Fraud Detection and Prevention (FDP) - Global Market Outlook (2017-2026)
According to Stratistics MRC, the Global Fraud Detection and Prevention market accounted for $17.52 billion in 2017 and is expected to reach $120.20 billion by 2026 growing at a CAGR of 23.9% during the forecast period. Growing demand for cloud-based security solutions, the sophistication of cyber frauds and attacks, and the emergence of big data analytics are some key factors boosting the market growth. However, the lack of skilled professionals is restricting market growth.
Any illegal act involving the obtaining of something of value through willful misrepresentation is called fraud. Fraud detection and prevention services and solutions are provided by IT companies to the various enterprises and organizations. The solution control users are provided access by authentication and verification for fraud prevention. FDP systems analyze data from a wide range of data sources for possible inaccuracies. It analyzes patterns, anomalies, and trends in the transactions. It identifies the outliers and reports the same in case of doubtful situations and transactions. FDP prevents unauthorized access from preventing fraud incidents. It also verifies user identity and maintains data integrity.
By End User, Banking, Financial Services, and Insurance held significant growth during the forecast period. The growth is due to the growing adoption of these solutions owing to the high requirement to strengthen authentication processes for customers. Based on the geography, Asia Pacific commanded the largest market share due to increasing penetration of the Internet and growing usage of mobile data for various applications.
Some of the key players profiled in the Fraud Detection and Prevention market include IBM, FIS Global, Bae Systems, Lexisnexis Risk Solutions, Friss, DXC Technology, SAS Institute, First Data, Easy Solutions, Simility , Securonix , Guardian Analytics, Software AG, Fico, ACI Worldwide, Wirecard, Maxmind, Fiserv, Experian and Iovation.
Organization Sizes Covered:
• Large Enterprises
• Small and Medium-Sized Enterprises
Deployment Modes Covered:
Fraud Types Covered:
Application Areas Covered:
• Money Laundering
• Identity Theft
• Payment Fraud
End Users Covered:
• Government/Public Sector
• Real Estate
• Banking, Financial Services, and Insurance
• Energy and Power
• Other End Users
- North America
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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