Global Financial Fraud Detection Software Market to Grow at 13.23% During 2024-2032, Impelled by Widespread Popularity of Online Banking Solutions

May 06, 2021 | Technology & Media

According to the latest report by IMARC Group, titled "Financial Fraud Detection Software Market Report by Type (Identity Theft, Wire Transfer Frauds, Claim Frauds, Money Laundering, Subscription Frauds, Credit and Debit Card Frauds), End User (BFSI, Healthcare, IT and Telecommunication, Manufacturing, Educational Institutions, Government, and Others), and Region 2024-2032," the global financial fraud detection software market is expected to grow at a CAGR of 13.23% during 2024-2032. Financial fraud detection software (FFDS) are automated solutions that are widely used for identifying and preventing fraudulent activities related to monetary payments. It utilizes statistical data analysis techniques and artificial intelligence (AI) to assist in monitoring and assigning risk scores as well as detecting fraud associated with online transactions. These solutions are also being integrated with state-of-the-art technology, such as consumer analytics, multi-factor authentication, and reporting and visualization solutions. They are increasingly deployed for preventing unauthorized access to the network, minimizing the overall threat detection time, improving identification of fraud patterns and managing large data sets in an efficient manner.

Global Financial Fraud Detection Software Market Trends:

The global market is primarily driven by the increasing incidences of cyberattacks and cyber frauds. With the rising preference toward the use of online banking services across the globe, FFDS is widely deployed by various organizations across the banking, financial services, and insurance (BFSI) sector to assist them in combating a vast array of fraudulent activities and protecting sensitive data of customers. These solutions detect and prevent incidences of money laundering, forging bank checks and card-related scams effectively, thereby gaining widespread prominence across the globe. The market is further driven by significant growth in the e-commerce industry, which has provided a boost to the need for online money transactions on the global level. Moreover, these software solutions are also being integrated with big data, data analytics, predictive modeling and deep learning technology to further assist in access control, caching, bot detection and enforcement, malware detection threat intelligence, and application program interface (API). Some of the other factors contributing to the market growth include rapid digitization across the banking sector and the continual technological advancements in information technology (IT) infrastructure.

Market Summary:

  • On the basis of the type, the market has been divided into identity theft, wire transfer frauds, claim frauds, money laundering, subscription frauds, and credit and debit card frauds.
  • Based on the end user, the market has been classified into BFSI, healthcare, IT and telecommunication, manufacturing, educational institutions, government, and others.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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Global Financial Fraud Detection Software Market to Grow at 13.23% During 2024-2032, Impelled by Widespread Popularity of Online Banking Solutions
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