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The global “Fraud Detection And Prevention Market” size is expected to reach USD 106.71 billion by 2027, exhibiting a CAGR of 24.4% during the forecast period. The rising proclivity towards online transactions, including bill payments, flight bookings, mobile banking, and others can be an essential factor spurring the demand of the market, states Fortune Business Insights, in a report, titled “Fraud Detection and Prevention Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (On-Premise and Cloud), By Enterprise Size (Large Enterprises and Small and Medium Enterprises), By Application Area (Insurance Claim, Money Laundering, Electronic Payments, and others), By Vertical (BFSI, IT and Telecommunication, Government, Retail and Consumer packed Goods, Manufacturing, Health and Life Sciences, Construction and Real Estate, Travel and Transportation, Energy and Utilities, Media and Enterprises, and Others) and Regional Forecast, 2020-2027” the market size stood at USD 19.82 billion in 2019.

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The Report List the Main Companies in the Fraud Detection and Prevention Market:

  • ACI Worldwide, Inc. (Florida, United States)
  • BAE Systems (Farnborough, United Kingdome)
  • DXC Technology Company (Virginia, United States)
  • Dell, Inc. (Texas, United States)
  • Experian Information Solutions, Inc. (California, United States)
  • Fair Isaac Corporation (California, United States)
  • Fidelity National Information Services, Inc. (Florida, United States)
  • Fiserv, Inc. (Wisconsin, United States)
  • Forter (New York, United States)
  • net, Inc. (New York, United States)
  • IBM Corporation (New York, United States)
  • NICE Ltd. (Ra’anana, Israel)
  • SAS Institute, Inc. (North Carolina, United States)
  • Signifyd (California, United States)
  • ACH Alert (Tennessee, United States.)
  • Software AG (Ontario, Canada)
  • TransUnion LLC (Chicago, United States)
  • Everlink Payment Services, Inc. (Ontario, Canada)

Market Driver:

Implementation of AI and Machine Learning in Banking Sectors to Augment Growth

The increasing adoption of AI-based fraud detection systems for anti-money laundering and automating fraud and cybersecurity applications in banks will have a tremendous impact on the market in the foreseeable future. The growing integration of AI in bank’s fraud detection systems for identifying loan fraud, payment fraud, and customer onboarding fraud will create lucrative business opportunities for the market. The mounting reputation of artificial intelligence and machine learning owing to its capabilities in fraud detection and prevention model will subsequently enable speedy expansion of the market. For instance, in October 2019, Bank of England and Financial Conduct Authority (FCA) has conducted a survey ‘Machine Learning in UK Financial Services’. The survey has cited that, almost 57% of respondents have already using AI-based anti-fraud and anti-money laundering solutions. Furthermore, the surge in electronic transactions owing to the popularity of E-commerce will promote the growth of the market. According to Capgemini’s financial services analysis in 2019, the number of worldwide non-cash transactions expected to reach 1,045.5 billion by 2022. The potential threats associated with e-transactions will fuel demand for advanced fraud prevention solutions, which, in turn, will favor the growth of the market during the forecast period.

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Lockdown to Swell Digital Payments During Coronavirus

The surge in digital payments through debits cards, credit cards, e-wallets, and others amid pandemic will benefit the industry. The growing inclination towards online platforms for buying groceries or other essentials because of the vast spread of the virus outside homes will consequently accelerate e-transactions thus, augmenting the market. Furthermore, the government endorsement for online platforms to maintain norms such as social distancing and home quarantine to prevent the spread of the virus will stimulate the market. According to the PwC’s 2020 Global Economic Crime and Fraud Survey, among the 5,000 respondents, 47% experienced fraud in the past 24 months and experienced loss of around USD 42 billion due to fraudulent activities. Besides, the rising fraudulent crimes and activities in various regions of the world will spur opportunities for the market.

