According to the latest report by IMARC Group, titled "Fraud Detection and Prevention Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global fraud detection and prevention market exhibited strong growth during 2015-2020. Fraud detection and prevention includes various automated solutions that enable organizations to detect as well as assist in taking required measures to prevent fraudulent activities. These strategies heavily rely on statistical data analysis techniques and artificial intelligence (AI) to minimize fraud detection time and process transactions in a fast manner. These solutions are also widely integrated with various state-of-the-art technologies to procure illegally stolen resources and effectively reduce the repercussions of scams. They are, therefore, widely deployed in numerous organizations to improve operational efficiency while ensuring proper security of their financial and network solutions.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Fraud Detection and Prevention Market Trends:
The global market is primarily driven by the rising concerns regarding digital frauds. With the growing adoption of digitization across numerous industry verticals, there has been a rise in the incidences of cybercrimes and cyber frauds across the globe. This has impelled numerous companies to integrate their systems with fraud detection and prevention solutions, which is providing an impetus to the market growth. Moreover, there has been a growing preference for online banking solutions among the masses. Along with this, digital payment apps and cross-border transactions are also gaining widespread prominence on the global level, which has contributed to the rising number of fraudulent cases that involve data breaches, payment frauds and identity thefts. This has encouraged organizations to deploy these solutions to assist them in predicting conventional fraud tactics and constantly deciphering sophisticated schemes. Furthermore, the increasing popularity of e-commerce portals has also facilitated the growing demand for customer-centric fraud prevention techniques that are crucial tobusiness security strategy. Their use aids in bridging the gap between enhanced payment experience and security, thereby creating a positive outlook for the market. On account of the aforementioned factors, the market is expected to grow at a CAGR of around 16% during 2021-2026.
- On the basis of the component, the market has been bifurcated into solutions and services.
- Based on the application, the market has been divided into identity theft, money laundering, payment fraud, and others.
- On the basis of the organization size, the market has been classified into small and medium enterprises, and large enterprises.
- Based on the vertical, the market has been segmented into BFSI, government and defense, healthcare, IT and telecom, manufacturing, retail and e-commerce, 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., BAE Systems, Cybersource Corporation (Visa Inc.), DXC Technology Company, Experian plc, Fiserv Inc., Global Payments Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Software AG and Total System Services Inc.
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