Growing Adoption of Cloud Increased the Adoption Rate of Fraud Detection Solutions | |
| Pitfalls & Challenges | Lack of Professionals & Awareness across Developing Nations to Impede Growth |
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Report Coverage
The report offers valuable insights obtained by a thorough study done by our researchers. Extensive research was conducted to provide the estimated size of the fraud detection and prevention market. The data utilized to predict the shares for multiple segments at the national, regional, and global levels are gained from detailed interviews with various stakeholders. Moreover, we have procured admission to manifold global and regionally funded information pieces to present accurate information to make business investment judgements simple for our clients.
Segmentation
Rising Numbers of Fraudulent Scams to Spur Implementation of Insurance Claims Solution
Based on the component, the market is separated into solutions and services.
Based on deployment, the market is classified into cloud and on-premise.
By enterprise size, the market is segmented into large enterprises and small & medium enterprises (SMEs).
Based on the application area, the market is classified into insurance claims, money laundering, electronic payment, and others. The electronic payment segment is likely to register the major market share during the prediction period.
By Industry, the market is segmented into BFSI, retail & consumer packaged goods, IT & telecom, government, energy & utilities, travel & transportation, construction & real estate, manufacturing, healthcare & life sciences, media & entertainment, and others.
Geographically, the market is divided across five major regions, namely North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
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Driving Factors
Growing Online Application and Mobile Banking Services to Boost Market Growth
The increasing implementation of online applications and mobile banking services has resulted in an unexpected number of bogus websites and mobile apps. In other industries such as retail & e-commerce, manufacturing, and healthcare, there is a surge in phoney websites and online applications. These websites and applications bear a resemblance to retail shops and home delivery services and trick customers to fulfil counterfeit online contacts. Customers in the banking sector are more fixated on mobile applications for numerous intentions such as online payment, statement analysis, lodging complaints, and feedback, among others.
Regional Insights
North America to Dominate Stoked by Presence of Major Technology-based Players
In North America, fundamental companies in the mobile payment industry such as Apple Inc., Samsung Group, and others are concentrated on unveiling advanced mobile payment services based on fraud hindrance solutions. Consequently, North America held the largest fraud detection and prevention market share.
Asia Pacific is estimated to grow with the highest CAGR during the forecast period. Manufacturing companies in nations such as China, Japan, India, South Korea, Southeast Asian countries, and others are rising their investment to implement fraud prevention solutions.
Europe is estimated to grow with a considerable CAGR during the forecast period of 2022-2029. Government, production, and healthcare corporations in nations are greatly investing in implementing fraud avoidance solutions.
Competitive Landscape
Acquirements commenced by Companies to gain Profit and Benefit Market Growth
The pioneering players in the market incessantly root for proficient strategies to foster their brand value as well as promote the global fraud detection and prevention market growth with encountering least imaginable hindrances. One such effective strategy is attaining competitive companies and further fortifying a profit for both the involved players.
Industry Development
May 2020: Experian information solutions, Inc. procured nearly 60% stakes in Arvato, which is a Germany-based financial solution risk management unit. The purchasing aided the company to extend their operations to Germany, Austria & Switzerland (DACH) region.
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Fraud Detection and Prevention Key Players Market Share Insights and Analysis, 2021
- Global Fraud Detection and Prevention Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solutions
- Fraud Analytics
- Predictive Analytics
- Customer Analytics
- Social Media Analytics
- Big Data Analytics
- Behavioral Analytics
- Authentication
- Single-factor Authentication
- Multi-factor Authentication
- Governance, Risk and Compliance
- Fraud Analytics
- Services
- Professional Services
- Consulting
- Training and Education
- Support and Maintenance
- Managed Services
- Professional Services
- Solutions
- By Deployment (USD)
- On-premise
- Cloud
- By Enterprise Size (USD)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By Application (USD)
- Insurance claims
- Money laundering
- Electronic payment
- Others (Banking transactions, etc.)
- By Industry (USD)
- BFSI
- IT and Telecom
- Retail and consumer goods
- Government
- Construction and Real Estate
- Energy and Utilities
- Travel and Transportation
- Manufacturing
- Healthcare and Life Sciences
- Media and Entertainment
- Others
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Fraud Detection and Prevention Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solutions
- Fraud Analytics
- Predictive Analytics
- Customer Analytics
- Social Media Analytics
- Big Data Analytics
- Behavioral Analytics
- Authentication
- Single-factor Authentication
- Multi-factor Authentication
- Governance, Risk and Compliance
- Fraud Analytics
- Services
- Professional Services
- Consulting
- Training and Education
- Support and Maintenance
- Managed Services
- Professional Services
- Solutions
- By Deployment (USD)
- On-premise
- Cloud
- By Enterprise Size (USD)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By Application (USD)
- Insurance claims
- Money laundering
- Electronic payment
- Others (Banking transactions, etc.)
- By Industry (USD)
- BFSI
- IT and Telecom
- Retail and consumer goods
- Government
- Construction and Real Estate
- Energy and Utilities
- Travel and Transportation
- Manufacturing
- Healthcare and Life Sciences
- Media and Entertainment
- Others
- By Country (USD)
- United States
- By Application
- Canada
- By Application
- United States
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