About Financial Crime and Fraud Management Solutions
Advanced technology is emerging which not only reshaping the finance industry but also making it vulnerable to severe financial threats such as identity theft, cyber stalling, card skimming, and phishing. Also, the younger generation of investors is showing interest for digital or cashless transactions, and this is pressing financial institutions to arm themselves with efficient financial crime and fraud management solutions. Further, the FinTech breakthroughs are facilitating online financial transactions which indicates an upsurge in the adoption of next-generation technologies, and includes artificial intelligence, data science, and machine learning, to fight financial crime and frauds.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 4.35% |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Financial Crime and Fraud Management Solutions market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM Corporation (United States), Capgemini SE (France), Oracle Corporation (United States), Fiserv, Inc. (United States), SAS Institute, Inc. (United States), ACI Worldwide (United States), Fidelity National Information Services, Inc. (FIS) (United States), Dell EMC (United States), ACI Worldwide, Inc. (United States) and Experian PLC (Ireland) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are NICE Ltd. (Israel), Polaris Consulting & Services Limited. (United States), FICO (United States) and Cloudera (United States).
Segmentation Overview
AMA Research has segmented the market of Global Financial Crime and Fraud Management Solutions market by and Region.
On the basis of geography, the market of Financial Crime and Fraud Management Solutions has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Hardware will boost the Financial Crime and Fraud Management Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End users, the sub-segment i.e. Banks will boost the Financial Crime and Fraud Management Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Features, the sub-segment i.e. Real time detection will boost the Financial Crime and Fraud Management Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organisation Size, the sub-segment i.e. SMEs will boost the Financial Crime and Fraud Management Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technological Advancements in Security Solutions
Market Growth Drivers:
Introduction of Digital Banking Solutions and Increasing Demand for Crime and Fraud Prevention Systems
Challenges:
Customers Loyalty Towards the Big Brands May Hamper the Market
Restraints:
Higher Costs Associated with the Installations of Software
Opportunities:
Rise in Financing Activities in Specialty Finance Sector
Market Leaders and their expansionary development strategies
In September 2023, Capgemini announced that it has signed an agreement for the acquisition of the Financial Crime Compliance (FCC) division of Exiger, a global market leading financial crime practice. This acquisition has strengthen the Group’s offerings in financial crime, risk management and regulatory compliance services. The transaction is due to close in the coming months.
In October 2023, Jack Henry announced that it is redefining fraud prevention with the initial roll out of Jack Henry Financial Crimes Defender, a cloud-native fraud and anti-money laundering (AML) solution designed with real-time capabilities at the forefront. This new solution allows community and regional financial institutions to proactively combat financial crimes across channels.
Key Target Audience
Financial institutions, Government associations, Research organisations, Software vendors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.