U.S (New York) – New research study titled “Fraud Detection and Prevention Market” for the year 2023, encompassing various aspects such as industry size, market share, growth analysis, segmentation, leading manufacturers and innovations, key trends, market drivers, restraints, regulatory framework, distribution methods, opportunities, strategies, potential roadmap, and annual forecasts until 2031. The primary objective of this market research study is to thoroughly examine the industry, enabling businesses to gain comprehensive insights into the sector and its economic potential. By leveraging accurate statistical research data provided by Report Ocean 2023 to 2031, your business can experience accelerated growth. This report also delves into PESTLE & SWOT analysis, Porter’s Five Forces Analysis, and provides crucial information including expenditure, costs, revenue, and end-users. With over 150+ pages, the document offers a comprehensive table of contents, 180+ figures, tables, charts, and insightful analysis.
The global fraud detection and prevention market size was valued at $11,770 million in 2015, and is expected to reach $34,424 million by 2022, growing at a CAGR of 16.7% during the forecast period. Fraud detection and prevention solutions are solutions offered by the IT vendors to small and medium enterprises and large enterprises to defend against unwilling or uncertain incidents and help to detect or prevent future occurrences.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The current business scenario has witnessed an upsurge in the adoption of fraud detection and prevention solutions in developed as well as the developing regions. The companies adopt efficient techniques in an effort to provide customers with innovative and modernized security offerings. Introduction of big data analytics, cloud computing services and increase in mobile payment are bolstering the growth of the fraud detection and prevention market. Although continuous technological advancements prevailing in the global market are promoting market expansion, while factors such as high cost of fraud detection and prevention solution are likely to restrict the fraud detection and prevention market growth.
The global fraud detection and prevention industry is segmented based on solution type, services, deployment type, end-user and industry vertical. On the basis of solution type, the market is bifurcated into fraud analytics and authentication. Authentication segment accounted for the largest market share, accounted for around 58.2% in 2015, owing to increased demand for effective fraud detection solutions and real time operations because of the growing volume of online payment transactions. Services covered in the study include managed and professional. The services segment is classified based on professional services and managed services. Managed services are expected to exhibit the highest growth rate during the forecast period, as they integrate along with the company’s intellectual property to provide end-to-end solutions tailored to meet the organization’s exact requirements. Based on deployment model, fraud detection and prevention market is segmented into cloud and on-premises.
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By end user, the market is divided into small & medium enterprises (SME) and large enterprises (LE). Various industries included in the fraud detect and prevention market are BFSI, retail, healthcare, real estate, manufacturing and others. BFSI industry has generated the highest revenue in 2015, accounted for around $3,057 million and is expected to maintain its lead throughout the forecast period. This growth is primarily attributed to increasing number and frequency of sophisticated attacks in the banking sector which has led to the development of analytical solutions to predict and prevent fraud before it occurs. Geographically, the fraud detection and prevention market size is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific exhibits the highest adoption of fraud detection solutions. On the other hand, LAMEA is expected to grow at a significant growth rate, predicting a lucrative market growth for fraud detection and prevention solutions, especially in countries such as Brazil, South Africa, and Argentina.
KEY BENEFITS
This report provides an in-depth analysis of the global fraud detection and prevention market with current trends and future estimations to elucidate the potential investment pockets.
The report provides a quantitative analysis of fraud detection and prevention market from 2014 to 2022 to enable the stake holders to capitalize on prevailing market opportunities.
The current fraud detection and prevention market trends and future forecasts aid to determine the overall market potential and single out profitable trends.
Recent developments, key players, and market shares are listed in the report to study the competitive scenario of the fraud detection and prevention market.
Porter’s Five Forces model illustrates the potency of the buyers and suppliers in the fraud detection and prevention market.
Key Players
IBM Corporation
Oracle Corporation
SAS Institute Inc.
Fair Isaac Corporation
SAP SE
BAE Systems.
ACI Worldwide
NCR Limited
Lavastorm
ThreatMetrix
Other companies mentioned in the report
Fiserv, Inc.
cVidya Networks Inc.
Easy Solutions Inc.
Computer Sciences Corporation
Mastercard
EMC Corporation
ValidSoft UK Ltd
Bosch Software Innovations Gmbh
FIS Company
Fraud Detection and Prevention Market Key Segmentation:
By Solution Type
Fraud analytics
Predictive analytics
Customer analytics
Social media analytics
Bigdata analytics
Behavioral analytics
Authentication
Single factor authentication
Multi-factor authentication
By Services
Professional
Managed
By Deployment Type
Cloud
On-Premises
By End-User
Small & Medium Enterprises (SME)
Large Enterprises
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By Industry Vertical
BFSI
Retail
Healthcare
Real Estate
Manufacturing
Others
Managed
By Region
North America
U.S.
Mexico
Canada
Europe
Germany
UK
France
Russia
Rest of Europe
Asia-Pacific
China
India
Japan
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Market Dynamics:
Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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