Dublin, Oct. 14, 2022 (GLOBE NEWSWIRE) — Global Fraud Detection and Prevention Market, By Components, By Application, By Deployment, By Enterprise Size, By Industry & By Region – Forecast and Analysis 2022-2028 report has been added ResearchAndMarkets.com Offer.
The global fraud detection and prevention market is valued at USD 25.1 billion in 2021 and is estimated to surpass the USD 118.95 billion market size by 2028 at a CAGR of 24.89% over the forecast period 2022-2028.
The widespread adoption of digitization and the Internet of Things has increased the demand for fraud detection and prevention solutions. In addition, the growing number of cyber attacks and more frequent instances of data theft leading to lost revenue are driving the fraud detection and prevention market. Currently, the market has an opportunity to use AI and ML in the banking sector to improve fraud detection and prevention.
Segments covered in this report
- Based on Components, the market is segmented into Solutions, Services.
- Based on application, the market is segmented into insurance claims, money laundering, electronic payment and others.
- Based on Deployment, the market is categorized into Cloud, On-Premise. Based on enterprise size, the market is categorized into large enterprises, small and medium-sized enterprises (SMEs).
- Based on industry, the market is categorized into BFSI, IT, Telecom, Retail, Consumer, Government, Construction, Real Estate, Energy, Utilities, Travel, Transportation, Manufacturing, Healthcare, Life Sciences, Media, Entertainment, Other.
- By region, the global fraud detection and prevention market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
The popularity of digital apps and mobile banking services has increased, as have the number of fraudulent websites and mobile apps. In other industries, such as retail and e-commerce, manufacturing, and healthcare, fake websites and online apps are on the rise. These websites and programs mimic retail stores and home delivery services, and trick customers into making fraudulent online transactions. Banking customers are increasingly relying on mobile applications for a range of purposes such as B. Online payments, reviewing bank statements, filing complaints and providing feedback.
The lack of professionals and skilled workforce will stifle the expansion of the fraud detection and prevention market. This applies in particular to emerging markets.
The coronavirus pandemic has had a significant impact on the global economy. Overall demand for fraud detection and prevention (FDP) solutions declined slightly across all applications in the first half of 2020. Due to the outage, several marketing activities, planned investments, government policies and other projects have also been halted.
As a result of rising cybercrime, payment fraud, insurance fraud and other types of fraud, the outlook for the fraud detection and prevention market in the second half of 2020 and beyond encouraged the adoption of fraud detection and prevention solutions. Individuals are claiming COVID-19 medical expenses through their life and health insurance policies. Due to the increasing number of online insurance claims, scammers now have more opportunities to get involved in fraudulent operations.
Main topics covered:
Root Market Analysis
Key Market Insights
Market Dynamics & Outlook
Global Fraud Detection and Prevention Market by Component
Global Fraud Detection and Prevention Market by Application
Global Fraud Detection and Prevention Market by Deployment
Global Fraud Detection and Prevention Market by Company Size
Global Fraud Detection and Prevention Market by Industry
Market Size by Region
Important company profiles
- IBM Corporation (USA)
- Uplexis (Brazil)
- Experian Information Solutions, Inc. (Brazil)
- Gemalto – Thales Group (France)
- ACI Worldwide, Inc. (USA)
- BAE systems (US)
- Fair Isaac Corporation (US)
- Fidelity National Information Services, Inc. (USA)
- LexisNexis (US)
- NICE Actimize Ltd. (Israel)
For more information about this report, visit https://www.researchandmarkets.com/r/grjqml
Global Fraud Detection and Prevention Market