The global fraud detection and prevention market witnesses a rapid revenue rise. The increasing adoption of these platforms by organizations to detect and prevent fraudulent cases substantiates the market growth. Technological upgrades and newer government regulations fuel the market demand. Moreover, growing needs to tackle increasing revenue losses due to fraudulent attacks drive the market demand.
With rising usages of electronic transactions across end-use verticals, the market is projected to garner significant traction in the predicted period. In this regard, Market Research Future (MRFR) asserts that the fraud detection and prevention market is estimated to create exponential value by 2027, growing at a phenomenal CAGR during the forecast period (2020-2027).
Additionally, the rising adoption of fraud detection & prevention systems by eCommerce companies to integrate 3D protection layers security technologies influences market share. Growing demand for threat intelligence technology and security solutions to counter cyber threats across different networking and threat intelligence platforms substantiate market growth. Moreover, increasing cybercrime attacks boost the growth of the market.
Fraud Detection and Prevention Market – Segments
Fraud Detection and Prevention Industry has been segmented into solution, service, application, organization size, and vertical.
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By solution, the global market has been segmented into fraud detection, authentication, and data synthesis.
By services, the global market has been divided into professional service and managed service.
By application, the global market has been segregated into insurance claims, money laundering, electronic payment, and others.
By organization size, the global market has been divided into small & medium enterprises and large enterprises.
By verticals, the global market has been divided into BFSI, retail, telecommunication, government, travel & transportation, healthcare, real estate, energy & power, manufacturing, media & entertainment, and others.
Global Fraud Detection and Prevention Market – Regional Analysis
North America is the largest market for fraud detection and prevention technologies globally. Vast technological upgrades and the early adoption of digital technologies, such as AI, IoT, and machine learning for fraud detection, drive the market growth. Besides, increasing investments by organizations to control rising fraudulent attacks causing huge revenue losses substantiate the market size.
Strong presence of prominent industry players, system integrators, distributors, resellers, and well-established technology development centers in the region contributes to the market’s growth. Moreover, the increasing adoption of cloud-based solutions and advanced detection technologies in SMEs and large enterprises creates market growth.
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Europe stands second in terms of the fraud detection and prevention market share globally. The region witnesses huge market demand and the presence of several well-established technology development sectors and regulatory support. Also, most IT companies in Europe have shifted their existing businesses to the cloud, increasing the chances of data vulnerability and data breaches.
Furthermore, sectors more prone to cyberattacks, such as banking and financial services sectors, boost the growth of the market. Resurging economy and increased funding to mitigate security management concerns in the region
The fraud detection & prevention market in the Asia Pacific region is growing briskly. Market growth attributes to the rising fraudulent activities across retail, e-commerce, and banking sectors and the availability of cost-competitive, futuristic detection technologies. Additionally, substantial advances in related technologies and the dynamic growth in industries such as telecom, data centers, and the internet of things (IoT) influence the regional market growth.
Fraud Detection & Prevention Market – Competitive Landscape
The market appears to be competitive with the presence of several large and small players operating in the market. Players operating in the market focus on optimized situational awareness for customers and ensure their mission success. To gain a larger competitive edge, these players invest heavily in R&D, global expansion, advanced technologies, and product launch.
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Fraud Detection & Prevention Market Key Players:
- iovation Inc. (US)
- IBM Corporation (US)
- CardinalCommerce Corporation (US)
- Oracle Corporation (US)
- Experian PLC (Ireland)
- PayPal Holdings Inc. (US)
- Distil Networks Inc. (US)
- LexisNexis Risk Solutions Company (US)
- Accertify Inc. (US)
- F5 Networks Inc. (US)
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