Covina, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Enterprise Fraud Management (EFM) is a comprehensive approach to identifying, preventing, and mitigating fraudulent activities within an organization. It involves the use of technology, data analysis, and various strategies to detect and respond to fraudulent activities that can result in financial losses, reputational damage, and legal consequences for a business.
Vendors will continuously innovate in the Enterprise Fraud Management Market by enhancing their response times and detecting techniques. Businesses of all sizes will find EFM more affordable and accessible with the introduction of cloud-based solutions.
According to the latest research study, the demand of “Enterprise Fraud Management Market accounted for US$ 14.4 Billion in 2022 and is estimated to be US$ 42.3 billion by 2032 and is anticipated to register a CAGR of 11.5%”
Recent Key Highlights of Enterprise Fraud Management Market:
- In July 2021, Clari5 launched Real-time Enterprise Fraud Management and Anti-Money Laundering apps on Finastra’s FusionFabric.cloud. The best solutions for managing financial crime in real time are offered to banks and other financial institutions by the category-leading enterprise software.
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Report Scope:
| Attribute | Details |
| Base year for estimation | 2022 |
| Forecast period | 2022 – 2032 |
| Market representation | Revenue in USD Billion & CAGR from 2022 to 2032 |
| Market Segmentation | By Enterprise Size - Small Enterprises, Medium Enterprises, and Large Enterprises By Industry Verticals - Government, Retail, Healthcare, Banking, Financial Services & Insurance (BFSI), Information Technology & Telecommunication, Travel & Tourism, and Others |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
New Trends and Innovations of Enterprise Fraud Management Market:
In the dynamic realm of the Enterprise Fraud Management Market, two key trends are revolutionizing fraud prevention. Real-time analytics, bolstered by artificial intelligence, swiftly pinpoint irregularities within transactions, enabling rapid response to potential threats. Concurrently, the integration of behavioral biometrics, which analyzes unique user behaviors like keystrokes and touchscreen gestures, adds an extra layer of security, ensuring highly accurate user authentication. These innovations not only enhance fraud detection capabilities but also foster a secure and seamless user experience, crucial in the face of evolving fraudulent tactics, thereby building trust and confidence among customers.
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Prophecy’s Analyst View on Enterprise Fraud Management Market:
Businesses are more vulnerable to fraud and hacks as they depend more on digital operations and online transactions. To combat these challenges, EFM solutions will become increasingly important. EFM systems' capabilities will be improved by developments in machine learning and artificial intelligence. These systems offer more precise detection and can swiftly adjust to new fraud strategies.
Opportunities and Challenges of Enterprise Fraud Management Market:
In the Enterprise Fraud Management Market, advanced technologies like AI and big data analytics offer substantial growth prospects, enabling innovative fraud prevention solutions. The global expansion of businesses, coupled with stringent regulatory requirements, drives demand for effective fraud management systems. However, challenges such as adapting to evolving fraud tactics, ensuring data privacy, and balancing stringent security with user experience persist. Navigating these complexities demands continuous innovation and strategic partnerships, allowing the industry to capitalize on its opportunities while addressing key challenges.
Leading Players Featured in the Research Report:
- SAS Institute Inc.
- Actimize, Inc.
- Deloitte Touche Tohmatsu India LLP
- Oracle Corporation
- Capgemini SE
- BAE Systems PLC
- Fair Isaac Corporation
- Fiserv Inc.
- ACI Worldwide, Inc.
- NCR Corporation.
Regulatory Environment of Enterprise Fraud Management Market:
The regulatory environment of the Enterprise Fraud Management Market is marked by increasing stringency and complexity. Governments worldwide are enacting laws to protect financial transactions and customer data, mandating businesses to implement robust fraud prevention measures. Stringent data protection regulations like GDPR and industry-specific standards such as PCI DSS demand advanced EFM solutions for compliance. Navigating these regulations requires businesses to invest in cutting-edge technologies and strategies, driving continuous innovation in the fraud management sector.
Key Insights from Primary Research:
- Enterprise Fraud Management (EFM): EFM involves using technology, data analysis, and strategies to identify, prevent, and mitigate fraudulent activities within organizations, crucial for averting financial losses and reputational damage.
- Market Growth: The EFM market is expected to witness substantial growth, driven by advancements in AI and big data analytics. The market was valued at US$ 14.4 Billion in 2022 and is estimated to reach US$ 42.3 billion by 2032, indicating a notable CAGR of 11.5%.
- Innovations: Real-time analytics, powered by artificial intelligence, and the integration of behavioral biometrics are revolutionizing fraud prevention. These innovations enhance fraud detection capabilities and ensure accurate user authentication, fostering secure user experiences.
- Market Trends: The market is witnessing trends such as the integration of cloud-based solutions, making EFM more accessible and affordable for businesses of all sizes. Additionally, strategic partnerships and continuous innovation are crucial for navigating challenges such as evolving fraud tactics, data privacy concerns, and balancing security with user experience.
- Regulatory Environment: The regulatory landscape for EFM is becoming increasingly stringent globally. Governments are enforcing laws to protect financial transactions and customer data, mandating businesses to implement robust fraud prevention measures. Compliance with regulations like GDPR and PCI DSS demands advanced EFM solutions, driving innovation in the sector.
- Leading Players: Key players in the EFM market include SAS Institute Inc., Actimize, Inc., Deloitte Touche Tohmatsu India LLP, Oracle Corporation, Capgemini SE, BAE Systems PLC, Fair Isaac Corporation, Fiserv Inc., ACI Worldwide, Inc., and NCR Corporation, indicating a competitive market landscape.
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