About Fraud Detection and Prevention
The global fraud detection and prevention market is expected to grow at a healthy pace during the forecast period, according to the AMA study. Increasing demand to reduce the financial loses caused by fraudism and rising threat of cyber attacks are expected to be some of the major factors aiding into the growth for the market. However, the market is expected to witness a decline in the growth during FY 2020 but it is again expected to rise with a healthy pace after the COVID-19 pandemic is over.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 14.8% |
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Fraud Detection and Prevention 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.
ACI Worldwide (United States), Bae Systems (United Kingdom), Dell Technologies (United States), DXC Technology (United States), Experian (Ireland), FICO (United States), Fiserv Inc (United States), FIS Global (United States)], IBM (United States), Iovation, Inc. (United States), SAS Institute (United States), SAP (Germany) and Software AG (Germany) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Fraud Detection and Prevention market by Type (Fraud Analytics, Authentication, Governance, Risk, Compliance and Others), Application (Detection {Payment Verification, Bot Mitigation, Real-Time Monitoring, Alerts}, Intelligence {Transaction Scoring, Risk Assessment, Intelligence Reporting}, Analysis {ID Analytics, Intelligence Reporting, Incident Reports}, Administration {Fraud Markers, Transaction Scoring, Blacklisting} and Response {Device Tracking, Fraud Markers, Blacklisting, Bot Mitigation}) and Region.
On the basis of geography, the market of Fraud Detection and Prevention 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 Enterprise SIze, the sub-segment i.e. SMEs will boost the Fraud Detection and Prevention market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Platform, the sub-segment i.e. Windows will boost the Fraud Detection and Prevention 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. IT & Telecom will boost the Fraud Detection and Prevention market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. On Premise will boost the Fraud Detection and Prevention market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Implementation of Artificial Intelligence (AI) in Fraud Detection and Prevention Solutions
Market Growth Drivers:
Increasing Demand to Reduce the Financial Losses Caused By Fraudism, Increasing Usage of Electronic Transactions and Rising Threat of Cyber Attacks
Challenges:
Short-term Challenges due to Reduced Operations Across Different Industries & Economic Crisis caused by COVID-19 Pandemic Across the World and Availability of Open Source Platforms
Restraints:
High Cost of Solutions
Opportunities:
Opportunities in the Asia Pacific Region
Market Leaders and their expansionary development strategies
In November 2023, Abrigo announced strategic partnership with Mitek, a global leader in mobile deposit and fraud prevention. This partnership is a first step toward providing community financial institutions with the tools they need to combat financial crimes like check fraud.
In October 2023, DataVisor launched of AI Co-Pilot, a first-of-its-kind generative-AI facilitated fraud solution. This transformative technology is 20 times faster and more accurate in catching fraud than traditional solutions.
Stringent Government Regulations Regarding Lock-Down of Cities & Shutting Down of Operations Across Different Industries Across the World Due to the COVID-19 Pandemic is Impacting the Demand for Fraud Detection & Prevention Solutions
Analyst View
Since the COVID-19 virus outbreak in December 2019, the disease has spread to more than 200 countries across the world along with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and will significantly affect the fraud detection & prevention solutions market in 2020. The outbreak of COVID-19 has brought effects on many aspects, like scheduled public transportation cancellations; downfall in the real estate sector; travel bans and quarantines; closed operations across hotels & restaurants; banning of public gatherings & events; large slow-down in the supply chain of different markets; stock market unpredictability; declining business assurance, and uncertainty in the future market dynamics.
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.