Fraud Detection and Prevention Market – Global Industry Analysis and Forecast (2023-2029)

Fraud Detection and Prevention Market size was valued at US$ 26.77 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 13.2% through 2023 to 2029, reaching nearly US$ 63.76 Bn.
Fraud Detection and Prevention Market Overview:
Money laundering, cybersecurity concerns, tax evasion, false insurance claims, identity theft, and terrorist financing are all examples of fraudulent actions that occur in the financial institutions, government, healthcare, public sector, and insurance sectors. Organizations are implementing modern fraud detection and prevention technologies and risk management strategies to combat this growing list of opportunities for fraudulent transactions. Fraud Analytics, Identity and Authentication, GRC, and Monitoring and Reporting are the solutions of the Fraud Detection and Prevention.

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Fraud Detection and Prevention Market Dynamics:
The world is undergoing a digital transformation. Users of the internet are no longer limited to online search and social networking, but have extended their activities to include online banking and shopping. People have ceased leaving their homes due to COVID-19 lockout limitations, and a major portion of the population has begun to use internet transactions. According to the Boston Consulting Group (BCG), 70% of urban customers in countries like India are digitally influenced to buy any financial goods, which implies they utilise banking apps or websites to purchase financial items. Due to this factor, there has been an increase in the number of fake websites. Apart from banking, fake websites that resemble businesses and home delivery services are on the rise, luring customers into making online purchases.

IoT is becoming an important aspect of consumer lifestyle and industrial operations as the use of IoT grows and new IoT included items enter the market. According to the Global System of Mobile Communication (GSMA), by the end of 2021, there will be 23 billion IoT connections. One of the reasons, according to the report, is that connected gadgets provide convenience, which allows hackers to gain access to networks. Consumer data is collected, sent, and stored by linked devices, posing a privacy concern. Ad and ATM frauds are two significant IoT frauds that are both widespread and terrible in the IoT era. The rise of cybercriminals has resulted in an increase in fraud. These are the key major factors that are expected to drives the growth of the Fraud Detection and Prevention market during the forecast period 2023-2029.

Gaming and wireless fraud are one of the fastest-growing categories today. The use of mass login attempts to validate the validity of stolen username/password pairs is known as credential stuffing. This data is used to take control of accounts. Streaming Potluck is a practice in which each member of a group brings their own streaming service account and shares it with the rest of the group. All services are available to all members of the group. Unauthorized account sharing might result in revenue loss depending on the service provider's business strategy.
Fraud Detection and Prevention Market Segment Analysis:
Based on the Deployment Mode, the market is segmented into On-premise, and Cloud. On-premise deployment mode segment is expected hold the largest market share of xx% by 2029. The on-premises deployment mode is a classic approach in which customers' in-house servers are used to implement and operate products. Platforms, apps, systems, and data are all under the control of on-premises solutions, which can be handled and maintained by the organization's IT staff. The use of on-premises deployment mode is higher in businesses where user credentials are crucial for business operations since it can control the systems from the enterprise physical or owned location.



Based on the Vertical, the market is segmented into BFSI, Retail and ecommerce, and Travel and Transportation. BFSI segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. This is due to the increased digitalization of banks. Banks in China, India, and Japan are pressuring their customers to adopt more digital payment methods, which is expected to boost the global fraud detection and prevention market for FDP solutions during the forecast period 2023-2029. The BFSI sector is followed by the E-commerce sector. The rise in the number of fake e-commerce sites. The e-commerce market has grown dramatically as a result of the global proliferation of internet services and rising consumer buying power.
Regional Insights:
North America is expected hold the largest market share of xx% by 2029. North America region has the biggest number of FDP providers. It is one of the most afflicted regions in the world by money laundering and terrorism financing illegal operations. Banks, governments, and financial institutions in this region are confronted with ever-increasing fraud concerns, necessitating the implementation of innovative technical techniques to fraud management. As the world moves toward interconnectivity and digitalization, protecting enterprise-critical infrastructures and sensitive data has become one of the primary issues. North America, a technologically advanced region, leads the world in cybersecurity vendor presence. These are the factors that are expected to drives the growth of the North America region in the Global Fraud Detection and Prevention market during the forecast period 2023-2029.

Europe is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. The major economies of the United Kingdom, Germany, France, Sweden, Italy, and the Netherlands make up Europe. FDP solutions are becoming more popular in these countries. This is due to the surge in network crimes, frauds, and advanced cyber and bot attacks, the demand for FDP solutions is increasing in Europe. Because the key companies are working on growing their position in numerous sectors such as BFSI, telecommunications, retail, government/public sector, and manufacturing, the European FDP market is experiencing substantial growth potential. Insurance fraud is one of Europe's most serious problems. Several money laundering and terrorist financing activities have become major risks in Europe, prompting the European Banking Authority (EBA) to identify FDP to be the EU's top priority for 2021.The objective of the report is to present a comprehensive analysis of the Global Fraud Detection and Prevention Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Fraud Detection and Prevention Market dynamic, structure by analyzing the market segments and project the Global Fraud Detection and Prevention Market size. Clear representation of competitive analysis of key players by Product Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Fraud Detection and Prevention Market make the report investor’s guide.
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Fraud Detection and Prevention Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 26.77 Bn.


Forecast Period 2023 to 2029 CAGR:
13.2%
Market Size in 2029:
US $ 63.76 Bn.


 Segments Covered:
by Solution
Fraud Analytics
Identity and Authentication
GRC
Monitoring and Reporting


by Deployment Mode
On-premise
Cloud


by Service
Professional Service
Managed Service


by Vertical
BFSI
Retail and eCommerce
Travel and Transportation



Fraud Detection and Prevention Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players:
1. ACI Worldwide Inc.
2. Arbutus Software Inc.
3. Avast Software s.r.o.
4. DXC Technology Company
5. ESET spol.s r.o.
6. Experian plc.
7. Fiserv, Inc.
8. First Data Corporation
9. Fidelity National Information Services, Inc.
10. FRISS
11. GreatHorn, Inc.
12. Guardian Analytics
13. IBM Corporation
14. LexisNexis Risk Solutions
15. SAP SE
16. SAS Institute Inc.
17. SpyCloud, Inc.
Frequently Asked Questions:
1] What segments are covered in Global Fraud Detection and Prevention Market report?
Ans. The segments covered in Global Fraud Detection and Prevention Market report are based on Solution, Deployment Mode, Service, and Vertical.

2] Which region is expected to held the highest share in the Fraud Detection and Prevention Market?
Ans. North America is expected to held the highest share in the Global Fraud Detection and Prevention Market.

3] Who are the top key players in the Fraud Detection and Prevention Market?
Ans. ACI Worldwide Inc., Arbutus Software Inc., Avast Software s.r.o., DXC Technology Company, ESET spol.s r.o., and Experian plc. are the top key players in the Global Fraud Detection and Prevention Market.

4] Which segment holds the largest market share in the Global Fraud Detection and Prevention Market by 2029?
Ans. On-Premise deployment mode segment hold the largest market share in the Global Fraud Detection and Prevention market by 2029.

5] What is the market size of the Fraud Detection and Prevention Market by 2029?
Ans. The market size of the Global Fraud Detection and Prevention market is US $63.76 Bn. by 2029.

6] What was the market size of the Fraud Detection and Prevention Market in 2022?
Ans. The market size of the Global Fraud Detection and Prevention market was worth US $26.77 Bn. in 2022.