According to the latest report by IMARC Group “Fraud Detection and Prevention Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2022-2027“, The global fraud detection and prevention market is expected to exhibit a CAGR of XX% during 2022-2027.

Fraud detection and prevention encompasses a wide range of automated technologies that enable organizations to detect and prevent fraudulent behaviour. To reduce fraud detection time and process transactions quickly, these solutions largely rely on statistical data analysis tools and artificial intelligence (AI). These solutions are also widely integrated with various cutting-edge technologies to obtain illegally stolen resources and efficiently mitigate the consequences of scams. As a result, they are widely used in a variety of enterprises to improve operational efficiency while assuring the right security of their financial and network solutions.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Market Trends:

The global market is being driven mostly by increased worries about digital fraud. With the increasing acceptance of digitalization across a wide range of industrial verticals, there has been an increase in cybercrime and cyber fraud across the globe. This has compelled many businesses to link their systems with fraud detection and prevention solutions, which is fueling the market growth. Furthermore, there is a growing tendency among the general public for online banking options. Along with this, digital payment apps and cross-border transactions are gaining popularity on a global scale, which has contributed to an increase in the number of fraudulent incidents involving data breaches, payment fraud, and identity theft. This has prompted enterprises to implement these technologies to help them foresee traditional fraud tactics and constantly understand advanced schemes. Furthermore, the growing popularity of e-commerce portals has permitted an increase in demand for customer-centric fraud prevention approaches, which are critical to enterprise security strategy. Their use helps to bridge the gap between improved payment experience and security, resulting in a good market outlook.

Breakup by Component:

  • Solutions
  • Services

Breakup by Application:

  • Identity Theft
  • Money Laundering
  • Payment Fraud
  • Others

Breakup by Organization Size:

  • Small and Medium Enterprises
  • Large Enterprises

Breakup by Vertical:

  • BFSI
  • Government and Defense
  • Healthcare
  • IT and Telecom
  • Manufacturing
  • Retail and E-Commerce
  • Others

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Competitive Landscape with Key Player:

  • ACI Worldwide Inc.
  • BAE Systems
  • Cybersource Corporation (Visa Inc.)
  • DXC Technology Company
  • Experian plc
  • Fiserv Inc.
  • Global Payments Inc.
  • International Business Machines Corporation
  • Oracle Corporation
  • SAP SE
  • SAS Institute Inc.
  • Software AG
  • Total System Services Inc.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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