Chicago, Nov. 08, 2022 (GLOBE NEWSWIRE) -- The report "Fraud Detection and Prevention Market by Component (Solutions, Services), Solution (Fraud Analytics, Authentication, Governance, Risk and Compliance) Service (Professional Services, Managed Services), Application (Identity theft, Money Laundering, Payment Fraud, Others), Organization Size (Small and Medium Enterprise (SMEs), Large Enterprises), Vertical (BFSI, Government & Defence, Healthcare, IT & Telecom, Industrial & Manufacturing, Retail & E-commerce, Others)—Global Forecast to 2028", is projected to grow from USD 25.1 billion in 2021 and is projected to reach USD 83.6 billion by 2028; it is expected to grow at a CAGR of 22.20% from 2022 to 2028. The market for fraud detection and prevention is propelled by increased demand from numerous end-use sectors.
One of the main factors propelling the market's expansion is the increased adoption rate of digitalization and IoT. The market for fraud detection and prevention devices is seeing increased demand as the amount of revenue lost to fraud rises. The market for fraud detection and prevention will have slower growth due to other important factors like the development of cloud technologies, the rise of online applications, and the expansion of mobile banking services. The market for fraud detection and prevention will expand more quickly due to the integration of big data analytics and the huge increase in business data output.
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Browse in-depth TOC on "Fraud Detection and Prevention Market"
264 – Tables
98– Figures
350 – Pages
Cryptocurrency Market Report Scope & Segmentation:
| Report Matrics | Details |
| Market size for available years | 2022-2028 |
| Base year considered | 2021 |
| Forecast period | 2022-2028 |
| Market Size in 2021 | USD 25.1 billion |
| Market Size by 2028 | USD 83.6 billion |
| CAGR | 22.20% |
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Segmentation of Global Fraud detection and prevention Market:
Global Fraud Detection and Prevention Market – By Component
- Solutions
- Services
Global Fraud Detection and Prevention Market – By Solution
- Fraud Analytics
- Authentication
- Governance
- Risk and Compliance
Global Fraud Detection and Prevention Market – By Service
- Professional Services
- Managed Services
Global Fraud Detection and Prevention Market – By Application
- Identity theft
- Money Laundering
- Payment Fraud
- Others
Global Fraud Detection and Prevention Market – By Organization Size
- Small and Medium Enterprise (SMEs)
- Large Enterprises
Global Fraud Detection and Prevention Market – By Vertical
- BFSI
- Government & Defense
- Healthcare
- IT & Telecom
- Industrial & Manufacturing
- Retail & E-commerce
- Others
The payment fraud category in the fraud detection and prevention market is expected to be the fastest-growing segment during the forecast period
The payment fraud segment is projected to grow the fastest during the forecast period. Consumers' increasing preference for e-wallets and cashless payment methods has opened doors for scammers. Due to bugs or vulnerabilities in certain applications, fast access to banking and financial reserves can be possible. The requirement to patch all application vulnerabilities and the ability to identify such frauds in real-time are hence factors in the segment's growth.
BFSI category of the fraud detection and prevention market to record the highest CAGR from 2022 to 2028
BFSI is expected to account for the highest CAGR of the fraud detection and prevention market from 2022 to 2028. Due to the industry's rapid digitalization and electronification of processes, incumbents in the banking and financial services sector have become the preferred target for cybercriminals. Additionally, as more consumers access products like mutual funds, stockbroking, and insurance digitally through various touchpoints, businesses are forced to create preventive technologies to monitor fraud and their activities. Additionally, increasing identity theft and card fraud incidents worldwide encourage authentication solutions in this market.
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Top Fraud Detection and Prevention Companies:
- Iovation Inc. (U.S.)
- IBM Corporation (U.S.)
- CardinalCommerce Corporation (U.S.)
- Oracle Corporation (U.S.)
- Experian PLC (Ireland)
- PayPal Holdings Inc. (U.S.)
- Distil Networks Inc. (U.S.)
- LexisNexis Risk Solutions Company (U.S.)
- Accertify Inc. (U.S.)
- F5 Networks Inc. (U.S.)
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Recent Developments
- In April 2021, SURVEIL-X, an AI-powered suitability and monitoring solution for the wealth and insurance sector, was introduced by NICE Actimize. SURVEIL-X is the name of the solution created on a comprehensive surveillance platform.
- In March 2021, Mendoza Ventures LLC and a group of super angel investors from the financial services and cybersecurity sectors contributed USD 2 million to FiVerity, Inc.
- In November 2020, NetReveal KYC/CDD, watch list screening, and anti-money laundering transaction monitoring and filtering services provided by BAE Systems was enhanced.
Regional Insights:
The Asia Pacific is anticipated to grow at a significant rate in Fraud detection and prevention market share from 2022 to 2028
The Asia Pacific is the fastest-growing region in the fraud detection and prevention market. The region's businesses and governments have improved their security infrastructure due to digital acceleration. In Asian nations, several awareness programs for fraud prevention and detection are promoted as part of the security architecture. Due to the rise in fraud cases, businesses are predicted to employ advanced security solutions, favoring regional market expansion throughout the projection period. In addition, the pandemic outbreak sparked a spike in the use of digital services; this tendency is anticipated to continue beyond the pandemic. Several businesses in Asia Pacific switched to digital platforms to interact with their clients, raising the possibility of fraud.
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Table of Contents:
Chapter 1 Preface
1.1 Report Scope and Description
1.1.1 Study Purpose
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Key Benefits for Stakeholders
1.3 Report Scope
Chapter 2 Report Summary
2.1 Key Findings
2.1.1 Top Investment Pockets
2.2 Market Snapshot: Global Fraud Detection and Prevention Market
2.3 Global Fraud Detection and Prevention Market, 2018 – 2028 (US$ Mn)
Chapter 3 COVID 19 Impact Analysis
3.1 Impact Assessment of COVID-19 Pandemic, By Region
3.1.1 North America: Impact of COVID-19 Pandemic
3.1.2 Europe: Impact of COVID-19 Pandemic
3.1.3 Asia pacific: Impact of COVID-19 Pandemic
3.1.4 Latin America: Impact of COVID-19 Pandemic
3.1.5 Middle-East and Africa: Impact of COVID-19 Pandemic
3.2 Key Strategies Undertaken by Companies to Tackle COVID-19
3.3 Quarterly Market Revenue by Region 2021 & 2022
3.4 Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Million)
3.5 Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Million)
3.6 Short Term Dynamics
3.7 Long Term Dynamics
Chapter 4 Global Fraud Detection and Prevention Market, by Component Segment Analysis
4.1 Fraud Detection and Prevention Market Overview, by Component Segment
4.1.1 Global Fraud Detection and Prevention Market Revenue Share, by Component, 2022 & 2028 (Value, %)
4.2 Solutions
4.2.1 Fraud Detection and Prevention Share Forecast, By Region (USD Million)
4.2.2 Comparative Revenue Analysis, By Country, 2022 & 2028
4.2.3 Key Market Trends, Growth Factors, & Opportunities
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