PUBLISHER: Allied Market Research | PRODUCT CODE: 1344269
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344269
According to a new report published by Allied Market Research, titled, "Fraud Detection and Prevention Market," The fraud detection and prevention market was valued at $29.46 billion in 2022, and is estimated to reach $252.7 billion by 2032, growing at a CAGR of 24.3% from 2023 to 2032.
Furthermore, fraud detection and prevention solutions are solutions offered by the IT vendors to small & medium enterprises and large enterprises to defend against unwilling or uncertain incidents that help to detect or prevent future occurrences. The current business scenario has witnessed an upsurge in the adoption of fraud detection and prevention solutions in developed as well as developing regions. The companies have adopted efficient techniques in an effort to provide customers with innovative and modernized security offerings.
The emergence of big data analytics and rise in number of connected devices thus drive the growth of the market. In addition, growth in demand for cloud-based security solutions and rapid increase in mobile banking drives the growth of the growth of the market during the forecast period. However, lack of awareness regarding digital attacks, and high cost of fraud detection and prevention solutions constraints hamper the growth of the market. Furthermore, the rise in demand for advanced technologies and need for strong authentication methods provides opportunities for fraud detection and prevention vendors to expand their customer base. Furthermore, increased investments by organizations, governments against cyber-attacks, and adoption of cloud-based fraud detection & prevention solutions. In addition, the adoption of IoT (Internet of Things) based devices globally provides ample growth opportunities for fraud detection and prevention solution during the forecast period. In addition, rise in the number of connected devices and need for strong authentication solutions are expected to provide the lucrative opportunities for the fraud and prevention market growth during the forecast period.
The fraud detection and prevention market is segmented into component, organization size, deployment mode, industry vertical, and region. Based on component, the market is segmented into solutions and service. By organization size, it is fragmented into large enterprises and small and medium sized enterprises. Based on deployment mode, the market is segmented into cloud and on-premises. Depending on industry vertical, it is segregated into BFSI, IT & telecom, retail, healthcare, government & defense, manufacturing, transportation & logistics, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The fraud and detection and prevention key players operating in the fraud detection and prevention market are IBM Corporation, Oracle Corporation, SAS Institute Inc., Fair Isaac Corporation., SAP SE, BAE Systems, ACI Worldwide, NCR Limited, Precisely Holding LLC, and LexisNexis. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the fraud detection and prevention market globally.