Report Ocean recently released a research report on the Fraud Detection and Prevention Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global fraud detection and prevention market size was US$ 27.8 billion in 2020. The global fraud detection market is forecast to reach the value of US$ 138.3 billion by 2030 by growing at a compound annual growth rate (CAGR) of 17.8% during the forecast period from 2021-2030.
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Factors Influencing
- Increasing cases of fraudulent activities have been forcing organizations to adopt fraud detection and prevention methods. As a result, it would fuel the market growth in the coming years.
- The advent of big data analytics, cloud computing, and growing advancements in the industry are forecast to fuel the market for fraud detection and prevention. Cloud infrastructure enables remote server access to the organizations to manage the data and applications. It also increases the probability of cyber-attacks. Thus, organizations prefer fraud detection and prevention solutions to save their data.
- The high cost associated with the solutions and the services may slow down the market growth during the analysis period.
- The demand for fraud analytics solutions is predicted to grow significantly, as it helps monitor the data and recognize the fraud. Moreover, increasing advancements in the industry would benefit the market players during the analysis period.
Geographic Analysis
North America is forecast to hold the highest share in the global fraud detection and prevention market. The growth of the region would be due to the rapidly increasing fraudulent activities, increasing adoption of AI-based solutions. Moreover, the increasing demand for machine learning and the Internet of Things (IoT) for fraud detection is forecast to benefit the North American market during the forecast timeframe.
The Asia-Pacific region is projected to record rapid growth in the global fraud detection and prevention market. It is due to the increasing adoption of fraud detection and prevention software and the growing use of cloud-based services in government and private sectors. Moreover, the rising cases of fraudulent activities would benefit the global fraud detection and prevention market in the Asia-Pacific region.
COVID-19 Impact Analysis
The global fraud detection and prevention market witnessed a sudden upsurge in the demand for efficient solutions. Due to the COVID-19 epidemic, various government and private organizations began operating on the virtual model. It increased the dependency on cloud-based systems. Thus, the fraudulent activities abruptly increased. To prevent the data from fraud, organizations began adopting fraud detection and prevention solutions to keep their data safe and encrypted.
Moreover, the sudden increase in the number of users created an opportunity for fraudsters to obtain insurance claims from hospitals and governments. Thus, the healthcare sector, banking sector, and government organizations adopted fraud detection and prevention software to track the source of fraud activities and prevent the data from cyber attacks.
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Competitors in the Market
- FICO
- Fiserv
- FIS Global
- Oracle Corporation
- IBM Corporation
- SAP SE
- Lavastorm
- ACI Worldwide
- SAS Institute Inc
- NCR Limited
- Other prominent players
Market Segmentation
By Deployment Type
- Cloud
- On-Premises
By End-User
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Industry Vertical
- BFSI (Banking, Financial Service & Insurance)
- Retail
- Healthcare
- Real Estate
- Manufacturing
- Others
By Services
- Professional Services
- Managed Services
By Solution
- Fraud Analytics
- Authentication
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content
Chapter 1: Global Fraud Detection and Prevention Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Fraud Detection and Prevention market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Fraud Detection and Prevention Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Fraud Detection and Prevention market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Fraud Detection and Prevention market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Fraud Detection and Prevention market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Fraud Detection and Prevention market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Fraud Detection and Prevention business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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