Market Research Report
Global Fraud Detection and Prevention Market - Technologies, Market share and Industry Forecast to 2024
|Published by||Occams Business Research & Consulting Pvt. Ltd.||Product code||657082|
|Published||Content info||240 Pages
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|Global Fraud Detection and Prevention Market - Technologies, Market share and Industry Forecast to 2024|
|Published: June 19, 2018||Content info: 240 Pages||
Fraud detection and prevention services provides analytical solutions that enables a company/organization to detect and prevent frauds in undefined future. With the increase in size of organization, the amount of data also increases and analysis becomes a daunting task, which increases the risk of fraudulent activities. Various occupational frauds experienced by organizations include internal financial threats, information theft, physical asset thefts and supplier or procurement frauds. Fraud detection and prevention solutions restricts unauthorized access by verifying identity and data integrity and thus provides prevention from fraudulent activities. OBRC analysis estimates Fraud Detection and Prevention market to grow at a CAGR of 20.25% from 2017 to 2024. Increasing fraudulent activities in various industries across the globe, increasing online transactions, adoption of IP-based services and emergence of big data platforms are the major drivers of fraud detection and prevention market. However, lack of integration capabilities of the system is restraining the growth of the market.
The authentication solutions is the dominating segment by solution owing to the shift towards multi-factor authentication from single-factor authentication, which makes users account much harder for attackers to compromise. Multi-factor authentication aids enterprises sustain the authenticity of a transaction or information by restricting the unauthorised access to information or identifying false inputs from the user.
Geographically, North America is dominating the fraud detection and prevention market owing to existence of huge number of vendors operating in the region, adoption of new technologies and increasing adoption of e-retailing and other internet-based services. However, Asia Pacific is expected to be fastest growing region during the forecast period owing to deployment of fraud detection and prevention systems in emerging economies such as China and India to counter the growing number of fraud incidences in online transactions. The major market players of the Fraud Detection and Prevention Market are BAE Systems (U.K.), IBM (U.S.), Oracle Corporation (U.S.), SAP (Germany) and SAS Institute (U.S.).
Acquisition and product innovation is the key strategy adopted by the companies in the Fraud Detection and Prevention market. In 2016, IBM Corporation acquired IRIS Analytics, a privately held company specializing in real-time analytics to help combat payment fraud. Also, IBM launched a new solution in 2017 with FairIssac Corporation named FICO Falcon Fraud Manager Version 6. The system has the ability to detect frauds involving lesser operational costs and has very little impact to customers.