Fraud Detection and Prevention Market - Global Industry Growth,

  • Fraud Detection and Prevention Market 2021

    With rising incidences of fraud across a variety of industries, enterprises and government bodies are losing large amounts of capital every year. Among different industries, the highly regulated sectors like financial, healthcare, insurance, retail, and social security are the frequent targets. For these industries, combating fraud is essential as there is a multitude of compliance, regulations, risk management measures, and monetary consequences. Furthermore, increased use of digital data mode, high usage of internet enabled devices, and cloud services has rapidly increased the vulnerability of enterprises towards fraud, further fueling the fraud detection and prevention market.

    With growing digitization, fraud detection and prevention market has witnessed the replacement of traditional methods of fraud detection by advanced techniques. The introduction of key technologies namely big data analytics, cloud computing services, AI and machine learning are driving the growth of fraud detection and prevention market. For instance, LexisNexis offers fraud detection solutions leveraging advanced analytics and robust data to combat insurance fraud. This solution helps insurance carriers identify and investigate potentially fraudulent claims and questionable provider behavior more efficiently. On the other hand, deepsense.ai builds machine learning algorithms that are more efficient than rules-based systems for fraud detection. These algorithms decrease the number of false alarms and aid companies to maintain a good relationship with their customers.


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    Major Key Players:

    Key players operating in the fraud detection and prevention market are IBM Corporation, SAP SE, Dell Inc., FRISS, BAE Systems and NICE amongst others. However, the new market entrants offering highly advanced solutions are also expected to propel the market in the near future.

    Key Findings of the Report:

    In terms of revenue, the North American region accounted for the highest market share in 2018 and is anticipated to witness a sustainable CAGR over the forecast period.

    Among the solutions, Fraud analytics segments accounted for a significant market share in 2018, growing at a CAGR of 26.0% over the forecast years (2019 – 2027).

    Cloud based deployment is expected to grow at an increasing rate as compared to on-premise, owing to the ease of installation & updation, high scalability, total low cost of ownership and other benefits offered by cloud-based deployment.

    Market Segmentation

    Fraud Detection and Prevention Market:

    By Deployment

    On Cloud

    On Premise

    By Organization Size

    SMEs

    Large Enterprise

    By Component

    Solutions

    Fraud Analytics

    Authentication

    Single-Factor Authenticatio

    Multifactor Authentication

    Others

    Services

    Professional Service

    Managed Service

    By Application

    Identity Theft

    Payment Frauds

    Electronic Payment Fraud

    Mobile Payment Fraud

    Credit and Debit Card Fraud

    Money Laundering

    Others (Banking Transactions, Fund Transfers etc.)

    By Industry Vertical:

    Banking, Financial Services and Insurance (BFSI)

    Energy and Power

    Government/Public Sector

    Healthcare

    Manufacturing

    Real Estate

    Retail

    Telecommunication

    Others (Travel and Transportation, Media and Entertainment, etc.)

    By Region:

    North America

    U.S.

    Canada

    Mexico

    Rest of North America

    Europe

    France

    The UK

    Spain

    Germany

    Italy

    Nordic Countries

    Denmark

    Finland

    Iceland

    Sweden

    Norway

    Benelux Union

    Belgium

    The Netherlands

    Luxembourg

    Rest of Europe

    Asia Pacific 

    China

    Japan

    India

    New Zealand

    Australia

    South Korea

    Southeast Asia

    Indonesia

    Thailand

    Malaysia

    Singapore

    Rest of Southeast Asia

    Rest of Asia Pacific

    Middle East and Africa

    Saudi Arabia

    UAE

    Egypt

    Kuwait

    South Africa

    Rest of Middle East & Africa

    Latin America

    Brazil

    Argentina

    Rest of Latin America


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