Financial Fraud Detection Software Market Share, Size, Growth, Opportunity and Forecast 2021-2026

Press Release:

Global Financial Fraud Detection Software Market to Grow at 23% During 2021-2026, Impelled by Widespread Popularity of Online Banking Solutions

*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Financial Fraud Detection Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The global financial fraud detection software market exhibited strong growth during 2015-2020. Financial fraud detection software (FFDS) refers to a technological solution used for monitoring and assigning risk scores to monetary transactions. It enables the users to detect fraudulent activities linked to financial and electronic payments conducted online. It involves the use of fraud and consumer analytics, multi-factor authentication, reporting and visualization solutions. The software aids in minimizing losses by reducing threat detection time, managing large data sets and using correlation to identify fraud patterns, unusual behaviors or unauthorized access to the network.

The increasing instances of cyberattacks, frauds and financial scams over the internet are among the key factors driving the growth of the market. FFDS is mainly used by organizations with online retailing and banking platforms to secure their operations and protect the sensitive data of consumers. For instance, the banking, financial services and insurance (BFSI) industry uses FFDS to secure mobile and internet banking platforms and prevent online transactions, insurance claims and card-related scams. Additionally, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT), big data, data analytics, predictive modeling, deep learning, cloud computing, machine learning and artificial intelligence (AI) solutions, are acting as other growth-inducing factors. These innovative technologies aid in bot detection and enforcement, access control, caching, threat intelligence, application program interface (API) and malware detection. Other factors, including improvements in the information technology (IT) infrastructure and extensive research and development (R&D) activities, are projected to drive the market further. Looking forward, IMARC Group expects the global financial fraud detection software market to grow at a CAGR of around 15% during the forecast period (2021-2026).

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global financial fraud detection software market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, type and end user.

Breakup by Type:

Identity Theft
Wire Transfer Frauds
Claim Frauds
Money Laundering
Subscription Frauds
Credit and Debit Card Frauds

Breakup by End User:

BFSI
Healthcare
IT and Telecommunication
Manufacturing
Educational Institutions
Government
Others

Breakup by Region:

North America
- United States
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being ACI Worldwide Inc., BioCatch , CipherCloud Inc. (Lookout Inc.), Experian Information Solutions Inc (Experian plc), Kount Inc, Oracle Corporation, Riskified Ltd., SAS Institute Inc, Signifyd Inc., Thales Group and ValidSoft.

Key Questions Answered in This Report:

How has the global financial fraud detection software market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global financial fraud detection software market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global financial fraud detection software market and who are the key players?
What is the degree of competition in the industry?