Fraud Detection and Prevention Market Size 2021
With rising incidences of fraud across a variety of industries, enterprises and government bodies are losing large amounts of capital every year. Among different industries, the highly regulated sectors like financial, healthcare, insurance, retail, and social security are the frequent targets. For these industries, combating fraud is essential as there is a multitude of compliance, regulations, risk management measures, and monetary consequences. Furthermore, increased use of digital data mode, high usage of internet enabled devices, and cloud services has rapidly increased the vulnerability of enterprises towards fraud, further fueling the Fraud Detection and Prevention Market Size.
With growing digitization, Fraud Detection and Prevention Market Size has witnessed the replacement of traditional methods of fraud detection by advanced techniques. The introduction of key technologies namely big data analytics, cloud computing services, AI and machine learning are driving the growth of Fraud Detection and Prevention Market Size. For instance, LexisNexis offers fraud detection solutions leveraging advanced analytics and robust data to combat insurance fraud. This solution helps insurance carriers identify and investigate potentially fraudulent claims and questionable provider behavior more efficiently. On the other hand, deepsense.ai builds machine learning algorithms that are more efficient than rules-based systems for fraud detection. These algorithms decrease the number of false alarms and aid companies to maintain a good relationship with their customers.
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Major Key Players:
Key players operating in the Fraud Detection and Prevention Market Size are IBM Corporation, SAP SE, Dell Inc., FRISS, BAE Systems and NICE amongst others. However, the new market entrants offering highly advanced solutions are also expected to propel the market in the near future.
Key Findings of the Report:
In terms of revenue, the North American region accounted for the highest market share in 2018 and is anticipated to witness a sustainable CAGR over the forecast period.
Among the solutions, Fraud analytics segments accounted for a significant market share in 2018, growing at a CAGR of 26.0% over the forecast years (2019 – 2027).
Cloud based deployment is expected to grow at an increasing rate as compared to on-premise, owing to the ease of installation & updation, high scalability, total low cost of ownership and other benefits offered by cloud-based deployment.
Market Segmentation
Fraud Detection and Prevention Market Size:
By Deployment
On Cloud
On Premise
By Organization Size
SMEs
Large Enterprise
By Component
Solutions
Fraud Analytics
Authentication
Single-Factor Authenticatio
Multifactor Authentication
Others
Services
Professional Service
Managed Service
By Application
Identity Theft
Payment Frauds
Electronic Payment Fraud
Mobile Payment Fraud
Credit and Debit Card Fraud
Money Laundering
Others (Banking Transactions, Fund Transfers etc.)
By Industry Vertical:
Banking, Financial Services and Insurance (BFSI)
Energy and Power
Government/Public Sector
Healthcare
Manufacturing
Real Estate
Retail
Telecommunication
Others (Travel and Transportation, Media and Entertainment, etc.)
By Region:
North America
U.S.
Canada
Mexico
Rest of North America
Europe
France
The UK
Spain
Germany
Italy
Nordic Countries
Denmark
Finland
Iceland
Sweden
Norway
Benelux Union
Belgium
The Netherlands
Luxembourg
Rest of Europe
Asia Pacific
China
Japan
India
New Zealand
Australia
South Korea
Southeast Asia
Indonesia
Thailand
Malaysia
Singapore
Rest of Southeast Asia
Rest of Asia Pacific
Middle East and Africa
Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
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Shreyas Tanna
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Absolute Markets Insights
