About Fraud Analytics Software
Fraud analytics software, is a hybrid approach to fraud detection and prevention, uses numerous techniques such as advanced analytics with embedded machine learning, artificial intelligence (AI) and combined with traditional detection method to identify more suspicious activity and unknown patterns. Moreover, it analyse each transaction in real time, and searching for unusual patterns that may suggest fraudulent behavior and stopping transactions before fraud can occur, as well as evolve and adapt over time.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 14.8% |
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 Fraud Analytics Software 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 (United States), FICO (United States), Oracle (United States), SAS Institute (United States), BAE Systems (United Kingdom), DXC Technology (United States), SAP (Germany), ACI Worldwide (United States), Fiserv (United States) and ThreatMetrix (United States) 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 Systems (Israel), Experian (United States), LexisNexis Risk solutions (United States), iovation Inc (United States), Friss (Netherlands), First Data (United States), Guardian Analytics (United States) and Software AG (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Fraud Analytics Software market by Type (Predictive Analytics Software, Customer Analytics Software, Social Media Analytics Software, Big Data Analytics Software and Behavioral Analytics Software), Application (Telecommunication, Government/Public sector, Healthcare, Real Estate, Energy and Power, Manufacturing and Others) and Region.
On the basis of geography, the market of Fraud Analytics Software 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 Organization Size, the sub-segment i.e. SMEs Enterprises will boost the Fraud Analytics Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment Type, the sub-segment i.e. Cloud will boost the Fraud Analytics Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Use of Big Data Analytics and Artificial Intelligence in Fraud Detection and Introduction of Hybrid Analytical Techniques
Market Growth Drivers:
Increasing Use of Electronic Transactions, Rising Revenue Losses Due to Frauds and Increase in the Frequency and Sophistication of Cyber Frauds and Attacks
Challenges:
Increasing Difficulty in Detecting Fraudulent Activities at an Early Stage and High Cost Associated With Deploying Fraud Analytics Software
Restraints:
Lack of Skilled Security Professionals to Deal With Fraudulent Activities and Dearth of Integration Capabilities in Developing Economies
Opportunities:
Several Government Initiatives in the Use of Digital Technologies and Digital Banking for Payments
Market Leaders and their expansionary development strategies
In December 2023, Scienaptic AI and SentiLink enhanced their product partnership to provide credit unions and lenders with artificial intelligence-powered fraud detection capabilities. The fraud detection tools will be powered by Scienaptic AI’s credit underwriting platform and SentiLink’s identity verification and fraud detection solutions
In June 2023, Kyndryl announced that it has implemented a suite of technology services for ClaimSearch Israel Ltd., a subsidiary of Verisk (NASDAQ: VRSK), Israel's official fraud detection database operator for the country’s compulsory insurance market.
California Consumer Privacy Act (CCPA) is passing a law for protection of data in United States which will be effective by January, 2020. It is expected to be country’s highest commendable security and privacy law.
Key Target Audience
Fraud Analytics Software Providers, System Integrator, Service Providers, End Users 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.