PUBLISHER: SkyQuest | PRODUCT CODE: 1270724
PUBLISHER: SkyQuest | PRODUCT CODE: 1270724
Global Fraud Detection And Prevention Market size was valued at USD 29.8 billion in 2021 and is poised to grow from USD 36.94 billion in 2022 to USD 217.3 billion by 2030, growing at a CAGR of 23.8% in the forecast period (2023-2030).
The global fraud detection and prevention market refers to the various technologies, solutions, and services used to identify and prevent fraudulent activities across various industries. These include financial services, retail, healthcare, and government. The market is driven by the increasing instances of fraud, regulatory compliance requirements, and the adoption of advanced technologies such as artificial intelligence and machine learning. Key solutions include fraud analytics, identity verification, and risk management. The market is expected to continue growing in the coming years as fraudsters become more sophisticated and companies look to protect their assets and reputation.
Top-down and bottom-up approaches were used to estimate and validate the size of fraud detection and prevention market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
Global fraud detection and prevention market is segmented by component, application, deployment, enterprise's size, industry and region. Based on component, the market is bifurcated into solutions and services. By application, it is segmented into insurance claims, money laundering, electronic payment, and others. Based on deployment, it is categorized into cloud and on-premise. By enterprise size, the market is divided into large enterprises and small & medium enterprises (SMEs). By industry, the market is categorized into BFSI, IT and telecom, retail and consumer packaged goods, government, construction and real estate, energy and utilities, travel and transportation, manufacturing, healthcare and life sciences, media and entertainment and Others. By region the fraud detection and prevention market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Driver
The utilization of digital apps and mobile banking services has experienced a noteworthy upswing, yet the rise of counterfeit websites and mobile apps has also surged. These deceptive websites and apps have expanded their reach in different sectors like retail, e-commerce, healthcare, and manufacturing, among others. They mimic the appearance of legitimate online stores and home delivery services, deceiving customers into conducting fake online transactions. Customers of the banking industry are increasingly turning to mobile apps for various purposes, such as providing feedback, making online payments, filing complaints, and reviewing statements.
Restrain
Companies store critical records and documentation of their clients' data on servers, which makes it crucial for them to secure and protect these records from data theft. However, traditional FDP solutions may face challenges from advanced cyber-attacks and emerging anonymous threats.
Trend
The COVID-19 pandemic had a significant impact on the global economy, resulting in reduced demand for fraud detection and prevention (FDP) solutions in various applications during the first half of 2020. Many planned investments, government strategies, commercial campaigns, and other initiatives were paused due to operational difficulties. Nonetheless, the adoption of FDP solutions rose in the latter half of 2020 and beyond due to the increased incidents of cybercrime, insurance fraud, payment fraud, and other forms of fraud. The surge in online insurance claims for COVID-19 related medical expenses has created opportunities for fraudsters to engage in fraudulent activities involving insurance claims from hospitals and the government.