Fraud Detection And Prevention Market
Fraud Detection and Prevention Market Forecasts to 2028 - Global Analysis By Type (Insurance Fraud, Identity Fraud, Internet/Online Fraud, Check Fraud, Other Fraud Types), Component (Solutions, Services), Organization (Large Enterprises, SMEs), Deployment Model (Cloud, On-Premise), Application (Payment Fraud, Identity Theft, Money Laundering, Other Applications), Industry Vertical (Government & Defense, IT& Telecom, Banking, Financial Services and Insurance (BFSI), Industrial & Manufacturing, Retail & E-commerce, Healthcare, Energy & Power, Life Sciences, Real Estate, Utilities, Other Industry Verticals), and Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $28.91 BN |
|
Projected Year Value (2028) |
US $78.70 BN |
|
CAGR (2022 - 2028) |
17.4% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Fraud Detection and Prevention Market is accounted for $28.91 billion in 2022 and is expected to reach $78.70 billion by 2028 growing at a CAGR of 17.4% during the forecast period. Solutions for fraud detection and prevention work to stop frauds by locating a person and authenticating their access to the organization's IT system. The market for fraud detection and prevention is expanding as a result of the availability of big data analytics and cloud computing services.
According to report of National Audit Office (NAO) United Kingdom, around 1.9 million cyber related fraud incidents was found in 2016 in United Kingdom that results into loss of around USD11.35 billion.
Market Dynamics:
Driver:
Growing Online Application and Mobile Banking Services
An unexpectedly high number of fake websites and mobile apps have emerged as a result of the expanding use of application forms and mobile banking services. There is an increase in fake websites and online apps in different sectors like manufacturing, healthcare, retail & e-commerce, and retail & online. These websites and apps imitate retail stores and home delivery companies in an effort to lure people into fulfilling fake online interactions. Consumers in the banking industry are increasingly obsessed on smartphone platforms for a variety of purposes, including making online payments, analysing their statements, filing complaints, and providing feedback, among others.
Restraint:
High efficiencies of frauds
Since the widespread use of EMV Cards, identity fraud has gradually moved online from offline sources. Given the surge in fraud accounts, fraud complexity has also increased. Attacks by fraudsters are becoming increasingly sophisticated. An intermediate account in the names of around 1.5 million victims who already had an account is listed first. Fraudsters have an edge due to the enormous amount of personally identifiable information (PII) that is available on the black market. Many organisations, including financial institutions and retailers, have been forced to forgo more rigorous manual application review processes in order to open accounts more quickly, increasing the opportunity for crime to occur. This is due to the rising customer expectations for 24/7 digital access. Hence, the market's expansionary economic growth is hindered.
Opportunity:
Rise in usage of AI and machine learning in the banking sector
The financial and banking sectors were early adopters of risk-prevention technologies. Due to the massive internet data exchanges, financial organisations are very vulnerable. Financial institutions are also now focusing on both real-time fraud detection and financial risk mitigation. Systems for detecting fraud are developing as pattern recognition becomes more prevalent. Artificial intelligence has greatly improved thanks to machine learning (ML) technology, which may protect businesses from internal fraud and identify any abnormalities in people who might leak data. The demand for artificial intelligence and machine learning is increasing, and so is the acceptance of FDP solutions.
Threat:
Shortage of competent individuals
The growth of the global market is being hampered by several issues. The growth of the Fraud Detection and Prevention Market is projected to be hampered by the lack of qualified people to deal with fraudulent behaviour. Also, the absence of integration capabilities in fraud detection and prevention systems and services may hinder the expansion of the global market.
Covid-19 Impact
A significant market trend for fraud detection and prevention around the world has been the COVID-19 epidemic. As a result of the COVID-19 epidemic, which was brought on by the requirement for work-from-home and the expansion of online payments, the frequency of fraudulent instances increased. Online transactions are growing, and so is the amount of frauds, in exact proportion. The market revenue for fraud detection and prevention has increased as a result of this factor. The goal of fraud detection and prevention is to identify and stop attempts to acquire property or money through misrepresentation.
The SMEs segment is expected to be the largest during the forecast period
The SMEs segment is estimated to have a lucrative growth, due to increase in fraud instances inside these businesses. The growing reliance of SMEs on digital solutions and their absence of efficient security protocols are causes of cyberattacks. Due to their ignorance of scams and how they affect business profits, SMEs also struggle to monitor data protection compliance standards. Moreover, increased cross-border trade contributes to an increase in fraud. As a result, the market for solutions that can investigate, detect, prevent, and disclose frauds among SMEs is anticipated to expand in the coming years.
