With a CAGR of 22.8%, the fraud detection and prevention market

Pune, India, May 31, 2022 (GLOBE NEWSWIRE) — The world Fraud detection and prevention market size is growing at a CAGR of 22.8% during the forecast period 2022 to 2029. The market is expected to grow from USD 30.65 billion in 2022 to $129.17 billion by 2029. According to the study, the global market was worth USD 25.66 billion in 2021. This information is provided by Fortune Business Insights™, in its report titled “Fraud Detection and Prevention Market Forecast, 2022-2029”.

The projected growth is supported by increased investment from major players to develop secure fraud solutions across industries, such as BFSI, manufacturing, healthcare, and others.

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Development of key industry

May 2020: Experian information solutions, Inc. acquired nearly 60% of Arvato, which is a Germany-based financial solutions risk management unit. The purchase helped the company expand its operations to the Germany, Austria and Switzerland (DACH) region.

Report scope and segmentation

Report cover Details
Forecast period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 13.6%
2029 value projection $29.16 billion
base year 2021
Fraud detection and prevention market size in 2021 $10.75 billion
Historical data for 2018 to 2020
Number of pages 160
Segments Covered Component, deployment, company size, end use, and geography
Fraud Detection and Prevention Market Growth Drivers Hybrid work culture amid COVID-19 to drive demand for data integration and integrity solutions
The service segment will hold the largest market share during the forecast period
Shift business focus to maintaining data integrity to drive growth

Growing demand for cloud-based solutions in healthcare facilities to drive growth

The novel coronavirus pandemic is influencing the global economy. Perceiving many primary pointers from the year 2020, insignificant deterioration is noticed in the global demand for Fraud Detection and Prevention (FDP) in many applications. Likewise, various business programs, planned investments, government tactics and the like are suspended due to the scarcity of their operation. Market size stance in H2 2020 and beyond has increased adoption of fraud detection and prevention solutions due to increase in cybercrime, payment fraud, insurance fraud and others.

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Drivers and Restrictions:

Develop online applications and mobile banking services to drive market growth

The growing implementation of online applications and mobile banking has resulted in an unexpected number of fake websites and mobile apps. In other industries such as retail and e-commerce, manufacturing, and healthcare, there is an increase in fake websites and online apps. These websites and apps resemble retail stores and home delivery services and trick customers into filling in fake online contacts. Banking customers are more obsessed with mobile apps for many intentions such as online payment, statement analysis, complaint filing and feedback among others.

Report cover

The report offers valuable insights obtained by an in-depth study carried out by our researchers. Extensive research has been conducted to provide the estimated size of the fraud detection and prevention market. The data used to predict the shares of several segments at national, regional and global levels are obtained from detailed interviews with various stakeholders. Additionally, we have secured admission to numerous globally and regionally funded disclosures to present accurate information to simplify business investment judgments for our clients.

Segmentation

Increase in the number of fraudulent scams to drive the implementation of an insurance claims solution

On the basis of component, the market is segregated into solutions and services.

Based on deployment, the market is categorized into cloud and on-premises.

By enterprise size, the market is segmented into large enterprises and small and medium-sized enterprises (SMEs).

Based on the application area, the market is categorized into insurance claims, money laundering, electronic payment and others. The electronic payment segment is likely to register the largest market share during the forecast period.

By industry, the fraud detection and prevention market is segmented into BFSI, Retail & Consumer Packaged Goods, IT & Telecom, Government, Energy & Utilities, Travel & Transportation, Construction & Real Estate, Manufacturing, Healthcare healthcare and life sciences, media and entertainment, and others.

Geographically, the market is divided into five major regions, namely North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.

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Regional outlook

North America to Dominate, Fueled by Presence of Major Tech-Based Players

In North America, core companies in the mobile payment industry such as Apple Inc., Samsung Group and others are focusing on unveiling advanced mobile payment services based on fraud prevention solutions. Therefore, North America held the largest market share in the area of ​​fraud detection and prevention.

The Asia-Pacific region is estimated to witness the highest CAGR during the forecast period. Manufacturing companies in countries such as China, Japan, India, South Korea, Southeast Asian countries and others are increasing their investments to implement fraud prevention solutions.

Europe is estimated to witness growth with considerable CAGR during the forecast period 2022-2029. Government, manufacturing and healthcare companies across countries are investing heavily in implementing fraud prevention solutions.

Competitive landscape

Acquisitions started by companies to generate profits and benefit from market growth

The pioneering players in the market are continually searching for proficient strategies to enhance their brand equity and promote the growth of the global Fraud Detection and Prevention market by encountering the least conceivable obstacles. One such effective strategy is to achieve competitive businesses and further strengthen a profit for both players involved.

Key Players Covered in the Report

  • IBM Corporation (USA)
  • Uplexis (Brazil)
  • Experian Information Solutions, Inc. (Brazil)
  • Gemalto – Thales Group (France)
  • ACI Worldwide, Inc. (USA)
  • BAE Systems (UK)
  • Fair Isaac Corporation (USA)
  • NICE Actimize Ltd. (Israel)
  • SAS Institute, Inc. (USA)
  • Fidelity National Information Services, Inc. (USA)
  • LexisNexis (USA)
  • F5 Inc. (USA)

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Main table of contents:

  • Global fraud detection and prevention market size estimates and forecasts (quantitative), by segments, 2018-2029
    • Main conclusions
    • Per component (USD)
      • Solutions
        • Fraud analysis
          • Predictive analytics
          • Customer Analytics
          • Social media analysis
          • Big data analytics
          • Behavioral analysis
        • Authentication
          • Single factor authentication
          • Multi-factor authentication
        • Governance, Risks and Compliance
      • Services
        • Professional services
          • Consultant
          • Training and education
          • Support and maintenance
        • Managed Services
    • Per deployment (USD)
    • By business size (USD)
      • Small and medium-sized enterprises (SMEs)
      • Large companies
    • Per app (USD)
      • Insurance claims
      • money laundering
      • Electronic payment
      • Others (Banking, etc.)
    • Fraud Detection and Prevention Market Share by Industry (USD)
      • BFSI
      • IT and Telecom
      • Retail and consumer goods
      • Government
      • Construction and Real Estate
      • Energy and Utilities
      • travel and transportation
      • Manufacturing
      • Health and life sciences
      • Media and entertainment
      • Others
    • By region (USD)
      • North America
      • South America
      • Europe
      • Middle East and Africa
      • Asia Pacific
  • North America Fraud Detection and Prevention Market Size Estimates and Forecasts (Quantitative), by Segment, 2018-2029
    • Main findings
    • Per component (USD)
      • Solutions
        • Fraud analysis
          • Predictive analytics
          • Customer Analytics
          • Social media analysis
          • Big data analytics
          • Behavioral analysis
        • Authentication
          • Single factor authentication
          • Multi-factor authentication
        • Governance, Risks and Compliance
      • Services
        • Professional services
          • Consultant
          • Training and education
          • Support and maintenance
        • Managed Services
    • Per deployment (USD)
    • By business size (USD)
      • Small and medium-sized enterprises (SMEs)
      • Large companies
    • Fraud Detection and Prevention Market Analysis by Application (USD)
      • Insurance claims
      • money laundering
      • Electronic payment
      • Others (Banking, etc.)
    • By industry (USD)
      • BFSI
      • IT and Telecom
      • Retail and consumer goods
      • Government
      • Construction and Real Estate
      • Energy and Utilities
      • travel and transportation
      • Manufacturing
      • Health and life sciences
      • Media and entertainment
      • Others
    • By country (USD)

TOC Continued…!

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