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Fraud Detection and Prevention (FDP) Market, 2023 - Opportunities in the Rise in the Use of Digital Technologies and Digital Banking for Payments and Applying AI and ML for FDPDUBLIN, Dec 5, 2018 /PRNewswire/ -- The "Fraud Detection and Prevention (FDP) Market by Solution (Fraud Analytics, Authentication, and Governance), Service, Application Area (Identity Theft, Payment Frauds, Money Laundering), Organization Size, Vertical, Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.  The global fraud detection and prevention (FDP) market size is expected to grow from USD 19.5 billion in 2018 to USD 63.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 26.6% during the forecast period. Fraud is not a new term and has existed since the beginning of commerce. However, recent technological advancements have greatly affected the scope of this term, as the most advanced techniques and mechanisms being used by fraudsters for committing frauds are bringing huge losses to organizations. Organizations are facing fraud related risks both internally and externally. Moreover, the risks have become multi-faceted and can be monetary, regulatory, or reputational caused by fraud types such as Automated Clearing House (ACH) frauds, wire frauds, credit/debit card frauds, and identity thefts. Hence, a new holistic approach for handling frauds must be devised by organizations. Frauds can happen through any medium and agent. Although necessary steps have been taken by most of the organizations to prevent various kinds of frauds, a few companies are still not deploying preventive measures despite being completely aware of the risks they can face. The preventive measures and strategies to restrict occupational frauds are not adequately devised by organizations. Hence, organizations must define new mechanisms to manage insider threats for preventing any fraudulent activity by internal employees of organizations, who have access to the vital portfolios and data assets of organizations. Technological advancements, penetration of digital technologies, and Bring Your Own Device (BYOD) trend in organizations have greatly influenced work practices and led to an unprecedented rise in data volumes. These factors have led to the adoption of automatic software-based applications for analyzing data in real time, which have replaced the traditional data mining applications and tools. This, in turn, the need to update legacy manual fraud detection methods. Hence, FDP vendors are coming up with new varieties of FDP solutions to detect and prevent all types of frauds committed by fraudsters. Organizations are rapidly adopting FDP solutions due to the increasing number of fraudulent cases resulting in heavy financial losses. Governments across the globe are also enforcing stringent rules and regulations. These solutions provide a strong defense against unforeseen fraud incidents and help detect and prevent their occurrences, driving the growth of the FDP market. Moreover, 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. However, the huge costs associated with deploying FDP solutions, the dearth of skilled security professionals to deal with fraudulent activities, and the lack of integration capabilities with the legacy systems are hindering the growth of the FDP market. Key Topics Covered: 1 Introduction 6.1 Introduction 6.2 Solutions 6.2.1 Increasing Fraudulent Acivities to Drive the Adoption of Fraud Detection and Prevention Solutions 6.3 Services 6.3.1 Adoption of Services Driven By Organizations' Need to Deploy Fraud Detection and Prevention Solutions 7 Fraud Detection and Prevention Market, By Solution 7.1 Introduction 7.2 Fraud Analtyics 7.2.1 Predictive Analytics 7.2.1.1 Predictive Analytics Solutions Help Identify Potential Threats, Payment Frauds, Frauds in Insurance Processes, and Credit/Debit Card Frauds 7.2.2 Descriptive Analytics 7.2.2.1 Descriptive Analytics Involves Interpretation of Historical Data to Yield Useful Information 7.2.3 Social Media Analytics 7.2.3.1 Social Media Analytics Tools Help Identify Suspicious Patterns Through Specialized Algorithms for Effective Fraud Detection and Prevention 7.2.4 Big Data Analytics 7.2.4.1 Need for Advanced Analytical Solution That Proactively Defends Against Fraudulent Activities to Drive the Adoption of Big Data Analytics Solutions 7.3 Authentication 7.3.1 Single-Factor Authentication 7.3.1.1 Need for Simple and Less Complex Form of Authentication Solution to Boost the Growth of SFA 7.3.2 Multi-Factor Authentication 7.3.2.1 The Demand for Mfa to Secure the Data and Information Against Frauds to Provide Massive Opportunities to Mfa Solution Providers 7.3.3 Risk-Based Authentication 7.3.3.1 Need to Analyze Risk Levels and Apply Stringent Authentication Processes to Boost the Growth of Rba Solutions 7.4 Governance, Risk, and Compliance 7.4.1 Enterprises Widely Adopting Governance, Risk, and Compliance Solutions to Ensure the Fraud Management Systems are Up-To-Date 7.5 Others 8 Fraud Detection and Prevention Market, By Service 8.1 Introduction 8.2 Professional