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The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 34.15 billion
• Forecast CAGR (2023-2028): 23.30%
• Forecast Market Size (2028): USD 120.01 billion
The increasing prevalence of fraudulent activities including money laundering, tax evasion, identity theft, internet frauds, merchant frauds, and cheating in insurance claims, among others, are propelling the demand for fraud detection and prevention services. In addition to this, the increasing awareness pertaining to frauds in enterprises, is further fuelling the global fraud detection and prevention market.
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Fraud detection and prevention services are witnessing a heightened demand in the BFSI sector, owing to the emergence of online transactions and e-banking services. The growing use of mobile banking applications is increasing the risk of high-end credit card and mobile fraud, loan fraud, SMS spoofing, and money mules, among others. Over the forecast period, the rapid digitalisation across the emerging economic nations is likely to fuel the chances of financial frauds, which are surging the demand for cloud-based fraud detection and prevention software.
Fraud Detection and Prevention Industry Definition and Major Segments
Fraud detection and prevention refers to a technique of preventing cheating or fraudulent transactions, through different tools and software. Fraud detection and prevention encompass a wide range of solutions including analytics, authentication, visualisation, and reporting. The increasing use of fraud detection and prevention services across industries such as healthcare and BFSI is driving the global fraud detection and prevention market.
Based on solution, the market is segmented into:
• Fraud Analytics
• Authentication
• Reporting
• Visualisation
• Governance, Risk, and Compliance (GRC) Solutions
On the basis of scale of end user, the market is classified into:
• Small Scale
• Medium Scale
• Large Scale
By type of fraud, the market is bifurcated into:
• Internal
• External
Based on major end use industry, the market is divided into:
• BFSI
• Retail
• IT and Telecom
• Healthcare
• Energy and Power
• Manufacturing
• Others
On the basis of region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Fraud Detection and Prevention Market Trends
The key trends in the global fraud detection and prevention market include technological advancements in the healthcare sector leading to an escalation of frauds such as double billing, identity theft of healthcare staff or patients, and phantom billing. The surging usage of the internet and increasing adoption of smart gadgets, such as smartphones and laptops, is likely to be a major market propelling trend which is escalating the risk of fraudulent practices. As more business activities use internet for critical operations, there is a greater risk of fraud, increasing the need for adequate fraud detection and prevention.
Incorporation of new technologies such as artificial intelligence (AI) and machine learning (ML) are key trends in the fraud detection and prevention market. AI and ML are increasingly used to setup smart systems for fraud detection and prevention that are tailored to the specific company, its industry, and the risks the company faces. Through AI and ML, the fraud detection and prevention solutions improve over time, increasing the effectiveness of the solutions.
In geographical terms, North America is anticipated to witness a strong hold in the fraud detection and prevention market which is being driven by the presence of major technology providers in this region. The widespread usage of internet services and affordability of fraud detection and prevention services are further providing impetus to the regional market.
Key Market Players
The major players in the fraud detection and prevention market report are SAP SE, IBM Corporation, SAS Institute Inc., Oracle Corporation, and ACI Worldwide Inc., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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