New York, USA, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global fraud detection & prevention market. According to the report, the global market is projected to surpass $123,391.8 million and grow with a CAGR of 26.5% in the estimated period, 2019-2026. This all-inclusive report delivers a comprehensive overview of the current and future situation of the fraud detection & prevention market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Factors Impacting the Fraud Detection & Prevention Market Growth
The key factors boosting the growth of the global fraud detection & prevention market are a significant rise in fraudulent practices due to rising use of electronic products, growth in online & mobile banking, and increasing acceptance for digital payment techniques worldwide. In addition, increasing integration of advanced technologies such as artificial intelligence & machine learning in the fraud detection & prevention methods is estimated to unlock lucrative opportunities for the market’s growth in the forecast period. However, huge costs involved in the adoption of fraud detection & prevention technologies and dearth of experienced professionals in this industry are anticipated to deter the market growth.
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The report segments the global fraud detection & prevention market into type, component, application, end user, and region.
External Sub-Segment to Grab a Foremost Share of the Market
The external sub-segment of the type segment is foreseen to rise with 25.2% CAGR in the forecast period. This growth is mainly owed to the increasing deceptions in banking processes, data breaches, and burglary of confidential data worldwide.
Service Sub-Segment to Witness Outstanding Growth
The service sub-segment of the component segment is projected to grab a leading position in the global market by rising with 25.4% CAGR in the forecast period. This is primarily owed to the mounting illegal activities and increasing initiatives by large businesses and government institutions to protect sensitive and confidential data.
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Credit & Debit Fraud Sub-Segment to Hold Leading Market Share
The credit & debit fraud sub-segment of the application segment is estimated to rise with a CAGR of 25.4% in the forecast period. This growth is primarily owed to the mounting adoption of debit & credit cards in banking activities owing to which the number of fraud cases has amplified considerably.
Banking Sub-Segment to Grow Remarkably
The banking sub-segment of the end user segment is expected to grow with a CAGR of 25.1% in the forecast period. This is primarily due to the growing acceptance for fraud detection & prevention technologies by numerous financial organizations worldwide to enable secure transactions as well as safeguard the confidential data.
North America Fraud Detection & Prevention Market to Perceive Maximum Growth
The report analyzes the global fraud detection & prevention market across several regions such as Asia Pacific, North America, Europe, and LAMEA. Among these, the North America market is projected to grow with a CAGR of 25.3% in the estimated period. The growth of the region market is mostly because numerous companies in the North America are adopting fraud detection & prevention technologies for averting deceitful activities in the organization.
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Top Players of the Global Fraud Detection & Prevention Market
The report states some of the foremost players operating in the global fraud detection & prevention market including
- Oracle Corporation
- IBM Corporation
- NCR limited
- SAP SE
- Lavastorm
- ACI Worldwide
- Fair Issac Corporation
- SAS Institute Inc., and others.
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading-edge in the global market. – Buy the full report [320-Pages] here!
For instance, in March 2022, ACI Worldwide, a frontrunner in mission-critical, real-time payments software, launched Fraud Scoring Services—a first ever fraud recording platform that offers advanced machine learning competencies for fiscal organizations of all sizes to provide real-time fraud detection & prevention.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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