Fraud Detection and Prevention Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Report ID: GMI1775
Fraud Detection and Prevention Market size is expected to grow rapidly as there is a need to restrict the rising fraud globally. Companies are more prone to fraudulent incidents, which result in huge financial losses. As the size of the enterprise increases, the amount of data also increases and its analysis becomes a complex task, which increases the risk of fraudulent activities. Hence, the demand for fraud detection and prevention market is growing at a fast rate as it assists in preventing this critical data from attacks.
Traditional methods of fraud detection have been replaced by advanced techniques, which involve statistical modeling, data mining, and machine learning techniques, accentuating the fraud detection and prevention market growth.
Various occupational frauds experienced by the enterprises include physical asset theft, information theft, internal financial theft, and supplier or procurement frauds. The BFSI sector is the main area of focus of the fraudsters as they are engaged in huge monetary transactions and card payments. This makes the adoption of fraud detection and prevention market more important, preventing frauds by spotting them at an initial stage.
Fraud detection and prevention systems avert unauthorized access by verifying user identity and data integrity and thus preventing fraud accidents. Furthermore, with a rise in solutions, such as increased use of digital data mode, high usage of internet enabled devices, and cloud services, the vulnerability of enterprises toward fraud has increased rapidly, further fueling the fraud detection and prevention market demand.
Rising revenue losses faced by enterprises, industry-specific requirements, and rise in the cost of fraud are major factors driving the industry growth. Technological advancements and stringent laws are also booming the fraud detection and prevention market demand. The emergence of e-banking and e-commerce, high usage of IP-based services, and Internet-based transactions are a few reasons augmenting the fraud detection and preventing market growth.
The fraud detection and prevention market provides a variety of services, such as examining customer transactions, creation of a controlled atmosphere, fraud risk assessment, sharing of information, strategic consulting, communication, and detection of fraud, augmenting the industry growth.
Huge costs involved in the deployment are major factors hindering the fraud detection and preventing market growth. Unavailability of pre-deployment measures further has a negative impact on the fraud detection and prevention market.
The limited capability of legacy systems has led enterprises to adopt fraud detection and prevention systems, which is a major opportunity witnessed by the industry. Technological advancements and new and developed fraud detection and prevention solutions are further augmenting the industry growth. Furthermore, due to globalization and the use of various applications, such as customer analytics and predictive analytics, there is an increase in the demand for the fraud detection and prevention market.
The fraud detection and prevention market can be segmented on the basis of solutions, services, application, and industry verticals. Solutions can further be sub-segmented into fraud analytics and authentication. The fraud analytics include customer, predictive, social media, big data, and behavioral analytics. Authentication includes single-factor authentication and multi-factor authentication.
The authentication solutions have the highest share in the industry due to the shift from single-factor authentication to multi-factor authentication, which makes users account much harder for attackers to break. They allow organizations to use advanced security options, such as a single sign-on, which is easier for end users but difficult for hackers to operate. This sign-on allows users to operate required apps and data without having to enter passwords all the time.
Based on services, the fraud detection and prevention market can be segmented into professional services and managed services. The professional services can further be sub-segmented into consulting services, training and maintenance service and support services. The professional services are dominating the industry share owing to the improvement of operations, the rise in business productivity, and safe financial management.
Based on industry vertical, the fraud detection and prevention market can be segmented on the basis of retail, telecommunication, BFSI, government and public sector, healthcare, energy, and travel and transport. The BFSI sector has the highest market share owing to the increasing fraud and money laundering cases in this industry. Increase in online transactions, insurance-related frauds, and card-related frauds are driving the industry growth.
The healthcare department is also growing rapidly owing to the increasing demand for advanced medical service, growing health concern, adoption of online health records, and remote patient monitoring.
North America is dominating the fraud detection and prevention market due to the presence of a large number of vendors operating in this region and the increasing adoption of e-tailing and other online-based services.
Asia Pacific is anticipated to grow at a fast rate over the forecast time span owing to factors such as fast-growing economies and rise in the awareness of small and medium scale enterprises. Countries, such as India and China, are deploying these fraud detection and prevention systems, which are mainly due to the growth in fraudulent incidents in this region owing to the rise in online payments and transactions.
The main players operating in the fraud detection and prevention market include IBM Corporation, FICO, SAS Institute, Computer Sciences Corporation, SAP SE, BAE Systems, Fiserv, Inc., Oracle Corporation, ACI Worldwide, and BAE Systems. The fraud detection and prevention market provides competitive benchmarking of leading players providing product offerings and key strategies such as mergers & acquisitions and partnerships.
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