Fraud Detection and Prevention Market is anticipated to grow at a CAGR of 26% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Fraud Detection and Prevention Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global fraud detection and prevention market is estimated to be over US$24.5 billion in 2019. The market is anticipated to grow at a CAGR of 26% from 2020 to 2030.
The global fraud detection and prevention market is driven by growing applications across finance, insurance, and public/government sectors coupled with improved risk protection and reduced overall costs. Surge in the number of private and public companies is further contributing to growth of the fraud detection and prevention market.
Technological advancements have played a vital role in growth of the fraud detection and prevention market. Companies could further benefit from machine-learning-based fraud detection solutions. Machine learning helps data scientists to efficiently determine which transactions are the most likely to be fraudulent while significantly reducing false positives. Such techniques are extremely effective in fraud prevention and detection, as they allow the automated discovery of patterns across large volumes of streaming transactions.
The shift of pace towards electronic transactions has increased significantly. The increasing utilization of electronic payments can create a significant impact on future economic growth in various countries. Some of the common frauds, such as online phishing or spoofing, identity theft, and merchant & triangulation frauds, may occur during online transactions. The only way to prevent organizations from online fraud is to adopt fraud detection and prevention solutions that meet security needs. This is expected to be a key growth driver for the fraud detection and prevention market.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/fraud-detection-and-prevention-market/340
North America dominated the global fraud detection and prevention market. The presence of several key players coupled with the early adoption of various technologies, including AI, the IoT, and machine learning for fraud detection has contributed to the enormous market growth in this region. For instance, in November 2019, FIS, a global leader on financial services technology integrated with IBM Fraud Detection Solution to help clients to tackle person-to-person payment frauds in the U.S.
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.
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