The Global Fraud Detection and Prevention Market size was valued at USD 24.62 billion in 2019 and is predicted to reach USD 89.94 billion by 2030 with a CAGR of 12.5% from 2020-2030.
Fraud detection and prevention software prevents any illegal or unlawful act conducted to extract value from an individual or organization through cyber-attacks. Such software helps in the identification of fraud and prevents data breach. It also facilitates secure online transactions by authenticating the access of authorized users.
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Lucrative growth opportunities make the fraud detection and prevention market extremely competitive. Some of the major players in the market are ACI Worldwide, Inc., Bae Systems, Inc., Fair Isaac Corporation, International Business Machines Corporation, Lava storm Analytics, NCR Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., and Threat Metrix Inc., among others.
Market Dynamics and Trends:
The number of fraudulent cases including data breaches, identity thefts, and payment frauds are constantly increasing around the world as a result of growing adoption of digital payment apps, e-banking services and cross-border transactions. This has significantly contributed towards the growth of the fraud detection and prevention market. Also, introduction of big data analytics along with the growing adoption of cloud computing services are major elements driving the growth of the market. In addition, remote working after the covid-19 outbreak and rising dependency on the internet are few other major factors anticipated to fuel the market growth. However, high initial cost of such solutions is the factor restraining the market growth. On the other hand, increase in data analytics, and advancements in the existing software are expected to create ample opportunities in the fraud detection and prevention market over the forecast period.
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Market Segmentations and Scope of the Study:
The global fraud detection and prevention market is segmented on the basis of solution type, services, deployment type, end user, industry vertical and geography. On the basis of solution type, the market is segmented into fraud analytics and authentication. Fraud analytics is further sub segmented into predictive analytics, customer analytics, social media analytics, big data analytics and behavioral analytics. Authentication is sub segmented into single factor authentication and multifactor authentication. On the basis of services, the market is segmented into professional and managed. On the basis of deployment type, the market is segmented into cloud and on-premises. On the basis of end user, the market is segmented into small & medium enterprise and large enterprises. On the basis of industry vertical, the market is segmented into BFSI, retail, healthcare, real estate, manufacturing, and other industry verticals. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.
North America region is anticipated to hold the lion share due to increased adoption of fraud detection and prevention software in numerous industries. Also, surge in the number of data processing enterprises along with technological advancements and growing awareness regarding instances of fraud are among the other major factors driving the market growth in this region.
However, Asia Pacific region is predicted to show rapid and consistent growth in market share within the forecast period. This is attributed to factors such as penetration of internet connectivity as well as surge in number of mobile devices, which are expected to further add to the revenue of fraud detection and prevention market during the forecast period.
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