BANGALORE, India, Aug. 19, 2021 /PRNewswire/ — The Fraud Detection and Prevention Market is Segmented by Type (Fraud Analytics, Authentication, GRC Solution, Others), by Application (Insurance claims, Money laundering, Electronic payment, Mobile payment, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Software Category.
The global fraud detection and prevention market size is projected to reach USD 45800 Million by 2027, from USD 16390 Million in 2020, at a CAGR of 15.3% during the forecast period 2021-2027.
Major factors driving the growth of the Fraud Detection and Prevention (FDP) market:
Growing preference for e-banking, digital payment apps, and cross-border transactions, is in turn increasing the number of fraudulent cases involving identity thefts, data breaches, and payment frauds activity. Thus the need to stop such fraudulent activity is expected to drive the Fraud Detection and Prevention (FDP) market.
Financial and government institutions are gradually adopting FDP solutions to mitigate both external and internal fraud. This, in turn, will augment the growth of the Fraud Detection and Prevention market. Several fraud prevention and detection awareness initiatives are pushed in countries as part of the security infrastructure.
Detecting fraud with data analytics, enables organizations to predict conventional fraud tactics, cross-reference data through automation, manually and continually monitor transactions and crimes in real-time. This feature of FDP is expected to further increase market growth.
TRENDS INFLUENCING THE FRAUD DETECTION AND PREVENTION (FDP) MARKET:
The increasing volume of online transactions due to digitization is expected to drive the growth of the Fraud Detection and Prevention (FDP) market. Financial Institutions facing losses from financial crimes are growing at a rapid pace as fraudsters continue to innovate and outsmart the current security mechanism. Fraud detection and prevention analytics relies on data mining and Machine Learning and is used in fraud analytics use cases such as payment fraud analytics, financial fraud analytics, and insurance fraud detection analytics. Supervised Machine Learning techniques, such as logistic regression and time-series analysis, learn from previous data and suggest trends that need to be investigated further. Unsupervised Machine Learning methods, such as cluster analysis and peer group analysis, look at data that hasn’t been tampered with and uncover new abnormalities and patterns of interest. These abnormalities can subsequently be acted upon by data analysts and scientists to detect fraudulent activity.
Fraud Detection and Prevention (FDP) can help increase bottom line & ROI, this feature in turn is expected to drive the FDP market. Fraud can affect a company by causing losses in business revenues (e.g., through illicit payments and disguised sales) and as a result, it has a serious impact on profitability. By investing in an intelligence-led, technology-driven data analytics solution, corporate fraud investigators and compliance officials can minimize the occurrence of fraud and recover funds more efficiently than ever.
The growing Popularity of Electronic Transactions is expected to fuel the FDP Market. E-commerce retailers have seen increased demand for electronic transactions over the past several years, which invariably has also increased the number of fraudulent activities. This in turn is expected to necessitate the need for an advanced FDP system e-commerce retail industry to ensure the safety of both customers as well as the business from such attacks.
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FRAUD DETECTION AND PREVENTION (FDP) MARKET SHARE ANALYSIS
The authentication solutions segment is expected to be the most lucrative segment during the forecast period. Authentication systems have long been used by businesses to protect client credentials and sensitive information. However, as fraud efforts in customer-facing apps get more sophisticated, enterprises are turning to advanced authentication solutions that include single factor and multi-factor authentication, as well as voice biometrics.
Based on region, North America is expected to be the most lucrative segment during the forecast period. The growth of the regional market was aided by an increase in the number of instances involving payment frauds, identity thefts, and money laundering across the United States and Canada.
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Major Players in the Fraud Detection and Prevention Market
SAS Institute (US)
BAE Systems (UK)
DXC Technology (US)
ACI Worldwide (US)
NICE Systems (Israel)
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– The global Multi-factor Authentication market size is projected to reach USD 32110 Million by 2026, from USD 10970 Million in 2020, at a CAGR of 19.6% during 2021-2026.
– The global eGRC market size is projected to reach USD 38160 Million by 2027, from USD 25530 Million in 2020, at a CAGR of 5.8% during 2021-2027.
– The global Insurance Fraud Detection market size is projected to reach USD 5334.7 Million by 2027, from USD 1990.4 Million in 2020, at a CAGR of 14.6% during 2021-2027.
– The global Tokenization market size is projected to reach USD 2437.7 Million by 2027, from USD 1035.1 Million in 2020, at a CAGR of 12.5% during 2021-2027.
– The global Behavioral Biometrics market size is projected to reach USD 2075.6 Million by 2027, from USD 841.6 Million in 2020, at a CAGR of 13.6% during 2021-2027.
– The global online payment fraud detection market is expected to grow at a CAGR of 14.10% during the forecast period 2019–2025
– The global Transaction Monitoring market size is projected to reach USD 14820 Million by 2027, from USD 8086 Million in 2020, at a CAGR of 8.6% during 2021-2027.
– The global Anti Money Laundering (AML) Software market size is projected to reach USD 1743.9 Million by 2027, from USD 948.6 Million in 2020, at a CAGR of 8.6% during 2021-2027.
– The global Biometrics in Government market size is projected to reach USD 9768.3 Million by 2027, from USD 5076.2 Million in 2020, at a CAGR of 9.7% during 2021-2027.
– The global Identity and Access Management market size is projected to reach US$ 43190 million by 2027, from US$ 15960 million in 2020, at a CAGR of 15.3% during 2021-2027.
– Digital Identity Verification Market contains segmentation By Type (Personal, SME, Large Enterprise), By Application (Financial Services, Medical Insurance, Government Service, Other) and Regional
– The global Payment Processing Solutions market size is projected to reach USD 52,060 Million by 2026, from USD 33,810 Million in 2019, at a CAGR of 5.9% during the forecast period 2021-2026.
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