Fraud Detection and Prevention Market Size is projected to reach USD 190 billion by 2030, growing at a CAGR of 23.2%: Straits Research
The global fraud detection and prevention market size was valued at USD 29.2 Billion in 2021 and is expected to reach USD 190.93 billion in 2030 expanding at a compound annual growth rate (CAGR) of 23.2% from 2022 to 2030. In terms of total global fraud detection and prevention market size, it is anticipated that North America would be the region with the greatest contribution to the FDP market.
New York, United States, July 25, 2022 (GLOBE NEWSWIRE) -- Fraud detection & prevention is a combination of methods & strategies aimed to identify, monitor, & prevent fraud. The first stage in determining the source of the issue is to detect fraud, and after this has been accomplished, the fraud must either be avoided automatically or manually using software designed specifically for this purpose.
Activities that fall under the category of fraud include instances of money laundering, cyber security threats, tax evasion, identity theft, fraudulent insurance claims, fraudulent bank checks, and terrorist financing. These fraudulent activities can be found in the financial institutions, government, healthcare, public sector, and insurance industries. As a result, in order for businesses to combat the growing number of opportunities for fraud, they have implemented contemporary fraud detection and prevention technologies as well as risk management strategies. These strategies combine big data sources with real-time monitoring and apply adaptive and predictive analytics techniques such as machine learning and artificial intelligence.
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The rate of adoption of fraud detection and prevention systems grew as a result of the growing use of digitalization and IoT
A digital revolution is currently taking place all over the planet. Internet users today not only conduct online searches and participate in online social networking, but they have also moved on to other online activities such as online banking and online shopping. People stayed inside their homes because of the lockdown that was implemented during COVID-19, and a significant portion of the populace participated in online transactions. Because of this, there has been a dramatic increase in the number of fraudulent websites. In addition to the financial sector, there has been an increase in the number of fraudulent websites that impersonate businesses and services that transport goods to customers' homes.
The rise in popularity of business-to-consumer (B2C), business-to-business (B2B), and consumer-to-consumer (C2C) e-commerce transactions, which frequently involve a mutual exchange of critical information, identity information, and personal data of both individuals and businesses, has been correlated with an increase in the risks of online fraud. The proliferation of mobile gaming and the expanding usage of social media both contribute to an increase in the likelihood of future fraudulent activity. The money lost as a result of fraudulent activities is growing even as the schemes used to commit them get more complex.
Rise in usage of AI and machine learning in the banking sector to boost the FDP market
The banking and financial services industries are early users of risk-prevention technologies. Financial organisations are extremely vulnerable as a result of huge internet data exchanges. According to Facebook and BCG, India's online banking usage rate is predicted to treble to 150 million by 2020, thereby increasing the risk of fraudulent activity. Financial institutions are now concentrating not just on financial risk reduction but also on real-time fraud detection. With the emergence of pattern recognition, fraud detection systems are evolving.
Report Scope:
| Report Metric | Details |
| Market Size | USD 190.93 Billion by 2030 |
| CAGR | 23.2% (2020-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Solution, Services, Application, Organization Size, Vertical Segment |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Iovation Inc. (US) | IBM Corporation (US) | Cardinal Commerce Corporation (US) | Oracle Corporation (US) | Experian PLC (Ireland) | PayPal Holdings Inc. (US) | Distil Networks Inc. (US) | LexisNexis Risk Solutions Company (US) | Accertify Inc. (US) | F5 Networks Inc. (US) |
| Key Market Opportunities | Rise in usage of AI and machine learning in the banking sector to boost the FDP market |
| Key Market Drivers | The rate of adoption of fraud detection and prevention systems grew as a result of the growing use of digitalization and IoT |
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Regional Overview of Fraud Detection and Prevention Market
In terms of total market size, it is anticipated that North America would be the region with the greatest contribution to the FDP market. It is one of the places in the globe that is one of the most affected by operations that include money laundering and financing terrorist organizations; as a consequence, it has the biggest number of FDP providers. Because of the ever-increasing issues associated with frauds, banks, governments, and other financial institutes in this region are being forced to use cutting-edge technical methods for the management and security of their institutions from fraud. As the world continues to move toward interconnectivity and digitalization, one of the most significant concerns that has emerged is that of ensuring the safety of enterprise-critical infrastructures and sensitive data. The presence of cyber security suppliers is highest in North America, which is an extremely technologically sophisticated region and ranks first in the globe.
