The Global Fraud Detection and Prevention Market was valued at 25.35 billion in 2019 and is projected to reach USD101.61 billion by 2027, growing at a CAGR of 20.45% from 2020 to 2027.
Any illegal act involving the obtaining of something of value through willful misrepresentation is called fraud. Fraud Prevention and Detection is the prevention and detection and adequate response to fraudulent activitiesand prevents unauthorized access. A fraud prevention and detection system helps in real-time user-level decision making, device fingerprinting, and comprehensive scoring models that directly correlate to data quality that benefits the clients to expand revenues, recapture lost opportunity costs, minimize charge backs, and centralize fraud intelligence system.
1. Market Drivers
1.1 Incorporation of AI and machine learning for fraud detection
1.2 Increasing economies
1.3 Growing rate of online transaction over mobile and web applications
1.4 Rising fraudulent activities
1.5 Growing revenue loss for organizations
2. Market Restraints
2.1 Lack of awareness about possible fraudulent in various industries
2.2 Poor integration capabilities
2.3 Costly deployment
2.4 Prior detection of fraudulent activities
The Global Fraud Detection and Prevention Market is segmented on the application, component, organization size, deployment model, vertical, and region.
1. By Application:
1.1 Mobile payment
1.2 Insurance claims
1.3 Electronic payment
1.4 Money laundering
2. By Component:
2.1.2 Fraud analytics
22.214.171.124 Social media analytics
126.96.36.199 Customer analytics
188.8.131.52 Predictive analytics
184.108.40.206 Behavioral analytics
220.127.116.11 Big data analytics
2.1.3 GRC solutions
2.2.1 Managed services
2.2.2 Professional services
18.104.22.168 Support and maintenance
22.214.171.124 Training and education
3. By Organization Size:
3.1 Large Enterprises
3.2 Small and Medium Business
4. By Deployment Model:
5. By Vertical:
5.1 Government and Defense
5.2 IT and Telecommunications
5.3 Banking, Financial Services, and Insurance (BFSI)
5.4 Real Estate
6. By Region:
6.1 North America (U.S., Canada, Mexico)
6.2 Europe (Germany, UK, France, Rest of Europe)
6.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
6.4 Latin America (Brazil, Argentina, Rest of Latin America)
6.5 Middle East & Africa
The major players in the market are as follows:
1. Experian Information Solutions, Inc.
3. Fair Isaac Corporation
4. IBM Corporation
5. Oracle Corporation
6. ACI Worldwide, Inc
7. SAS Institute
8. Fiserv, Inc.
9. BAE Systems
10. Nice Systems Ltd.
11. DXC Technology (CSC)
12. Threatmetrix, Inc.
13. SAP SE
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Fraud Detection and Prevention Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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