Fraud Detection and
Prevention Market Overview
The Fraud Detection and Prevention Market is garnering significant
traction across the globe. Fraud detection and prevention systems are used to
analyze the data accumulated from various data sources. The market rise
attributes to the increasing adoption of these software applications to gain analytical
insights to detect and prevent fraud within an organization.
Besides, the growing needs to tackle increasing
revenue losses due to fraudulent attacks drive the growth of the fraud
detection and prevention industry. Moreover, rising usages of electronic
transactions across end-use verticals escalate market growth. According to
Market Research Future (MRFR), the global fraud detection and prevention market
is poised to create a valuation of USD 139,853.2 MN by 2027, growing at 25.2%
CAGR throughout the forecast period (2017-2027).
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Technological advancements and stringent government
regulations fuel the market demand, promoting the uptake of fraud prevention
and detection systems. Rising adoption of fraud detection & prevention
systems by eCommerce companies to integrate 3D protection layers security
technologies and plug-in to their 3dcart dashboard influence the market growth.
Also, increasing cybercrime attacks boost the growth of the market.
Moreover, the growing demand for threat intelligence
technology integrated with security solutions to counter cyber threats across
different networking and threat intelligence platforms substantiate market
growth. Conversely, the high cost of these solutions is a major factor
projected to impede market growth. Similarly, the lack of awareness about the
advantages of fraud detection and prevention systems restrains the market
growth.
Fraud Detection and Prevention Market –
Segments
The report is segmented into six dynamics;
By Solution :
Fraud Detection, Authentication, Data Synthesis, and others.
By Service :
Professional and Managed Services.
By Application: Insurance Claims, Money Laundering,
Electronic Payment, and others.
By Organization Size: SMEs and Large Enterprises.
By Vertical :
BFSI, Retail, Telecommunication, Government, Healthcare, Real Estate, Energy
& Power, Manufacturing, Travel & Transportation, Media &
Entertainment, and others.
By Regions : North America, Europe, APAC and Rest of the
World.
Fraud Detection and Prevention Market –
Geographical Analysis
North America dominates the global fraud detection
and prevention market. The largest market share attributes to the early
adoption of digital technologies, such as AI, IoT, and machine learning for
fraud detection. Besides, the market growth is driven by increasing investments
made by businesses to control rising fraudulent attacks on organizations
causing huge revenue losses.
Moreover, the strong presence of notable industry
players, system integrators, distributors, and resellers in the region and
well-established technology development centers contribute to the growth of the
market. The increasing adoption of cloud-based solutions in organizations and
increasing uptake of advanced detection technologies drive the regional market
growth. The North American fraud detection & prevention market is projected
to retain its dominance throughout the forecast period.
Europe stands second in the global fraud detection
and prevention market. The region witnesses huge market demand due to the
presence of several well-established technology development sectors and
regulatory support. Additionally, the substantial market increase is attributed
to the resurging economy in the region and increased funding to mitigate
security management concerns.
Furthermore, the largest banking and financial
services sectors that are more prone to cyberattacks boost the fraud detection
and prevention industry. Most IT companies in the region have shifted their
existing businesses to the cloud, which increases the chances of data
vulnerability and data breaches. The European fraud detection and prevention
market is projected to grow at 23.4% CAGR during the assessment period.
The Asia Pacific fraud detection & prevention
market is growing briskly. Factors such as the rising fraudulent activities
across retail, e-commerce, and banking sectors and the availability of
cost-competitive, yet futuristic detection technologies influence the regional
market growth.
Moreover, substantial advances in related
technologies and the dynamic growth in industries such as telecom, data
centers, and the internet of things (IoT) provide impetus to the growth of the
regional market. The APAC fraud detection and prevention market is expected to
witness rapid growth, registering 28.1% CAGR in the years to come.
Fraud Detection & Prevention Market –
Competitive Analysis
Highly competitive, the fraud detection and
prevention market appears fragmented due to the presence of several
well-established players. To gain a larger competitive share, industry players
adopt approaches such as mergers & acquisitions, brand reinforcement, and
innovation.
Players invest substantially to drive research and
development activities for innovative technologies and upgrade their portfolios
with cost-effective solutions.
Major players:
Players leading the fraud detection and prevention
market include IBM Corporation (US), iovation Inc. (US), Oracle Corporation
(US), Cardinal Commerce Corporation (US), PayPal Holdings, Inc. (US), Distil
Networks, Inc. (US), Experian PLC (Ireland), LexisNexis Risk Solutions Company
(US), Accertify Inc. (US), and F5 Networks Inc. (US), among others.
Industry/Innovation/Related News:
September 24, 2020 ---- LendInvest (the UK), a
non-bank mortgage lender and property lending & investing platform,
announced its partnership with SIRA, the national fraud prevention, and
detection database, to speed up retrieval of fraud insights for mortgage
applications. The integration enables the teams to automate internal case
manager workflow and submit real-time search applications, leading to time
savings of over a day per application.
The traditional process for retrieving fraud
insights requires manual input from a case manager to populate search forms
within the SIRA portal by individually inputting data from LendInvest's
buy-to-let broker platform. This new integration allows the team to migrate to
a new Enterprise SIRA solution and integrate the SIRA API with LendInvest's
buy-to-let application service.
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