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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.
Market Summary:
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