The Fraud Detection and Prevention Market is predicted to rise to USD 141 billion by 2028, witnessing 26.7% CAGR during 2021-2028

Introduction of the Fraud Detection and Prevention Market Report

Fraud detection and prevention (FDP) refers to the strategies to detect fraudulent transactions and prevent these actions from causing financial and reputational damage to the customer and financial institution. Fraud detection and prevention solutions are implemented throughout the financial institutions, government, healthcare, public sector, and insurance sectors for preventing fraudulent activities including money laundering, cybersecurity threats, tax evasion, forged bank checks, and others.

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Market Dynamic

Key Drivers and Emerging Trends

The rising internet penetration, the growing digital transformation of businesses, and rising amount of digital data including intellectual property, financial data, personal information on computers and other devices among government, healthcare, defense, corporate, financial organizations are some of the major factors expected to drive the growth of the fraud detection and prevention market over the forecast period. Additionally, the high adoption rate of online banking, the increasing number of digital payment platforms, and the presence of large online data transactions are expected to provide growth opportunities to the FDP market. Moreover, combining FDP solutions with behavioral biometrics, device detection, machine learning technology, artificial intelligence, predictive analytics techniques, data analytics, and fraud detection software and tools among others help organizations in predicting conventional fraud tactics, and monitoring transactions and crimes in real-time. This is further expected to contribute to the growth of the fraud detection and prevention market size over the forecast period.

Restraint in the Fraud Detection and Prevention Market

However, the high initial investment involved in the implementation of the fraud detection and prevention solutions and services is expected to restraint the industry growth. Moreover, the lack of skilled professionals may further hamper the market growth.

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Component – Segment Analysis

Based on the component, the solution is expected to account for a notable market share owing to the rising number of online data and the growing implementation of fraud detection solutions among industries to safeguard their user data. Additionally, increasing demand for fraud analytics, predictive analytics, customer analytics, social media analytics, and big data analytics are further driving the market growth over the forecast period.

Application – Segment Analysis

Based on the application, electronic payment is expected to grow substantially over the forecast period. This can be attributed to the rising use of digital payment apps like PayPal, AliPay, PayTM, and GPay, the growing online transactions by individuals and financial companies.  Moreover, customers storing card details on e-commerce sites coupled with the increasing incidences of data breaches is further contributing to the demand of fraud detection and prevention solutions.

Industry Vertical – Segment Analysis

Based on the industry vertical, retail and consumer goods are expected to account for a prominent market share over the forecast period primarily due to the growing e-commerce sector, increasing fraudulent purchases from online sellers, and stealing of cardholder information through skimming on payment pages. Moreover, according to UNCTAD, the global e-commerce sales including business-to-business (B2B) and business-to-consumer (B2C) sales reached $26.7 trillion in 2019, with an increase of 4% from 2018.

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Regional – Segment Analysis:

North America is expected to account for a high share in the fraud detection and prevention market during the forecast period. This is primarily due to the growing number of industries including e-commerce, BFSI, healthcare, energy, transportation, and entertainment among others in the region. Additionally, according to the World Bank, around 87% of the U.S. population use the internet in 2019. This is expected to contribute to the demand for fraud detection and prevention solution and services in the region.

Top Market Players

Several leading Fraud Detection and Prevention companies operating in the market, include, Salesforce.com, Inc., Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Adobe Inc., SAS Institute Inc., ACI Worldwide, Inc., SAP SE, Fiserv, Inc., and Experian plc. Among others.

Key Developments:

• • In 2021, Experian Plc launched an upgraded version of its fraud prevention platform, CrossCore. The CrossCore platform incorporated the machine learning analytics capability, behavioral biometrics, and device recognition technology to help businesses in monitoring and review suspicious digital activity.

Segments covered in the Report:

The global Fraud Detection and Prevention market has been segmented on the basis of component, application, and industry vertical, and key regions. Based on the component, the market is segmented into solutions and services. Based on the application, the market is segmented into insurance claims, money laundering, electronic payment, and others. Based on industry vertical, the market is segmented into BFSI, IT and telecom, retail and consumer goods, government, real estate and construction, energy and utilities, travel and transportation, manufacturing, healthcare and life sciences, media and entertainment, and others.

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Key questions answered in this research report:

• • At what pace is global Fraud Detection and Prevention market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Fraud Detection and Prevention Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Fraud Detection and Prevention Market?
  • Which application generated maximum revenues in 2020 and identify the most promising application during the forecast period?
  • What are the various industry verticals of global Fraud Detection and Prevention Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Fraud Detection and Prevention Market by Component

• • Solutions
  • Services

Global Fraud Detection and Prevention Market by Application

• • Insurance claims
  • Money laundering
  • Electronic payment
  • Others

Global Fraud Detection and Prevention Market by Industry Vertical

• • BFSI
  • IT and Telecom
  • Retail and Consumer Goods
  • Government
  • Real Estate and Construction
  • Energy and Utilities
  • Travel and Transportation
  • Manufacturing
  • Healthcare and Life Sciences
  • Media and Entertainment
  • Others

Global Fraud Detection and Prevention Market by Region

• • North America Fraud Detection and Prevention Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By Application
    • By Industry Vertical
    • US Market All-Up
    • Canada Market All-Up
  • Europe Fraud Detection and Prevention Market (Option 2: As a part of the free 25% customization)
    • By Component
    • By Application
    • By Industry Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Fraud Detection and Prevention Market (Option 3: As a part of the free 25% customization)
    • By Component
    • By Application
    • By Industry Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Fraud Detection and Prevention Market (Option 4: As a part of the free 25% customization)
    • By Component
    • By Application
    • By Industry Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Fraud Detection and Prevention Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Salesforce.com, Inc.
  • Microsoft Corporation
  • International Business Machines Corporation
  • Oracle Corporation
  • Adobe Inc.
  • SAS Institute Inc.
  • ACI Worldwide, Inc.
  • SAP SE
  • Fiserv, Inc.
  • Experian plc.