Chicago, Sept. 19, 2022 (GLOBE NEWSWIRE) — Fraud Detection and Prevention Market size is projected to grow from USD 24.8 billion in 2021 to USD 65.8 billion by 2026 at a CAGR of 21.5%, according to a new report by MarketsandMarkets™. The rise in the use of digital technologies and digital banking for payments and application of Artificial Intelligence (AI) and Machine Learning (ML) algorithms for FDP would provide huge opportunities for FDP vendors to expand their offerings and product portfolios for enterprises.
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Browse in-depth TOC on “Fraud Detection and Prevention Market”
493 – Tables
46 – Figures
381 – Pages
Scope of the Report
|Market size available for years||2015–2026|
|Base year considered||2020|
|Forecast units||Value (USD)|
|Segments covered||Fraud Type, Components, Deployment Mode, Organization size, Verticals and Regions.|
|Geographies covered||North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.|
|Major companies covered||BAE Systems (UK), Nice Actimize(US), FICO (US), LexisNexis(US), TransUnion(US), Kount (US), Software AG(Germany), RSA Security(US), Fiserv(US), FIS (US), ACI Worldwide(US), Experian(Ireland), SecuroNix (US), Accertify (US), Feedzai (US), CaseWare (Canada), FRISS(Netherland), MaxMind (US), Gurucul (US), DataVisor (US), PayPal (US), Visa (US), SAS institute (US), SAP SE (Germany), Microsoft Corporation (US), F5, Inc (US), Ingenico (France), AWS (US), PerimeterX (US), OneSpan (US), Signifyd (US), Cleafy (Italy) and Pondera Solutions (US).|
The scope of the report covers the Fraud Detection and Prevention Market by fraud types, component, deployment mode, organization size, vertical, and region. Organizations are rapidly adopting FDP solutions due to the increasing number of fraudulent cases, resulting in heavy financial losses. The study provides an analysis of the global FDP market since 2015, based on contemporary market trends and developments and its potential growth from 2021 to 2026. It provides detailed market trends, vendors’ market shares, market sizes, forecasts, and analysis of the key players in the FDP market.
APAC includes big developing economies, such as Japan, India, Australia, and New Zealand (ANZ), Singapore, and Rest of APAC. APAC is highly concerned with the increase in security spending due to the ever-growing threat landscape. The threat of fraud in APAC is rising at an alarming rate, thus driving an increase in spending on FDP solutions. ML, IoT, big data analytics, and AI are the emerging methodologies that are being deployed in this region. The adoption of digital technologies, the ever-seen growth of smartphones, and the presence of many organizations, along with huge customer base, have contributed to the growth of economies in APAC. The region has various established SMEs, which are growing at an exponential rate to cater to their large customer base. However, the high deployment cost for adopting FDP solutions is hindering their adoption among organizations in the region. As per estimates by the Australian Bankers’ Association (ABA), financial institutions in the region have spent approximately USD 1.17 billion in recent years to implement regulatory changes, including tax compliance and fraud detection. Despite these challenges, Asian economies have made significant progress in meeting FATF’s international standards for FDP. To counter technology-related fraudulent activities, several organizations in the region have established a code of conduct, Anti-Bribery and Anti-Corruption (ABAC) policies, and training. All governments in this region are working collectively and extensively to combat bribery and corruption by imposing heavy legal sanctions against frauds. According to a report by GBG, to mitigate today’s fraud threats and address the fraud patterns it is very important to enable fraud insulated digital product and channels in this age of digitalization. In APAC region, financial institutions are seeing a greater demand for instant gratification, device integrated financial products like e-wallet and an End-to-End fraud management platform readiness.
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Vertical: BFSI vertical is expected to grow with highest CAGR during the forecast period
The BFSI vertical includes commercial banks, insurance companies, mutual funds, cooperatives, non-banking financial companies, pension funds, and other smaller financial institutions. The BFSI vertical is also a major target for cybercriminals as it holds sensitive information of employees, customers, assets, offices, branches, and operations. Owing to the number of transactions (both monetary and data-centric), number of transactions, technological advancements, and digitalization of financial sector, the possibility of fraud in this vertical is increasing significantly.
The BFSI vertical faces both internal and external fraud threats, such as card skimming, SMS phishing, social engineering, viruses and Trojans, identity thefts, spyware and adware, website cloning, and cyberstalking. To avert these attacks, regulatory bodies across the world have devised several regulations for organizations to achieve optimum security for customers as well as organization data. Fraudsters and hackers are trying newer and advanced technology-based solutions to hack into or access (unauthorized) networks and systems. As a result, banking and financial service providers spend millions of dollars to keep their systems up to date with the latest security measures.
Banks and financial services companies were equipped with cybersecurity infrastructure, policies, and practices only pertaining to on-premises operations and not for full-fledged remote operations. As a result, these firms are facing challenges in maintaining requisite cybersecurity protocols in-line with regulatory expectations, in this forced remote work environment, making their IP and networks more vulnerable to fraudulent attacks and breaches.
Key Market Players
Major vendors in the global Fraud Detection and Prevention Market include BAE Systems (UK), Nice Actimize(US), FICO (US), LexisNexis(US), TransUnion(US), Kount (US), Software AG(Germany), RSA Security(US), Fiserv(US), FIS (US), ACI Worldwide(US), Experian(Ireland), SecuroNix (US), Accertify (US), Feedzai (US), CaseWare (Canada), FRISS(Netherland), MaxMind (US), Gurucul (US) , DataVisor (US), PayPal (US), Visa (US), SAS institute (US), SAP SE (Germany), Microsoft Corporation (US), F5, Inc (US), Ingenico (France), AWS (US) , PerimeterX (US), OneSpan (US), Signifyd (US), Cleafy (Italy) and Pondera Solutions (US).
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