Proficient Market unravels its new study titled “Global Fraud Detection and Prevention Market by Product Type (Fraud Analytics, Authentication and Data Synthesis) and by End-Users/Application (Insurance Claims, Electronic Payment, Identity Theft, Payment Frauds, and Money Laundering) Global Market Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2019 – 2027″. Effective exploratory techniques such as qualitative and quantitative analysis have been used to discover accurate data.
According to the report, Global fraud detection and prevention market in 2019 stood at USD 20,644 million and is expected to reach USD 139,853.2 million by 2027 growing at a CAGR of 25.2% from 2020 to 2027.
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Fraud detection and prevention is a software application that is installed into a system and these applications can analyze suspicious behavior that creates reports for security and risk mitigation purposes. It is different from a network security solution, and helps the system to report doubtful activity before it becomes a fraud or leads to other crimes. Fraud detection and prevention systems are used to provide investigative solutions for the detection and prevention of criminal activity done on a computer in an organization. These applications investigate data from a wide array of data sources to identify upcoming inaccuracies such as an anomaly or phantom merchant transaction. It is used in various industries/organizations like: telecommunications, government, travel, transportation, life sciences and healthcare. And is used to prevent cybercrimes like: account stealing, ransomware, email hacking, DDoS attacks, phishing and credit card identity theft which result in the losses for a firm or organization.
Fraud detection and prevention Market Key Players: The research study includes profiles of leading companies operating in the global fraud detection and prevention market. Key players profiled in the report include:
LexisNexis Risk solutions
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Drivers for the Global Fraud detection and prevention Market: Rising demand of electronic and digital payment methods, increasing frequency of cyber-attacks, surge in deployment of AI and big data analytics, mobile banking, increase in the generation of enterprise data and its complexity and high industry-specific requirements globally are owing to increase the disposable income and growth of the industry. Hence the electronic and digital payments is the major driver for the industry and the other factors are going to drive the market further.
Opportunities for the Global Fraud detection and prevention Market: Moreover, rigorous government regulations to emphasize on fraud prevention and detection systems within organizations, technological improvements, Expansion of the smartphone industry due to the increase in the population, increase in the number of banking and digital marketing sectors and high security systems undertaken by every bank and organization. Hence these factors are going to provide opportunities for the future growth of the industry.
Restrains for the Global Fraud detection and prevention Market: However, due to high cost of the solutions/software, low level of awareness to new technology, reduced number of skilled professionals and lack of integration capabilities. Hence these factors can hamper the growth of the Fraud detection and prevention market.
Region Wise, Global Fraud detection and prevention Market Analysis: North America held major share in fraud detection market due to investment in new technology, general economic conditions, increase in fraudulent activities, increased number of industries and enterprises that are more susceptible to incidents of frauds and financial losses. Besides China and Europe held a large share in the market.
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Global Fraud detection and prevention Market: Product analysis
On the basis of type, fraud analytics accounted for largest share of total revenue generated. Because, of the implementation of technologies such as AI and machine learning for fraud detection, it analyzes the information of enterprise’s systems and database to categorize the exposures where fraud can happen, it monitors and analyzes data from several data sources; detects anomalies, and suspicious and unusual behavior across all channels.
Global Fraud detection and prevention Market: Application analysis
The demand of Global Fraud detection and prevention Market is highest from Insurance claims, due to increase in the number of fraud claims, break-in insurance fraud, financial burdens on insurers, disaster insurance fraud and contractor insurance fraud.
Global Fraud Detection and Prevention Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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