The Banking, financial services and insurance (BFSI) segment is expected to have the highest CAGR during the forecast period
The Banking, financial services and insurance (BFSI) segment is anticipated to witness the fastest CAGR growth during the forecast period. The competitors in the banking and financial services sector have become a popular target for hackers as a result of the increased digitization and electrification of business procedures. Additionally, the growing demand from clients for digital access to services like insurance, stock broking, and mutual funds across several touch points requires companies to implement fraud prevention systems. Moreover, the adoption of identification solutions in this industry is being stimulated by the growth in identity fraud and credit card theft incidences around the globe.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the existence of expanding economies together with increased mobile and internet device penetration, rising fraud cases, and widespread industry adoption.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to a number of causes, including the rising use of fraud detection and prevention systems across numerous industries and the rapid growth of data processing businesses in this area. Growing public awareness of fraud incidents is also anticipated to boost the market's profitability in this area.
Key players in the market
Some of the key players profiled in the Fraud Detection and Prevention Market include SAP SE, Oracle, Software AG, Fair Isaac Corporation (“FICO”), Dell Technologies, Total System Services, Inc., Experian, Equifax, ACI Worldwide, SAS Institute Inc., Microsoft Corporation, IBM, BAE Systems and Fiserv.
Key Developments:
In September 2022, Experian announced the release of Experian Fraud Score, a cutting-edge fraud protection tool that will assist companies of all sizes in identifying fraud at the application, transaction, and customer lifecycle stages.
In March 2022, Fiserv, with expertise in financial services technology solutions and payments, has developed a new fraud mitigation service that has reduced fraud losses, which were already low by industry standards, by 10 to 15% for its small to mid-size credit union and bank clients. False declines (legitimate transactions wrongly flagged as fraudulent) decreased by an average of 20%. The solution combines the enhanced artificial intelligence capabilities of Fico Fraud Predictor, Adaptive Analytics, and Global Intelligent Profiles, providing a cohesive, complementary, and holistic approach.
Fraud Types Covered:
• Insurance Fraud
• Identity Fraud
• Internet/Online Fraud
• Check Fraud
• Other Fraud Types
Components Covered:
• Solutions
• Services
Organizations Covered:
• Large Enterprises
• SMEs
Deployment Models Covered:
• Cloud
• On-Premise
Applications Covered:
• Payment Fraud
• Identity Theft
• Money Laundering
• Other Applications
Industry Verticals Covered:
• Government & Defense
• IT& Telecom
• Banking, Financial Services and Insurance (BFSI)
• Industrial & Manufacturing
• Retail & E-commerce
• Healthcare
• Energy & Power
• Life Sciences
• Real Estate
• Utilities
• Other Industry Verticals
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Fraud Detection and Prevention Market, By Fraud Type
