ReportLinker reviews - Global Fraud Detection and Prevention (FDP) Market - Trends and Forecasts (2015 - 2020)
NEW YORK, Sept. 24, 2015 /PRNewswire/ -- Increasing penetration of internet enabled devices and rising online transactions is rife with fraudulent activities. Fraud has been on the rise and today it has become a boardroom issue; people across the globe are concerned more about fraud - ranging from employees misuse of identity card to large-scale frauds, concerning high-value contracts, thereby leading to serious businesses implications such as loss of reputation & ethics and stunted growth; and also incurring heavy losses up to 8% of revenue annually for some of the enterprises.
Growing proliferation of E-Tailing and E-Banking globally (47.5 % of people are using desktop/laptop for making online transactions as compared to smartphone and tablet users, who accounted for 39.2% and 10.5% share respectively, in 2013) has led to transaction web to become more complex; tracking and monitoring of the data flow more challenging leading to increasing numbers of frauds across different industries.
Rapid technological developments and the large numbers of consumers present/operating online have led fraud to be one of the fastest emerging threats to all types of organizations.
Over the last five years, information technology and the internet has gained foothold across different industry verticals; increasing vulnerability of every sector to the threat of organized and automated crimes, and misappropriations.
Fraud Detection and Prevention (FDP) solutions have thus become more important in the current scenario than it has ever been. Traditional methods of fraud detection have been replaced by sophisticated techniques involving statistical modelling and simulation, Machine Learning and Data Mining techniques.
Growth in online transactions and increasing revenue losses due to fraudulent activities along with has augmented the demand for fraud detection and prevention solutions. The demand for Fraud Detection and Prevention Solutions is expected to witness CAGR of 16.62% over the forecast period, to reach a total market value of $19.92 billion by end of 2020.
North America held the largest market share of 34.26% in 2014, followed by Europe, mainly attributed to growing E-retailing due to high rate of internet penetration and concentration of business enterprises.
Asia-Pacific followed by Latin America region is projected to witness highest growth rate over the next six years, due to several factors such as presence of some of the fastest growing economies and increasing number of small and medium scale enterprises.
The application of FDP encompasses multiple sectors, such as BFSI, manufacturing, retail, telecommunication, Healthcare, Government and others. The manufacturing sector, however, contributed to 17% of the Global Fraud Detection and Prevention Market in 2014, followed closely by BFSI. However, healthcare is poised to have highest compound annual growth rate of 25.13% over the forecast period, owing to growing health concern, increasing demand for medicare benefits along with emergent adoption of online health records and remote patient care.
Addressing FDP encompasses a set of activities including creation of a controlled environment, Fraud Risk Assessment, Monitoring customer transaction and activities, detection of fraud and inconsistencies, sharing of information, communication and strategic consulting, in order to address specific loopholes.
Some of the major players in the market are IBM, Oracle, LexisNexis, Equifax, Inc. FICO, CSC, FICO, Equifax, Inc., EMC Corporation and Bosch Software Innovations Gmbh.
Read the full report: http://www.reportlinker.com/p03281815-summary/view-report.html
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