The global fraud detection and prevention market exhibited strong growth during 2015-2020.
Fraud detection and prevention refers to an automated solution used for identifying and preventing fraudulent activities. It relies on statistical data analysis techniques and artificial intelligence (AI) to reduce the economic and reputational repercussions of scams. It is nowadays being integrated with state-of-the-art technology to minimize detection time and process transactions faster. As a result, organizations worldwide are adopting fraud detection and prevention solutions to process massive amounts of data and increase operational efficiency.
With the global expansion of business activities, a significant increase in the use of digital data and the rising risk of cybersecurity threats, organizations are facing numerous challenges to monitoring fraudulent activities in real-time manually. This represents one of the key factors positively influencing the utilization of fraud detection and prevention solutions across the globe. These solutions enable organizations to predict conventional fraud tactics, cross-reference data through automation, continually monitor transactions and decipher sophisticated schemes. Apart from this, the rising use of online banking services is promoting the adoption of fraud detection and prevention solutions in the banking, financial services, and insurance (BFSI) sector. These solutions help banks combat fraudulent activities, including money laundering, forging bank checks, and financing terrorist activities. Moreover, governing agencies worldwide are combining siloed data to catch tax fraud, predict intrusions, identify abnormal behavior, gather intelligence for law enforcement, and enhance border security. Furthermore, the growing popularity of e-commerce websites is increasing the risk of identity scams, which is anticipated to drive the market. Looking forward, the analyst expects the global fraud detection and prevention market to grow at a CAGR of around 18% during the forecast period (2021-2026).
Key Market Segmentation: the analyst provides an analysis of the key trends in each sub-segment of the global fraud detection and prevention market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, component, application, organization size and vertical.
Breakup by Component: Solutions Services
Breakup by Application: Identity Theft Money Laundering Payment Fraud Others
Breakup by Organization Size: Small and Medium Enterprises Large Enterprises
Breakup by Vertical: BFSI Government and Defense Healthcare IT and Telecom Manufacturing Retail and E-Commerce Others
Breakup by Region: North America United States Canada Asia-Pacific China Japan India South Korea Australia Indonesia Others Europe Germany France United Kingdom Italy Spain Russia Others Latin America Brazil Mexico Others Middle East and Africa
Competitive Landscape: The competitive landscape of the industry has also been examined along with the profiles of the key players being ACI Worldwide Inc., BAE Systems, Cybersource Corporation (Visa Inc.), DXC Technology Company, Experian plc, Fiserv Inc., Global Payments Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Software AG and Total System Services Inc.
Key Questions Answered in This Report: How has the global fraud detection and prevention market performed so far and how will it perform in the coming years? What has been the impact of COVID-19 on the global fraud detection and prevention market? What are the key regional markets? What is the breakup of the market based on the component? What is the breakup of the market based on the application? What is the breakup of the market based on the organization size? What is the breakup of the market based on the vertical? What are the various stages in the value chain of the industry? What are the key driving factors and challenges in the industry? What is the structure of the global fraud detection and prevention market and who are the key players? What is the degree of competition in the industry?
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