About Fraud Detection Software
Fraud detection software is used to identify the high risk or illegal transactions by continuously monitoring behaviors of users to figure out risk involved in fraudulent transactions. Growing digitalization has led consumers of being highly dependent on online transactions which resulted in rise in fraudulent activities. As reported by 'Global Fraud and Identity Report' in 2018, over 63% businesses have suffered some kinds of frauds which resulted in loss in revenues. Fueled by heavy investment by stakeholders and advancement in fraud detection technologies, fraud detection software is expected to see unprecedented growth during foretasted year.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 12.56% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions 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 Detection 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), SAS Institute (United States), BAE Systems (United Kingdom), DXC Technology (United States), SAP (Germany), ACI Worldwide (United States), Fiserv (United States), NICE Systems (Israel), Experian (United States), LexisNexis Risk solutions (United States), iovation (United States), Dell Technologies (United States), Wirecard (Germany), Computer Services, Inc. (United States), Software AG (Germany), Easy Solutions (United States) and Distil Networks (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 Guardian Analytics (United States), Securonix (United States), MaxMind (United States), Kount (United States) and Simility (United States).
Segmentation Overview
AMA Research has segmented the market of Global Fraud Detection Software market by and Region.
On the basis of geography, the market of Fraud Detection 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 Deployment Type, the sub-segment i.e. Cloud will boost the Fraud Detection Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Verticals, the sub-segment i.e. BFSI will boost the Fraud Detection Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Sizes, the sub-segment i.e. SMEs will boost the Fraud Detection Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Solution, the sub-segment i.e. Fraud Analytics {Predictive Analytics, Descriptive Analytics, Social Media Analytics & Big Data Analytics} will boost the Fraud Detection Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Use of Big Data Analytics in Fraud Detection and Emergence of Hybrid Analytical Techniques
Market Growth Drivers:
Growing Cases of Fraud Activities Across Industries Resulting in Revenue Loss, Rising Electronics Transaction Across Various System and Potent Cyber-attackers Leading to Rise in Cases of Cyber Threat
Challenges:
Nipping Fraud Activities in the Bud and High Cost Involved in Implementation of Fraud Detection Software
Restraints:
Dearth of Skilled Professional to Counter Fraud Activities and Complexity Involved in Integration of Various Systems
Opportunities:
Rising Artificial Intelligence and Machine Learning Activities and Massive Investment in Cyber-security Fueled by Government Support
Market Leaders and their expansionary development strategies
In December 2023, Treasury Prime announced its strategic partnership with Effective, a fraud and risk management platform for financial institutions and fintech companies. This collaboration will empower companies and financial institutions within Treasury Prime's multi-bank network to leverage Effective's Transaction Monitoring solution, enabling customers to significantly reduce fraudulent transactions and enhance risk management.
In November 2023, NetGuardians has launched a new Software-as-a-Service (SaaS)-offering, delivering its AI-driven fraud prevention solutions on Google Cloud. NetGuardians’ payment fraud prevention solution will now be available as a seamless and comprehensive SaaS offering on Google Cloud.
Key Target Audience
Fraud Detection Software Providers, System Integrators, Government Agencies, Research Institutes, Market and Research Institutes, Potential Investors 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.