According to the latest report by IMARC Group “Fraud Detection and Prevention Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2022-2027“, The global fraud detection and prevention market is expected to exhibit a CAGR of XX% during 2022-2027.
What is Fraud Detection and Prevention?
Fraud detection and prevention includes various automated solutions that enable organizations to detect as well as assist in taking required measures to prevent fraudulent activities. These strategies heavily rely on statistical data analysis techniques and artificial intelligence (AI) to minimize fraud detection time and process transactions in a fast manner. These solutions are also widely integrated with various state-of-the-art technologies to procure illegally stolen resources and effectively reduce the repercussions of scams. They are, therefore, widely deployed in numerous organizations to improve operational efficiency while ensuring proper security of their financial and network solutions.
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What are the growth prospects and trends in the Fraud Detection and Prevention industry?
The global market is primarily driven by the rising concerns regarding digital frauds. With the growing adoption of digitization across numerous industry verticals, there has been a rise in the incidences of cybercrimes and cyber frauds across the globe. This has impelled numerous companies to integrate their systems with fraud detection and prevention solutions, which is providing an impetus to the market growth. Moreover, there has been a growing preference for online banking solutions among the masses. Along with this, digital payment apps and cross-border transactions are also gaining widespread prominence on the global level, which has contributed to the rising number of fraudulent cases that involve data breaches, payment frauds and identity thefts. This has encouraged organizations to deploy these solutions to assist them in predicting conventional fraud tactics and constantly deciphering sophisticated schemes. Furthermore, the increasing popularity of e-commerce portals has also facilitated the growing demand for customer-centric fraud prevention techniques that are crucial to business security strategy. Their use aids in bridging the gap between enhanced payment experience and security, thereby creating a positive outlook for the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Solutions
- Services
Breakup by Application:
- Identity Theft
- Money Laundering
- Payment Fraud
- Others
Breakup by Organization Size:
- Small and Medium Enterprises
- Large Enterprises
Breakup by Vertical:
- BFSI
- Government and Defense
- Healthcare
- IT and Telecom
- Manufacturing
- Retail and E-Commerce
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- ACI Worldwide Inc.
- BAE Systems
- Cybersource Corporation (Visa Inc.)
- DXC Technology Company
- Experian plc
- Fiserv Inc.
- Global Payments Inc.
- International Business Machines Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Software AG
- Total System Services Inc.
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