Fraud Detection and Prevention Market By Solution (Fraud Analytics, Authentication, and Governance, Risk, & Compliance), Service (Managed Services and Professional Services), Application (Identity Theft, Money Laundering, and Payment Fraud), Deployment Mode (Cloud and On-Premises), Industry Vertical (Banking, Financial Services, & Insurance (BFSI), IT & Telecommunication, Retail, Healthcare, and Energy & Power) - Global Analysis & Forecast 2020-2030
Report ID : 340 | Published Date : Jul 2020 | Pages : 150 | Region : Global | Report Code : ICT-31
Fraud Detection and Prevention Market Overview and Introduction
Fraud detection and prevention applications provide an end-to-end fraud prevention environment. They help to analyze high-volume data streams, identify complex suspicious scenarios by examining behavioral patterns, and provide real-time intelligence that is required to identify fraudulent transactions. Leading players in the market are focusing on strategies, such as offering advanced product portfolio and forming strategic collaborations & partnerships, to gain a competitive edge over other players. For instance, in May 2018, Fiserv, Inc. partnered with Rippleshot, a fraud analytics company, to offer an early breach detection solution, Card Risk Office.
The growth of the fraud detection and prevention market is primarily driven by rapid technological advancements, increasing enterprise data and their complexity, and rapid increase in mobile banking. Furthermore, revenue losses faced by organizations due to the increasing number of cyberattacks have significantly contributed to market growth.
The global fraud detection and prevention market can be segmented into solution, service, application, deployment mode, industry vertical, and region.
Fraud Detection and Prevention Market By Solution
Based on solution, the market can be segmented into fraud analytics, authentication, governance, risk, & compliance, and others. The fraud analytics segment is expected to grow at the highest CAGR during the forecast period. Fraud analytics helps to identify, monitor, & analyze data from different data sources, detect anomalies and suspicious & unusual behaviors across various channels.
Fraud Detection and Prevention Market By Service
Based on service, the market can be segmented into managed services and professional services. The professional services segment is expected to dominate the fraud detection and prevention market owing to increasing fraudulent activities and government regulations for data protection.
Fraud Detection and Prevention Market By Application
Based on the application, the market can be segmented into identity theft, money laundering, payment fraud, and others. The payment fraud application segment is expected to dominate the market during the forecast period owing to the increasing number of fraudulent activities related to payments and electronic transactions.
Fraud Detection and Prevention Market By Deployment Mode
Based on the deployment mode, the market can be segmented into cloud and on-premises. The cloud segment in the fraud detection and prevention market is expected to witness the highest CAGR due to the growing adoption of cloud services by various organizations for security proposes.
Fraud Detection and Prevention Market By Industry Vertical
Based on industry vertical, the market can be segmented into BFSI, IT & telecommunication, retail, healthcare, energy & power, and others. The BFSI segment will account for the largest market share during the forecast period. It holds sensitive information of employees, customers, assets, offices, branches, and operations that requires an integrated case management system to help financial institutions to identify potential fraudulent threats, mitigate risks, and maintain regulatory compliance.
Fraud Detection and Prevention Market By Region
Based on region, the global fraud detection and prevention market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the fraud detection and prevention market. The growth in North America can be attributed to industrial expansion and rising fraudulent activities coupled with increasing technological advancements. Asia Pacific is expected to witness the highest growth rate in the fraud detection and prevention market during the forecast period due to increasing regulatory compliances, growing organizational sizes, and business complexities.
Fraud Detection and Prevention Market Prominent Players
Some of the prominent players in the fraud detection and prevention market include Fair Isaac Corporation., IBM, Fiserv, Inc., FIS, ACI Worldwide, Inc., First Data Corporation., BAE Systems., LexisNexis Risk Solutions, Oracle, Dell Inc., and others.