Pune, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Fraud Detection and Prevention Market Analysis:
“As per the SNS Insider Research, The Fraud Detection and Prevention Market size was valued at US$ 25.2 billion in 2023 & is projected to surge to US$ 112.8 billion by 2032, growing at a robust CAGR of 18.1% from 2024 to 2032.”
Overview of the Market
The Fraud Detection and Prevention Market is expanding rapidly due to the escalating frequency and sophistication of cyber fraud. The proliferation of digital transactions and advancements in technologies such as artificial intelligence (AI) and machine learning (ML) are pivotal in this growth.
Organizations are increasingly investing in solutions that provide real-time analytics, threat intelligence, and automated fraud detection to enhance security and compliance. The market is characterized by a growing demand for solutions capable of handling large volumes of data and adapting to emerging fraud patterns, underscoring the necessity for advanced fraud prevention measures across diverse industries.
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Major Players Analysis Listed in this Report are:
- IBM
- Microsoft
- Oracle
- Fujitsu
- NEC Corporation
- SAS Institute
- FICO
- ACI Worldwide
- LexisNexis Risk Solutions
- Experian
- TransUnion
- RSA Security
- PayPal
- Forter
- Riskified
- Signifyd
- Iovation
- Sift Science
- Kount
- CyberSource
- Other Players
Fraud Detection and Prevention Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 25.2 Bn |
| Market Size by 2032 | US$ 112.8 Bn |
| CAGR | CAGR of 18.1% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Market Restraints | • Constantly changing fraud tactics require continuous adaptation, making it challenging for solutions to keep pace. |
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Segment Analysis
By Component: The solution segment led the market, accounting for over 66% of the share in 2023. This dominance is driven by the need to combat Account Takeovers (ATO) and phishing attacks. Advanced solutions are crucial for processing large datasets in real-time, significantly reducing detection times. The authentication solutions segment, which held over 42% of the market share in 2023, remains essential for protecting customer credentials. However, the fraud analytics solutions segment is anticipated to grow at the fastest rate, driven by the demand for predictive analytics and real-time fraud detection capabilities.
The services segment is also noteworthy, with the professional services segment capturing nearly 73% of revenue in 2023. This segment includes consulting, training, and development services crucial for effective fraud prevention technology implementation. Despite this, the managed services segment is projected to experience the fastest growth, as organizations seek real-time fraud monitoring and prevention solutions.
By Application: The payment fraud application dominated with over 54% of the market share in 2023, driven by the rise in cashless payments and e-wallets. The identity theft segment is expected to grow the fastest, with a CAGR exceeding 19%, driven by evolving fraud tactics and a significant increase in identity theft cases reported by agencies such as the Federal Trade Commission.
By Vertical: The BFSI (Banking, Financial Services, and Insurance) segment led with over 32% of the market share in 2023, owing to rapid digitization and the need to protect sensitive financial information. The retail and e-commerce sector is expected to grow the fastest, driven by increased risks of digital and payment fraud as companies enhance their digital presence.
By Organization Size: Large enterprises held the largest revenue share, exceeding 73% in 2023, due to extensive data operations and high exposure to fraud. Conversely, SMEs are projected to grow at the highest rate, driven by their increasing reliance on digital solutions and rising fraud incidence within these organizations.
Fraud Detection and Prevention Market Key Segmentation:
By Component
- Solutions
- Fraud Analytics
- Authentication
- Governance, Risk and Compliance (GRC)
- Services
- Professional Services
- Managed Services
By Organization Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By Application
- Identity Theft
- Money Laundering
- Payment Fraud
- Others
Vertical
- BFSI
- Government & Defense
- Healthcare
- IT & Telecom
- Industrial & Manufacturing
- Retail & E-commerce
- Others
Regional Analysis
North America: North America dominated the Fraud Detection and Prevention Market in 2023, supported by major technology firms and high adoption rates of advanced fraud detection solutions. Companies like IBM and Microsoft lead the market by providing innovative tools and services. The region’s focus on technological advancements and stringent regulatory requirements underpins its market leadership.
Asia-Pacific: Asia-Pacific is the fastest-growing region, with rapid expansion driven by digital transformation and increasing fraud incidents. Countries such as China and India are making substantial investments in fraud detection technologies. Companies like Tata Consultancy Services (TCS) and Infosys are actively developing and deploying fraud prevention solutions to meet the growing demand in this region.
Recent Developments
- April 2024: SAS launched its new Fraud Analytics Suite, featuring advanced machine learning capabilities for improved fraud detection accuracy. The suite aims to enhance predictive analytics and real-time fraud detection.
- June 2024: FICO introduced its Enhanced Fraud Detection Platform, integrating AI and blockchain technologies to improve detection accuracy and efficiency.
- July 2024: IBM released an upgraded version of its Fraud Detection System, which includes advanced real-time analytics and threat intelligence features.
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Key Takeaways
- The Fraud Detection and Prevention Market is rapidly growing due to increasing cyber threats and advancements in technology.
- The solution segment is currently dominant, with significant growth expected in fraud analytics and managed services.
- North America leads the market, while Asia-Pacific shows the highest growth potential.
- Recent product launches highlight advancements in AI, machine learning, and real-time fraud detection technologies.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Fraud Detection and Prevention Market Segmentation, by Application
8. Fraud Detection and Prevention Market Segmentation, by Organization Size
9. Fraud Detection and Prevention Market Segmentation, by Component
10. Fraud Detection and Prevention Market Segmentation, by Vertical
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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