The global fraud detection and prevention market size is expected to reach USD 62.70 billion by 2028, registering a CAGR of 15.4% over the forecast period, according to a new report by Grand View Research, Inc. Rise in incidences of mobile payment frauds, phishing, and card frauds, and their subsequent impact on businesses and resultant financial losses are anticipated to drive market growth over the forecast period. Digital transformation is the new buzzword, as businesses transform the way they interact with their customers. However, increased digitization has also exposed businesses to online frauds and scams.
Thus,
to mitigate these frauds, while securing customer as well as business data, the
demand for fraud detection and prevention (FDP) solutions is anticipated to
witness an upsurge over the forecast period. Digital platforms and online banking
applications, wherein consumers directly interact with businesses, are complex.
These applications require several risk-based security solutions to detect
fraud at individual layers. Without implementing solutions and vulnerability
testing, hacktivists and fraudsters can easily exploit gaps across these
channels.
Incumbents
from the banking, telecom, and retail & e-commerce industries are popular
targets of such fraud threats. Thus, a need for continuous monitoring and
detection of vulnerabilities across layers is required to strengthen fraud
defense among organizations. Despite rising digital fraud cases, organizations
continue to offer services digitally to consumers as it is a cost-effective
approach. Deploying or reliance on a single solution or tool as a defensive
tactic increases the risks of fraud attempts. Educating enterprises and
consumers related to fraudsters' modus operandi is a significant step towards
defending against fraud.
Several
government agencies, such as the Federal Financial Institutions Examination
Council of the U.S. and the Serious Fraud Investigation Office of India,
provided guidelines, programs, and standards to promote fraud defense among
organizations and consumers. In addition, deploying advanced technology
adaptable to existing cybercriminal operational strategy is crucial. Thus, the
need to curb fraudster activities, secure personal information, and strengthen
the security framework is expected to drive the adoption of fraud detection and
prevention solutions among enterprises.
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Fraud Detection
And Prevention Market Report Highlights
- An increase
in the number of fraudulent activities reported worldwide and increased
reliance on online transactions will create opportunities for market
growth
- The solution
segment is expected to register a CAGR exceeding 10.0% from 2021 to 2028.
The need to identify behavior or patterns associated with fraudulent
activities among enterprises is a key factor expected to favor the segment
growth. The proliferation of analytic tools to detect threats or anomalies
in organization data is expected to favor fraud analytical solutions
growth
- Consistent
internet access has paved way for digital transactions. However, cyber
frauds becoming rampant at an alarming rate has led to the increased
demand for fraud detection solutions to curb payment fraud incidences
- Larger
enterprises have the spending capacity to secure customer as well as
business data, and this has resulted in the segment capturing the highest
market share in 2020. However, with fraud activities occurring at an
alarming frequency, small- & medium-sized enterprises are also
expected to increase spending on security solutions over the forecast
period
- North America
has always been at the forefront of technology developments and
digitization of processes. Therefore, the region captured the highest
market share in 2020, with increased demand from several tech companies in
the region
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Fraud Detection
And Prevention Market Segmentation
Grand View Research has
segmented the global fraud detection and prevention market on the basis of
component, solutions, services, application, organization, vertical, and
region:
Fraud Detection
& Prevention Component Outlook (Revenue, USD Million, 2016 - 2028)
- Solutions
- Services
Fraud Detection
& Prevention Solutions Outlook (Revenue, USD Million, 2016 - 2028)
- Fraud Analytics
- Authentication
- Governance, Risk, and Compliance
Fraud Detection
& Prevention Services Outlook (Revenue, USD Million, 2016 - 2028)
- Professional Services
- Managed Services
Fraud Detection
& Prevention Application Outlook (Revenue, USD Million, 2016 - 2028)
- Identity Theft
- Money Laundering
- Payment Fraud
- Others
Fraud Detection
& Prevention Organization Outlook (Revenue, USD Million, 2016 - 2028)
- SMEs
- Large Enterprises
Fraud Detection
& Prevention Vertical Outlook (Revenue, USD Million, 2016 - 2028)
- BFSI
- Government & Defense
- Healthcare
- IT & Telecom
- Industrial & Manufacturing
- Retail & E-commerce
- Others
Fraud Detection
& Prevention Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East & Africa
List of Key
Players of Fraud Detection And Prevention (FDP) Market
- Total System Services, Inc.
- Software AG
- SAS Institute, Inc.
- SAP SE
- Oracle
- IBM
- Fiserv, Inc.
- Experian plc
- Equifax, Inc.
- BAE Systems
- ACI Worldwide, Inc.
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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