The Fraud Detection and Prevention Market report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027.
The Fraud Detection and Prevention Market report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.
The global fraud detection and prevention market report has been segmented on the basis of components, organization size, application, and region.
Fraud Detection and Prevention Market Overview:
The Fraud Detection and Prevention Market was valued at $21.40 million in 2021 & is projected to reach $54.52 million by 2027. It is expected to grow at a 12.4% CAGR between 2021 and 2027.
Unauthorized access is a major issue for large-scale and small-scale enterprises across the globe, and it can be of various types such as online and offline fraudulent transactions, identity thefts, inaccurate credit applications, and fraudulent insurance claims.
Fraud detection and prevention solutions use advanced authentication mechanisms and advanced analytics to restrict fraud access in organizations across various sectors such as insurance, telecommunications, financial services, and healthcare.
Traditional techniques of fraud detection are replaced by advanced methods, which involve data mining, statistical modeling, and machine learning techniques, strengthening the fraud detection and prevention market growth.
Fraud detection and prevention solutions prevent unauthorized access by authenticating user identity, and information integrity, thus preventing fraud incidents.
Moreover, with advancements in solutions, such as high acceptance of internet-enabled portable devices and cloud services, the vulnerability of important company data theft is expected to rise, and is expected to fuel the growth of the global fraud detection and prevention market.
In addition, increasing fraudulent incidents in various industries, increased loss of revenue and reputation for organizations, and increasing online transactions through mobile and web applications are major factors driving the market growth.
The high cost involved in the deployment of fraud detection and prevention systems is a major factor expected to hamper the global fraud detection and prevention market growth.
Asia Pacific market is expected to witness notable growth on account of fast-growing economies such as India and China, and rising awareness in small and medium scale enterprises.
Thus, the Asia Pacific fraud detection and prevention market growth would be strong in the next ten years. Increasing demand for deployment of fraud detection and prevention solutions mainly due to increasing fraudulent incidents in this region.
This is attributed to rising online payments and transactions, which is another factor expected to increase the adoption of fraud detection and prevention solutions and thereby spur the growth of the global market in the next eight years in the Asia Pacific region.
Global Fraud Detection and Prevention Market Segmentation:
Segmentation by component:
Segmentation by organization size:
- Small and Medium Enterprises (SMEs)
- Large enterprises
Segmentation by application:
- Banking, Financial Services, and Insurance (BFSI)
- IT and telecommunication
- Others (Real Estate, Energy and Power, and Manufacturing)
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Oracle Corporation
- SAS Institute
- International Business Machines Corporation
- DXC Technology (CSC)
- BAE Systems
- Fiserv, Inc.
- Fair Isaac Corporation
- Threatmetrix, Inc.
- SAP SE
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