The rising cases of fraud and cyber attacks have accelerated the adoption of Fraud Detection and Prevention (FDP) solutions in the recent times. With a shift witnessed towards mobile economy, a boost in fraud detection and prevention market is expected over the next few years. Market Research Future (MRFR) has revealed in its latest report that the global Fraud Detection And Prevention Market will thrive at a striking CAGR of 15% during the forecast period and the market valuation is expected to reach USD 34 Bn by the end of 2023.
The growth of e-commerce and cashless payments is likely to continue over the next few years which will generate demand for fraud detection and prevention products. The initiatives taken by the governments for promoting cashless economies will also fuel the growth of fraud detection and prevention market. Furthermore, the technological innovations introduced for securing the online payments will catalyze the adoption of the fraud detection and prevention products.
The adoption rate of fraud detection and prevention solutions is higher in developed economies than the developing ones. The developing economies are not well equipped with technology which opens up avenues for fraud detection and prevention market proliferation. From the perspective of business, secured payment gateways are quintessential for a boom in the economy which is why the governments are taking initiatives to counter online frauds. The developing economies will generate a significant proportion of revenue in the coming years from the fraud detection and prevention market.
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The prominent players in the fraud detection and prevention market are – IBM Corporation (U.S.),Oracle Corporation (U.S.), Fico (Brazil), SAS Institute Inc. (U.S.), SAP SE (Germany), Computer Sciences Corporation (U.S.), BAE Systems (U.K.), ACI Worldwide (U.S.), Fiserv Inc. (U.S.), Threatmetrix (U.S.) among others.
- By solution, the global fraud detection and prevention market is segmented into fraud detection, authentication, and, data synthesis.
- By service, the fraud detection and prevention market has been segmented into professional service, and, managed service.
- By application, the fraud detection and prevention market has been segmented into insurance claims, money laundering, electronic payment, and, others.
- By end-user, the global fraud detection and prevention market is segmented into small & medium enterprises, large enterprises.
- By vertical, the market has been segmented into BFSI, retail, telecommunication, government/public sector, healthcare, real estate, energy and power, manufacturing, travel & transportation, media, entertainment, and, others.
By region, the global fraud detection and prevention market is segmented into Asia Pacific, North America, Europe and Rest of the World. The North America market accounts for the maximum share of the global market. The concentration of global leaders in fraud detection and prevention in the region and the initiatives undertaken by them to strengthen foothold in the market will drive demand generation. Furthermore, Canada holds the first spot in the list of cashless economies with the U.S. also contributing significantly towards the adoption of non-cash payments in the region. The presence of developed cashless economies such as Sweden and the U.K. will fuel the growth of fraud detection and prevention market in Europe.
Asia-Pacific region will exhibit a steep rise in the growth of fraud detection and prevention market. The factors contributing towards the market expansion in the region include the presence of emerging economies, such as India and China, which are rapidly implementing FDP solutions. The growth in fraudulent activities in online payments will fuel the demand for fraud detection and prevention solutions in the region. Furthermore, the countries in the region are increasing inclination towards cashless transactions; for instance, Vietnam has announced its initiative about becoming 90% cashless retail economy by 2020. The growth of the global market will favor the market proliferation in Rest of the World region.
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- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- IT Organizations
- Fraud Detection and Prevention Solution Providers
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