Key Highlights
- The global fraud detection and prevention market size was valued at USD 29.2 Billion in 2021 and is expected to reach USD 190.93 billion in 2030 expanding at a compound annual growth rate (CAGR) of 23.2% from 2022 to 2030.
- Rise in popularity of B2B, B2C, C2C will help in driving the market.
- Increasing use of IoT will also drive the market growth.
- In 2020, the solutions category accounted for more than 64.0 percent of total revenue.
- In 2020, the authentication solutions category led the market, accounting for more than 43% of total revenue.
- The professional services category had the highest revenue share of more than 70% in 2020 and is predicted to maintain its dominance throughout the projection period.
- North America would be the region with the greatest contribution to the FDP market. It is one of the places in the globe that is one of the most affected by operations that include money laundering and financing terrorist organisation; as a consequence, it has the biggest number of FDP providers.
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Competitors in Fraud Detection and Prevention Market
- Iovation Inc. (US)
- IBM Corporation (US)
- CardinalCommerce Corporation (US)
- Oracle Corporation (US)
- Experian PLC (Ireland)
- PayPal Holdings Inc. (US)
- Distil Networks Inc. (US)
- LexisNexis Risk Solutions Company (US)
- Accertify Inc. (US)
- F5 Networks Inc. (US)
Segmentation of Fraud Detection and Prevention Market
By Component
- Solutions
- Services
By Solution
- Fraud Analytics
- Authentication
- Governance
- Risk and Compliance
By Services
- Professional Services
- Managed Services
By Application
- Identity theft
- Money Laundering
- Payment Fraud
- Others
By Organization Size
- Small and Medium Enterprise (SMEs)
- Large Enterprises
By vertical segment
- BFSI
- Government & Defense
- Healthcare
- IT & Telecom
- Industrial & Manufacturing
- Retail & E-commerce
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle east
TABLE OF CONTENT
-
Introduction
- Market Definition
- Market Scope
-
Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
-
Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Fraud Detection and Prevention Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
-
Component Overview
- Introduction
- Market Size & Forecast
- Solutions
- Market Size & Forecast
- Services
- Market Size & Forecast
- Introduction
-
Solution Overview
- Introduction
- Market Size & Forecast
- Fraud Analytics
- Market Size & Forecast
- Authentication
- Market Size & Forecast
- Introduction
-
Regional Overview
- Introduction
- Market Size & Forecast
-
America
- North America
- U.S.
- By Component
- By Solution
- Canada
- By Component
- By Solution
- Mexico
- By Component
- By Solution
- Latin America
- By Component
- By Solution
-
Europe
- Market Size & Forecast
- Germany
- By Component
- By Solution
- France
- By Component
- By Solution
- U.K.
- By Component
- By Solution
- Italy
- By Component
- By Solution
- Spain
- By Component
- By Solution
- Rest of Europe
- By Component
- By Solution
-
Asia Pacific
- Market Size & Forecast
- Japan
- By Component
- By Solution
- China
- By Component
- By Solution
- Australia
- By Component
- By Solution
- India
- By Component
- By Solution
- South Korea
- By Component
- By Solution
- Rest of Asia-Pacific
- By Component
- By Solution
-
Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Component
- By Solution
- South Africa
- By Component
- By Solution
- Kuwait
- By Component
- By Solution
- Rest of Middle East & Africa
- By Component
- By Solution
- Introduction
-
Company Profile
- IBM Corporation
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- CardinalCommerce Corporation
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Oracle Corporation
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- IBM Corporation
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/fraud-detection-and-prevention-market/toc
Recent developments by key players
NICE Atomize will improve SURVEIL-X, a comprehensive trade monitoring system, In July 2020. SURVEIL-X has been upgraded with self-service analytics for tailored risk identification. Financial Services Organizations (FSOs) may use SURVEIL-X Studio to quickly design, test, and deploy bespoke analytics risk detection models in order to narrow regulatory and operational risk gaps.
In April 2019, NICE Atomize launched CDD-X, which combines sophisticated analytics and AI to improve KYC/CDD procedures. The powerful combination of AI technology with NICE Actimize's KYC/CDD expertise saves client review time by up to 70% and improves high-risk customer management accuracy.
News Media:
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