Fraud Detection and Prevention Market Research Report: By Offering (Software, Service), Deployment Type (On-Premises, Cloud-Based), Enterprise Size (Large Enterprises, SMEs), Vertical (BFSI, Retail, IT & Telecom, Government/Public Sector, Healthcare, Manufacturing), Application (Identity Theft, Payment Frauds, Money Laundering), Threat Type (Account Takeover and Scanning, Digital Ad Frauds, Content Integrity Scamming, Wire and Automated Clearing House (ACH) Frauds and Card Cracking, Price Scraping, New Account Frauds, Phone Call Frauds, Acquirer and Merchant Frauds)
NEW YORK, Dec. 10, 2019 (GLOBE NEWSWIRE) — According to the market research report published by P&S Intelligence, the global fraud detection and prevention market was valued at $20,614.4 million in 2018, and is projected to surpass $47,903.1 million, advancing at a CAGR of 15.1% during the forecast period (2019–2024). On the basis of application, the payment frauds category held the largest share in the market in 2018, and it is further expected to continue holding the largest share during the forecast period. This can be attributed to the increased volume of electronic payments across the globe, which has led to an increase in fraudulent activities in the payment area.
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Supply chain management is a complex process for an organization, with the involvement of numerous personnel, parts, and loopholes, where frauds can go undetected. To mitigate the rising fraudulent activities, organizations would showcase interest in blockchain technology, which would enable them to reduce risks via improved transparency and greater traceability. Blockchains are difficult to crack and manipulate, and can only be updated through an agreement among network participants. If a product is digitized on blockchain, it can also be traced back to the origin, since its information is recorded on a distributed and shared ledger.
Based on deployment type, cloud-based deployment of fraud detection and prevention solutions is the prime preference for end users, since this allows them to keep track on operations security in real time and in a relatively convenient manner, as well as store and access vast amounts of data. Furthermore, cloud deployment of these solutions is expected to witness higher demand throughout the forecast period.
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Based on platform, the demand for mobile-based fraud detection and prevention software was higher in the market in 2018. Furthermore, during the forecast period, the fraud detection and prevention market in this category is expected to steer with higher CAGR. Fraudsters are increasing their target to mobile users, owing to the massive smartphone penetration, along with consumer shift to mobile banking and social media usage via a mobile-first approach.
Based on vertical, the retail vertical is projected to display the fastest CAGR of 17.5%, during the said period. This can be attributed to improving economies and growing consumer goods market and e-tailing.
Together, North America and APAC are expected to account for 67.5% share in the fraud detection and prevention in 2024. Several types of frauds are increasing across the world; therefore, organizations in many countries are adopting fraud detection and prevention solutions to mitigate these frauds. For instance, in Australia, financial service companies are focusing on adoption of advanced capabilities in terms of fraud management, including accuracy, contextualization, and speed of detection. In Indonesia, emergence of varied payment options across different channels is resulting in an increased complexity in fraud management. Additionally, in India, spurring digitalization in recent years has led to an increasing investment in advanced technologies, such as robotics, AI, ML, and biometrics.
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The global fraud detection and prevention market has a fragmented structure, with the presence of a number of multinational and regional market players. The top 12 players in the market are IBM Corporation, RELX Group, Experian plc, Fiserv Inc., NICE Systems Ltd., ACI Worldwide Inc., Fidelity Information Services, SAS Institute Inc., SAP SE, Oracle Corporation, FICO, and BAE Systems plc. Among key players in the market, there are several software developing companies, including IBM Corporation, SAS Institute Inc., and Oracle Corporation.
The fraud detection and prevention market is witnessing a perpetual change in technological landscape with the rise in innovations and introduction to new fraud types. This is further leading to the accelerating rate of new entrants in the market. Moreover, several strategic alliances among market players would also considerably diversify the market share.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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