The Fraud Detection and Prevention Market Size, estimated at USD 36.89 billion in 2022, is expected to increase by USD 182.66 billion by 2030, showing a CAGR of 22.6% over the forecast period, from USD 43.97 billion in 2023.
The market is expected to grow as a result of key companies' growing investments in introducing fraud solutions across a variety of industries, including BFSI, healthcare, manufacturing, and others. End-user companies and governments from a variety of nations, including the U.S., India, Brazil, China, Germany, the U.K., and Brazil, invest in implementing improved fraud prevention solutions. Additionally, the shift in end users' preferences toward e-commerce platforms spurs market expansion. In order to broaden their product offerings, the businesses in this market concentrate on a number of business strategies.
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Information about the report:
- Forecast Timeframe:2023-2030
- The starting year is 2022
- Market Size in 2022: USD 36.89 billion
- The market size in 2030 will be USD 182.66 billion
- CAGR: 182.66 billion
- Segments Included: according to deployment type, application, enterprise type, sector, and geographic region
The Fraud Detection and Prevention Market is a large and growing sector that covers various aspects, such as market size, market share, market segment, and industry. The Fraud Detection and Prevention Market size is the total amount of money service providers make when selling their products to customers. Fraud Detection and Prevention Market share is the percentage of the market that is under the control of one or more providers. The term fraud Detection and Prevention Market segment refers to the different categories of applications based on their functions, features, or target users. The term industry refers to the various sectors or domains that use applications for their business operations or activities.
Analyses of the worldwide Fraud Detection and Prevention Market are conducted across regions, end-user industries, and material types. The study thoroughly examines segments and their sub-segments with the aid of tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.
By Solution Type Analysis,
The solutions are broken down into authentication, governance, risk and compliance, and fraud analytics.
Among the solutions, the authentication niche is anticipated to dominate the market during that time. It is extremely difficult for an intruder to attack sensitive data when there are additional security barriers and layers in place. For instance, Microsoft Corporation stated in August 2019 that multi-factor authentication could block approximately 99.9% of attacks. The segment for fraud analytics also includes social media analytics, predictive analytics, customer analytics, big data analytics, and behavioral analytics.
By Deployment Analysis,
The market is divided into on-premises and cloud deployments.
The advancements in artificial intelligence and data analytics are expected to give the cloud sector a boost in the upcoming years. Potential clients for cloud-based fraud detection and prevention software are most likely small and mid-sized businesses. Limited IT infrastructure and security spending are driving SMEs' demand for cloud-based solutions.
By Application Analysis,
The market is divided into electronic payments, insurance claims, and money laundering based on application.
During the forecast period, the electronic payment segment is anticipated to account for the largest market share. The segment's expansion is attributed to the rising popularity of mobile wallet transactions, online payments, mobile banking, and other services.
By Enterprise Analysis,
During the projection period, it is anticipated that the Small Medium Enterprises (SMEs) segment will expand at a remarkable CAGR. The growth is primarily attributable to the rising demand for security solutions, which are specifically suited to the growing number of start-ups in countries like Germany, Brazil, Canada, and Israel, among others. Due to the rise in fraudulent activities brought on by the speeding up of digital transformation across industries, the large enterprise segment is predicted to experience significant growth in the upcoming years.
List of Key Companies Profiled:
Among the top players in the market for fraud detection and prevention are Experian Information Solutions Inc., BAE System, IBM Corporation, Uplexis, Fair Isaac Corporation, and ACI Worldwide. These industry leaders are concentrating on expanding their geographic reach and building their brands in emerging markets. Additionally, in order to strengthen their position in the market, these big businesses mostly concentrate on partnering with and acquiring domestic competitors.
List of Key Companies Proposed:
“IBM Corporation (U.S.), Uplexis (Brazil), Experian Information Solutions, Inc. (Brazil), Gemalto - Thales Group (France), ACI Worldwide, Inc. (U.S.), BAE Systems (U.K.), Fair Isaac Corporation (U.S.), Fidelity National Information Services, Inc. (U.S.), LexisNexis (U.S.), NICE Actimize Ltd. (Israel)”
Geographically speaking, the world market is split into five main regions: North America, Asia Pacific, Europe, South America, and the Middle East Africa.
The introduction of cutting-edge technology-enabled mobile payment services based on fraud prevention strategies is the primary focus of major players in the mobile payment sector in North America, including Apple Inc., Samsung Group, and others.
The study report provides a thorough analysis of the “Fraud Detection and Prevention Market” size globally, including regional and country-level market size analysis, CAGR estimation of market growth during the forecast period, revenue, key drivers, competitive background, and sales analysis of the payers. The paper also discusses the principal risks and challenges that will be encountered over the projected period. The Fraud Detection and Prevention Market is divided into two categories: type and application. Players, stakeholders, and other participants in the global Fraud Detection and Prevention Market industry will be able to gain the upper hand by using the study as a valuable resource.
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