Regional Analysis:

High Adoption of FDP Solutions to Foster Growth in North America

The market size in North America stood at USD 7.45 billion in 2019 and is expected to witness a rapid growth rate during the forecast period. The growth in the region is attributed to growing cases of fraud in the e-commerce industry. The increasing adoption of FDP solutions by organizations secure critical information from attackers and frauds will enable the growth of the market in the region. According to the Accenture’s report ‘Unmask Digital Frauds Today- 2018’ more than 50% of fraud losses in the U.S are associated with Card-Not-Present (CNP) transactions. Asia Pacific is predicted to account for a high share during the forecast period. The market in Asia Pacific is predicted to a massive demand owing to the increasing use of smartphones across China and India. The growing implementation of cloud computing technology by small and medium enterprises can pose threats of cyber-attacks and frauds, which in turn will fuel demand for FDP solutions in the forthcoming years.

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Key Development:

November 2019: ACH Alert announced that it has signed a strategic partnership with Apiture, an online banking solution provider to offer its fraud detection services to more than 450 Apiture’s consumers.

Key Segment within the Market

1. By Component

  • Solution
  • Fraud Analytics
  • Predictive Analytics
  • Customer Analytics
  • Social Media Analytics
  • Big data Analytics
  • Behavioral Analytics
  • Authentication
  • Single –Factor Authentication
  • Multi-Factor Authentication
  • Governance, Risk and Compliance
  • Services
  • Others

2. By Application area

  • Insurance Claims
  • Money Laundering
  • Electronic Payment
  • Others

3. By Organization Size

  • Large
  • Small & Medium Enterprises (SMEs)

4. By Deployment

  • On-Premise
  • Cloud

5. By Vertical

  • BFSI
  • IT & Telecommunication
  • Government
  • Retail & Consumer Packed Goods
  • Manufacturing
  • Healthcare and Life Sciences
  • Construction & Real Estate
  • Travel and Transportation
  • Energy and Utilities
  • Media & Entertainment
  • Others 

6. By Geography

  • North America (USA and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/fraud-detection-and-prevention-market-100231

