Market Insights:
With the internet being used for every commercial activity, cyber crimes regarding frauds and online scams are increasing, and so is the need for measures regarding fraud detection and prevention. Market Research Future (MRFR) has published a research report about the global Fraud Detection and Prevention Market that determines aggrandizement between 2017 and 2027. By value, the market has been figured to be worth the $ 139 BN by the end of the forecast period.
The most underlined factors driving global fraud detection and prevention market growth include fierce competition, increasing cyber crimes, more digitization, rapid technological advancements, and changing frameworks.
Latest Industry News
Bank of New York Mellon Corporation (BNY Mellon) has started an artificial intelligence (AI)-based Fraud Detection Initiative. This initiative is meant for identifying fraudsters indulging in cybercrimes. 13 JUNE 2019
An expert in providing Anti Money Laundering (AML), Customer Due Diligence & Enhanced Due Diligence (CDD/EDD), Customer Risk Intelligence solutions, and Know Your Customer (KYC), Arachnys has partnered with enterprise advanced analytics solution provider BAE Systems. This partnership aims to prevent money laundering, address compliance obligations, and deliver accurate as well as efficient fraud detection & prevention services. 13 JUNE 2019
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Key Players:
iovation Inc., IBM Corporation, Oracle Corporation, PayPal Holdings Inc., CardinalCommerce Corporation (Visa Inc. Class A), Distil Networks, Inc., LexisNexis Risk Solutions Company, Experian PLS, Accertify Inc. (American Express Company), F5 Networks Inc., Kaalbi Technologies Pvt. Ltd, Signifyd Inc., Guardian Analytics Inc., Kount Inc., Clearsale SA, Pindrop Security Inc., ACI Worldwide Inc., BioCatch Ltd.
Market Segmentation:
- 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.
Regional Analysis:
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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Key questions addressed by the report
- What was the historic market size (2018)?
- Which segmentation (solution/service/application/ organization size/ vertical) are driving market?
- What will be the growth rate by 2024?
- Who are the key players in this market?
- What are the strategies adopted by key players?
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