Global Fraud Detection and Prevention Market to Reach $118.95 Billion by 2028 at a CAGR of 24.89%
DUBLIN, Oct. 28, 2022 /PRNewswire/ -- The "Global Fraud Detection and Prevention Market, By Components, By Application, By Deployment, By Enterprise Size, By Industry & By Region - Forecast and Analysis 2022-2028" report has been added to ResearchAndMarkets.com's offering.
Global fraud detection and prevention market is valued at USD 25.1 billion in 2021, and it is estimated to surpass market size of USD 118.95 billion by 2028, at a CAGR of 24.89% over the forecast period 2022-2028.
The widespread adoption of digitization and the Internet of Things has boosted the demand for fraud detection and prevention solutions. Furthermore, the growing number of cyber-attacks and higher occurrences of data theft resulting in revenue loss are propelling the fraud detection and prevention market ahead. Currently, the market has the opportunity to employ AI and ML in the banking sector to improve fraud detection and prevention.
Segments covered in this report
- Based on Components, the market is categorized into Solutions, Services.
- Based on Application, the market is categorized into Insurance Claims, Money Laundering, Electronic Payment, others.
- Based on Deployment, the market is categorized into Cloud, On-Premise. Based on Enterprise Size, the market is categorized into Large Enterprises, Small & Medium Enterprises (SMEs).
- Based on Industry, the market is categorized into BFSI, IT, Telecom, Retail, Consumer Packaged Goods, Government, Construction, Real Estate, Energy, Utilities, Travel, Transportation, Manufacturing, Healthcare, Life Sciences, Media, Entertainment, Other.
- By region, the global Fraud Detection and Prevention market is categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Drivers
The popularity of digital applications and mobile banking services has grown, as has the number of fraudulent websites and mobile applications. In other industries, such as retail and e-commerce, manufacturing, and healthcare, fake websites and online apps are on the rise. These websites and programs mimic retail establishments and home delivery services, enticing clients into making fraudulent online transactions. Customers in the banking business are increasingly depending on mobile applications for a range of purposes, such as online payments, statement reviews, filing complaints, and providing feedback.
Restraints
The lack of professionals and qualified workers will stifle the expansion of the fraud detection and prevention market. This is especially true in emerging markets.
Market Trends
The coronavirus pandemic had a significant influence on the global economy. Overall demand for fraud detection and prevention (FDP) solutions fell somewhat in the first half of 2020 across all applications. Several marketing efforts, planned investments, government policies, and other projects have also been halted as a result of the outage.
As a result of growing cybercrime, payments fraud, insurance fraud, and other types of fraud, the outlook for the fraud detection and prevention market in the second half of 2020 and beyond boosted the adoption of fraud detection and prevention solutions. Individuals are claiming COVID-19 medical expenses through their life and health insurance policies. Because of the rising number of online insurance claims, fraudsters now have more opportunity to engage in fraudulent operations.
Key Topics Covered:
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
Key Market Insights
Covid Impact
Market Dynamics & Outlook
Global Fraud Detection and Prevention Market by Component
Global Fraud Detection and Prevention Market by Application Area
Global Fraud Detection and Prevention Market by Deployment
Global Fraud Detection and Prevention Market by Enterprise Size
Global Fraud Detection and Prevention Market by Industry
Market Size by Region
Key Company Profiles
Companies Mentioned
- IBM Corporation (US)
- Uplexis (Brazil)
- Experian Information Solutions, Inc. (Brazil)
- Gemalto - Thales Group (France)
- ACI Worldwide, Inc. (US)
- BAE Systems (US)
- Fair Isaac Corporation (US)
- Fidelity National Information Services, Inc. (US)
- LexisNexis (US)
- NICE Actimize Ltd. (Israel)
For more information about this report visit https://www.researchandmarkets.com/r/xq5k69
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
Share this article