Table of Content

5. Global Fraud Detection and Prevention Market Analysis, Insights and Forecast, 2015-2026

5.1. Key Findings / Summary

5.2. Fraud Detection and Prevention Market Sizing Estimations and Forecasts – By Component (US$ Mn)

5.2.1. Solutions

5.2.1.1. Fraud Analytics

5.2.1.1.1. Predictive Analytics

5.2.1.1.2. Customer Analytics

5.2.1.1.3. Social Media Analytics

5.2.1.1.4. Big Data Analytics

5.2.1.1.5. Behavioural Analytics

5.2.1.2. Authentication

5.2.1.2.1. Single-Factor Authentication

5.2.1.2.2. Multi-Factor Authentication

5.2.1.3. Governance, Risk, and Compliance

5.2.2. Services

5.2.2.1. Professional Services

5.2.2.1.1. Consulting

5.2.2.1.2. Training and Education

5.2.2.1.3. Support and Maintenance

5.2.2.2. Managed Services

5.3. Fraud Detection and Prevention Market Sizing Estimations and Forecasts – By Application (US$ Mn)

5.3.1. Insurance claims

5.3.2. Money laundering

5.3.3. Electronic payment

5.3.4. Others

5.4. Fraud Detection and Prevention Market Sizing Estimations and Forecasts – By Deployment (US$ Mn)

5.4.1. Cloud

5.4.2. On-Premises

5.5. Fraud Detection and Prevention Market Sizing Estimations and Forecasts – By Organization Size (US$ Mn)

5.5.1. Small and Medium Enterprises (SMEs)

5.5.2. Large Enterprises

5.6. Fraud Detection and Prevention Market Sizing Estimations and Forecasts – By Vertical (US$ Mn)

5.6.1. BFSI

5.6.2. IT and Telecom

5.6.3. Retail and Consumer Packaged Goods

5.6.4. Government

5.6.5. Real Estate and Construction

5.6.6. Energy and Utilities

5.6.7. Travel and Transportation

5.6.8. Manufacturing

5.6.9. Healthcare and Life Sciences

5.6.10. Media and Entertainment

5.6.11. Others

5.7. Fraud Detection and Prevention Market Analysis, Insights and Forecast – By Geography (US$ Mn)

5.7.1. North America

5.7.2. Europe

5.7.3. Asia Pacific

5.7.4. Middle East and Africa

5.7.5. Latin America

6. North America Fraud Detection and Prevention Market Analysis, Insights and Forecast, 2015-2026

6.1. Key Findings / Summary

6.2. Fraud Detection and Prevention Market Sizing Estimations and Forecasts – By Component (US$ Mn)

6.2.1. Solutions

6.2.1.1. Fraud Analytics

6.2.1.1.1. Predictive Analytics

6.2.1.1.2. Customer Analytics

6.2.1.1.3. Social Media Analytics

6.2.1.1.4. Big Data Analytics

6.2.1.1.5. Behavioural Analytics

6.2.1.2. Authentication

6.2.1.2.1. Single-Factor Authentication

6.2.1.2.2. Multi-Factor Authentication

6.2.1.3. Governance, Risk, and Compliance

6.2.2. Services

6.2.2.1. Professional Services

6.2.2.1.1. Consulting

6.2.2.1.2. Training and Education

6.2.2.1.3. Support and Maintenance

6.2.2.2. Managed Services

6.3. Fraud Detection and Prevention Market Sizing Estimations and Forecasts – By Application (US$ Mn)

6.3.1. Insurance claims

6.3.2. Money laundering

6.3.3. Electronic payment

6.3.4. Others

6.4. Market Sizing Estimations and Forecasts – By Deployment (US$ Mn)

6.4.1. Cloud

6.4.2. On-Premises

6.5. Market Sizing Estimations and Forecasts – By Organization Size (US$ Mn)

6.5.1. Small and Medium Enterprises (SMEs)

6.5.2. Large Enterprises

6.6. Market Sizing Estimations and Forecasts – By Vertical (US$ Mn)

6.6.1. BFSI

6.6.2. IT and Telecom

6.6.3. Retail and Consumer Packaged Goods

6.6.4. Government

6.6.5. Real Estate and Construction

6.6.6. Energy and Utilities

6.6.7. Travel and Transportation

6.6.8. Manufacturing

6.6.9. Healthcare and Life Sciences

6.6.10. Media and Entertainment

6.6.11. Others

6.7. Market Analysis, Insights and Forecast – By Country (US$ Mn)

6.7.1. United States

6.7.2. Canada

7. Europe Fraud Detection and Prevention Market Analysis, Insights and Forecast, 2015-2026

7.1. Key Findings / Summary

7.2. Market Sizing Estimations and Forecasts – By Component (US$ Mn)

7.2.1. Solutions

7.2.1.1. Fraud Analytics

7.2.1.1.1. Predictive Analytics

7.2.1.1.2. Customer Analytics

7.2.1.1.3. Social Media Analytics

7.2.1.1.4. Big Data Analytics

7.2.1.1.5. Behavioural Analytics

7.2.1.2. Authentication

7.2.1.2.1. Single-Factor Authentication

7.2.1.2.2. Multi-Factor Authentication

7.2.1.3. Governance, Risk, and Compliance

7.2.2. Services

7.2.2.1. Professional Services

7.2.2.1.1. Consulting

7.2.2.1.2. Training and Education

7.2.2.1.3. Support and Maintenance

7.2.2.2. Managed Services

7.3. Market Sizing Estimations and Forecasts – By Application (US$ Mn)

7.3.1. Insurance claims

7.3.2. Money laundering

7.3.3. Electronic payment

7.3.4. Others

7.4. Market Sizing Estimations and Forecasts – By Deployment (US$ Mn)

7.4.1. Cloud

TOC Continued……!

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

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