5.1 Introduction
5.2 Insurance Fraud
5.3 Identity Fraud
5.4 Internet/Online Fraud
5.5 Check Fraud
5.6 Other Fraud Types
6 Global Fraud Detection and Prevention Market, By Component
6.1 Introduction
6.2 Solutions
6.2.1 Governance, Risk, and Compliance
6.2.2 Fraud Analytics
6.2.2.1 Big Data Analytics
6.2.2.2 Predictive Analytics
6.2.2.3 Social Media Analytics
6.2.2.4 Customer Analytics
6.2.2.5 Behavioural Analytics
6.2.3 Authentication
6.2.3.1 Multi Factor Authentication
6.2.3.2 Single Factor Authentication
6.2.4 Reporting
6.2.5 Visualisation
6.3 Services
6.3.1 Professional Services
6.3.2 Managed Services
7 Global Fraud Detection and Prevention Market, By Organization
7.1 Introduction
7.2 Large Enterprises
7.3 SMEs
8 Global Fraud Detection and Prevention Market, By Deployment Model
8.1 Introduction
8.2 Cloud
8.3 On-Premise
9 Global Fraud Detection and Prevention Market, By Application
9.1 Introduction
9.2 Payment Fraud
9.3 Identity Theft
9.4 Money Laundering
9.5 Other Applications
10 Global Fraud Detection and Prevention Market, By Industry Vertical
10.1 Introduction
10.2 Government & Defense
10.3 IT& Telecom
10.4 Banking, Financial Services and Insurance (BFSI)
10.5 Industrial & Manufacturing
10.6 Retail & E-commerce
10.7 Healthcare
10.8 Energy & Power
10.9 Life Sciences
10.10. Real Estate
10.11 Utilities
10.12 Other Industry Verticals
11 Global Fraud Detection and Prevention Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 SAP SE
13.2 Oracle
13.3 Software AG
13.4 Fair Isaac Corporation (“FICO”)
13.5 Dell Technologies
13.6 Total System Services, Inc.
13.7 Experian
13.8 Equifax
13.9 ACI Worldwide
13.10 SAS Institute Inc.
13.11 Microsoft Corporation
13.12 IBM
13.13 BAE Systems
13.14 Fiserv
List of Tables
1 Global Fraud Detection and Prevention Market Outlook, By Region (2020-2028) ($MN)
2 Global Fraud Detection and Prevention Market Outlook, By Fraud Type (2020-2028) ($MN)
3 Global Fraud Detection and Prevention Market Outlook, By Insurance Fraud (2020-2028) ($MN)
4 Global Fraud Detection and Prevention Market Outlook, By Identity Fraud (2020-2028) ($MN)
5 Global Fraud Detection and Prevention Market Outlook, By Internet/Online Fraud (2020-2028) ($MN)
6 Global Fraud Detection and Prevention Market Outlook, By Check Fraud (2020-2028) ($MN)
7 Global Fraud Detection and Prevention Market Outlook, By Other Fraud Types (2020-2028) ($MN)
8 Global Fraud Detection and Prevention Market Outlook, By Component (2020-2028) ($MN)
9 Global Fraud Detection and Prevention Market Outlook, By Solutions (2020-2028) ($MN)
10 Global Fraud Detection and Prevention Market Outlook, By Governance, Risk, & Compliance (2020-2028) ($MN)
11 Global Fraud Detection and Prevention Market Outlook, By Fraud Analytics (2020-2028) ($MN)
12 Global Fraud Detection and Prevention Market Outlook, By Big Data Analytics (2020-2028) ($MN)
13 Global Fraud Detection and Prevention Market Outlook, By Predictive Analytics (2020-2028) ($MN)
14 Global Fraud Detection and Prevention Market Outlook, By Social Media Analytics (2020-2028) ($MN)
15 Global Fraud Detection and Prevention Market Outlook, By Customer Analytics (2020-2028) ($MN)
16 Global Fraud Detection and Prevention Market Outlook, By Behavioural Analytics (2020-2028) ($MN)
17 Global Fraud Detection and Prevention Market Outlook, By Authentication (2020-2028) ($MN)
18 Global Fraud Detection and Prevention Market Outlook, By Multi Factor Authentication (2020-2028) ($MN)
19 Global Fraud Detection and Prevention Market Outlook, By Single Factor Authentication (2020-2028) ($MN)
20 Global Fraud Detection and Prevention Market Outlook, By Reporting (2020-2028) ($MN)
21 Global Fraud Detection and Prevention Market Outlook, By Visualisation (2020-2028) ($MN)
22 Global Fraud Detection and Prevention Market Outlook, By Services (2020-2028) ($MN)
23 Global Fraud Detection and Prevention Market Outlook, By Professional Services (2020-2028) ($MN)
24 Global Fraud Detection and Prevention Market Outlook, By Managed Services (2020-2028) ($MN)
25 Global Fraud Detection and Prevention Market Outlook, By Organization (2020-2028) ($MN)
26 Global Fraud Detection and Prevention Market Outlook, By Large Enterprises (2020-2028) ($MN)
27 Global Fraud Detection and Prevention Market Outlook, By SMEs (2020-2028) ($MN)
28 Global Fraud Detection and Prevention Market Outlook, By Deployment Model (2020-2028) ($MN)
29 Global Fraud Detection and Prevention Market Outlook, By Cloud (2020-2028) ($MN)
30 Global Fraud Detection and Prevention Market Outlook, By On-Premise (2020-2028) ($MN)
31 Global Fraud Detection and Prevention Market Outlook, By Application (2020-2028) ($MN)
32 Global Fraud Detection and Prevention Market Outlook, By Payment Fraud (2020-2028) ($MN)
33 Global Fraud Detection and Prevention Market Outlook, By Identity Theft (2020-2028) ($MN)
34 Global Fraud Detection and Prevention Market Outlook, By Money Laundering (2020-2028) ($MN)
35 Global Fraud Detection and Prevention Market Outlook, By Other Applications (2020-2028) ($MN)
36 Global Fraud Detection and Prevention Market Outlook, By Industry Vertical (2020-2028) ($MN)
37 Global Fraud Detection and Prevention Market Outlook, By Government & Defense (2020-2028) ($MN)
38 Global Fraud Detection and Prevention Market Outlook, By IT& Telecom (2020-2028) ($MN)
39 Global Fraud Detection and Prevention Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2020-2028) ($MN)
40 Global Fraud Detection and Prevention Market Outlook, By Industrial & Manufacturing (2020-2028) ($MN)
41 Global Fraud Detection and Prevention Market Outlook, By Retail & E-commerce (2020-2028) ($MN)
42 Global Fraud Detection and Prevention Market Outlook, By Healthcare (2020-2028) ($MN)
43 Global Fraud Detection and Prevention Market Outlook, By Energy & Power (2020-2028) ($MN)
44 Global Fraud Detection and Prevention Market Outlook, By Life Sciences (2020-2028) ($MN)
45 Global Fraud Detection and Prevention Market Outlook, By Real Estate (2020-2028) ($MN)
46 Global Fraud Detection and Prevention Market Outlook, By Utilities (2020-2028) ($MN)
47 Global Fraud Detection and Prevention Market Outlook, By Other Industry Verticals (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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