Pune, India., Oct. 31, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Fraud Detection and Prevention Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component (Solution and Services), Deployment (On-premises and Cloud), End-user (BFSI, Healthcare, Manufacturing, Retail, Telecommunication, and Others), and Geography” the market in terms of revenue was estimated to be worth $26.51 billion in 2021 and is poised to reach $75.13 billion by 2028, growing at a CAGR of 16% from 2021 to 2028.
The growth of the fraud detection and prevention market is driven by digital transformation across major sectors, and growing adoption of online banking applications and mobile banking services. However, innovation in customer-centric techniques is emerging as a future trend in the industry.
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Global Fraud Detection and Prevention Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 26.51 Billion in 2021 |
| Market Size Value by | USD 75.13 Billion by 2028 |
| Growth rate | CAGR of 16% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| Segments covered | Component, Deployment, End-user, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Growing Adoption of Online Banking Applications and Mobile Banking Services Boost Demand for Global Fraud Detection and Prevention Market Technologies:
The increased use of online applications and mobile banking services has resulted in an increase in the number of bogus websites and mobile apps. Fake websites and online apps are on the rise in other industries, including retail and eCommerce, manufacturing, and healthcare. These websites and apps imitate real retail stores and home delivery services, luring clients into making fraudulent online transactions. Customers in the banking industry are increasingly using mobile applications for a variety of purposes, including online payment, statement review, complaint registration, and feedback. According to the Boston Consulting Group (BCG), almost 70% of urbanites worldwide are digitally persuaded to buy financial products and services through online banking apps or mobile banking websites. In the current economic climate, many firms are integrating solutions across their business units to progress their business road maps. During the forecast period, the growing number of internet users, increasing acceptance of digital payment methods, and rising number of start-ups are likely to boost the global fraud detection and prevention market.
Fraud detection and prevention systems are software applications used to provide analytical solutions for fraud incidents and help identify or prevent future occurrences. North America was the dominant region for fraud detection solutions in 2016 owing to industrial expansion and the rise in fraudulent activities. Currently, enterprises are more susceptible to incidents of fraud that may result in financial losses due to the generation of massive amounts of enterprise data and an increase in technological advancements.
The world is undergoing a digital transformation. Internet users are no longer limited to online search and social networking but have expanded their activities to include online banking and shopping. People have ceased leaving their homes due to COVID-19 lockout limitations, and a major portion of the population has begun to use internet transactions. According to the Boston Consulting Group (BCG), 70% of urban customers in countries such as India are digitally influenced to buy any financial goods, which implies they utilize banking apps or websites to purchase financial items. As a result, there has been an increase in the number of bogus websites. Apart from banking, bogus websites that resemble businesses and home delivery services are on the rise, luring customers into making online purchases. Furthermore, IoT is becoming an important aspect of consumer lifestyle and industrial operations as the use of IoT grows and new IoT included items enter the market. One of the reasons is that connected gadgets provide convenience to hackers in order to gain access to networks. Consumer data is collected, sent, and stored by linked devices, posing a privacy concern. The rise in fraud because of hackers impersonating debit and credit card activations, online bookings, free COVID-19 tests, and job offers has prompted the development of fraud detection and prevention technologies, thereby boosting its demand.
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Global Fraud Detection and Prevention Market: Segmental Overview
The Fraud Detection and Prevention market is segmented on the basis of Component, Deployment, End-user, and Geography. Based on component, the fraud detection and prevention market is bifurcated into solution and services. The solution segment contributed a larger revenue share in 2020. Based on deployment, the fraud detection and prevention market is bifurcated into on-premise and cloud-based. The cloud-based segment contributed a larger revenue share in 2020. Based on end-user, the fraud detection and prevention market is categorized into BFSI, healthcare, manufacturing, retail, telecommunication, and others. In 2020, the BFSI segment led the fraud detection and prevention market globally. Geographically, the fraud detection and prevention market is segmented into five key regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC.
Global Fraud Detection and Prevention Market: Competitive Landscape
ACI Worldwide, Inc.; BAE Systems Plc; Fair Isaac Corporation; Fiserv, Inc.; IBM Corporation; NCR Limited; Oracle Corporation; RELX plc; SAP SE; and SAS Institute Inc. are among the key players profiled in the global fraud detection and prevention market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global fraud detection and prevention market and its ecosystem.
Recent Developments:
- In 2021: The acquisition of ReaQta by IBM has enabled it to unify and accelerate response to security threats, open security technologies and further distinguished its portfolio of connected devices.
- In 2020: BAE Systems Applied Intelligence declared a new offering made on Amazon Web Services (AWS) to offer complete anti-money laundering regulatory compliance solutions.
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