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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