NEW YORK, Jan. 29, 2020 /PRNewswire/ --
Fraud Detection and Prevention Market Research Report: By Offering (Software, Service), Deployment Type (On-Premises, Cloud-Based), Enterprise Size (Large Enterprises, SMEs), Vertical (BFSI, Retail, IT & Telecom, Government/Public Sector, Healthcare, Manufacturing), Application (Identity Theft, Payment Frauds, Money Laundering), Threat Type (Account Takeover and Scanning, Digital Ad Frauds, Content Integrity Scamming, Wire and Automated Clearing House (ACH) Frauds and Card Cracking, Price Scraping, New Account Frauds, Phone Call Frauds, Acquirer and Merchant Frauds) - Industry Opportunity Analysis and Growth Forecast to 2024
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The fraud detection and prevention market, which generated revenue of $20,614.4 million in 2018, is predicted to grow at a CAGR of 15.1% during 2019–2024 (forecast period). The payment frauds category led the market in 2018, based on application, and it is projected to continue on this path till 2024. This would be a result of the increase in payment frauds as a result of the rapid adoption of electronic means for making payments.
Lucrative opportunities are being offered to the fraud detection and prevention market by the rising usage of the blockchain technology for supply chain management. Frauds are often not detected in the supply chain, as it is a complex chain of processes, involving the participation of various parts and personnel. As blockchain offers greater traceability and transparency, it allows companies to reduce the risk, which is why it would gain wide popularity in the coming years. The major advantage of blockchains are the difficulty in manipulation and cracking they pose.
The cloud-based category held the larger share in the fraud detection and prevention market, in 2018, on the basis of deployment type. This deployment allows users to monitor the security of their operations in real time and conveniently. Additionally, huge volumes of data can be stored and accessed on cloud, which makes it the preferred deployment method. Large enterprises led the market in 2018, based on enterprise size, because their business processes are more complex, which makes them vulnerable to external as well as internal threats.
In 2018, mobile-based was the larger category in the fraud detection and prevention market, based in platform, and it is also expected to witness faster growth during the forecast period. Due to the massive adoption of smartphones and a rising number of people opting for payments and social media usage via these devices, cyber criminals are increasingly targeting mobile users. During the forecast period, the highest CAGR, of 17.5%, is expected to be witnessed by the retail category, based on vertical. This is attributed to the increase in e-commerce and consumer goods sales on account of the rising disposable income.
Read the full report: https://www.reportlinker.com/p05842964/?utm_source=PRN
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