Services 8.2.1 Consulting Services 8.2.1.1 Consulting Services Help Optimize Organizations' Ability to Consume, Analyze, and Apply FDP Solutions to Protect Their Assets 8.2.2 Training and Education 8.2.2.1 Lack of Skilled Security Professionals Driving the Adoption of Training and Education Services 8.2.3 Support and Maintenance 8.2.3.1 Support and Maintenance Service Providers Help Enterprises in Providing Installation, Maintenance, and Other Support Activities 8.3 Managed Services 8.3.1 Managed Services Gaining Popularity as They Help Organizations Meet the Compliance Needs 9 Fraud Detection and Prevention Market, By Application Area 9.1 Introduction 9.2 Identity Theft 9.2.1 Fraud Detection and Prevention Solutions Actively Implemented By Enterprises to Prevent Theft of Identities for Financial Crime 9.3 Payment Fraud 9.3.1 Electronic Payment Fraud 9.3.1.1 Growing Popularity of Online Money Transactions, Electronic Payment Frauds has Become A Serious Issue 9.3.2 Mobile Payment Fraud 9.3.2.1 Adoption of Digital Payment Modes Acting as A Major Driving Factor for the Mobile Payment Fraud Solutions 9.3.3 Credit and Debit Card Fraud 9.3.3.1 Increasing Credit and Debit Card Transactions and Growing Fraudulent Activities in This Segment to Drive the Adoption of FDP Solutions 9.4 Money Laundering 9.4.1 to Prevent Money Laundering, Governments Across the World are Adopting New Laws and Regulations 9.5 Others 10 Fraud Detection and Prevetion Market, By Deployment Mode 10.1 Introduction 10.2 Cloud 10.2.1 Organizations to Avoid Costs Related to Hardware, Software, Storage, and Technical Staff By Using Cloud-Based Fraud Detection and Prevention Solutions 10.3 On-Premises 10.3.1 Need to Secure the In-House Applications, Platforms, and Systems Against Operational Frauds to Fuel the Demand for On-Premises FDP Solutions 11 Fraud Detection and Prevention Market, By Organization Size 11.1 Introduction 11.2 Small and Medium-Sized Enterprises 11.2.1 Growing Fraudulent Activities in Small and Medium-Sized Enterprises Encouraging Them to Deploy Fraud Detection and Prevention Solutions 11.3 Large Enterprises 11.3.1 Rise of Financial Losses and Hefty Fines for Regulatory Incompliance to Boost the Adoption of Fraud Detection and Prevention Solutions Among Large Enterprises 12 Fraud Detection and Prevention Market, By Vertical 12.1 Introduction 12.2 Banking, Financial Services, and Insurance 12.2.1 Growing Threat to Monetary Transactions Encourages Organizations to Deploy Fraud Detection and Prevention Solutions 12.3 Retail 12.3.1 Rising Demand for Ecommerce Transactions and Increasing Fraudulent Transactions to Boost the Growth of the Retail Vertical 12.4 Telecommunication 12.4.1 Huge Amount of Confidential Data of Customers Encourages the Organiztions to Implement Fraud Detection and Prevention Solutions for Averting Any Frauds 12.5 Government/Public Sector 12.5.1 Increase in Bribery, Corruption and Data Theft Enables the Government Institutions to Impart Fraud Detection and Prevention Solutions on A Large Scale 12.6 Healthcare 12.6.1 Threat Over Sensitive Information of Patients, Doctors, and Hospital History to Contribute to the Growth of Fraud Detection and Prevention Solutions in the Healthcare Vertical 12.7 Real Estate 12.7.1 Growing Rental Frauds, Identity Thefts, and Mortgage Frauds to Spur the Demand of Fraud Detection and Prevention Solutions in the Real Estate Vertical 12.8 Energy and Power 12.8.1 Frauds Over Billing and Loading, Tax and Supply to Fuel the Demand for Fraud Detection and Prevention Solutions in the Energy and Power Vertical 12.9 Manufacturing 12.9.1 Increasing Check Tampering, Money Laundering, and Asset Misappropriation Frauds to Increase the Adoption of Fraud Detection and Prevention Solutions in the Manufacturing Vertical 12.10 Others 13 Fraud Detection and Prevention Market, By Region 13.1 Introduction 13.2 North America 13.2.1 United States 13.2.1.1 Increasing Investments in FDP Solutions By Various Verticals to Prevent Frauds Will Drive the Overall Growth of the Market 13.2.2 Canada 13.2.2.1 Government Initiatives to Safeguard Network Systems Against Frauds Will Boost the Growth of FDP Market in Canada 13.3 Europe 13.3.1 United Kingdom 13.3.1.1 Growing Trend of Byod and Increased Use of Applications in Enterprises and Threat to Organizational Data Will Drive the Growth of FDP Market in United Kingdom 13.3.2 Germany 13.3.2.1 Rising Use of Online Transactions and Threat to Confidential Information Will Enhance the FDP Market Growth in Germany 13.3.3 Rest of Europe 13.4 Asia Pacific 13.4.1 China 13.4.1.1 Increasing Need to Secure APIS, Mobile Apps and Websites From Fraudsters Will Contribute to the Growth of FDP Market in China 13.4.2 Japan 13.4.2.1 Rise in the Number of Potential Frauds Due to High Internet Penetration Will Fuel the Growth of FDP Market in Japan 13.4.3 India 13.4.3.1 Growing Adoption of FDP Solutions Due to Rise of Mobile Applications Use, Digitalization of Various Services and Rise in Fraud Attacks Will Make the 0rganizations to Adopt FDP Solutions on A Large Scale 13.4.4 Rest of Asia Pacific 13.5 Middle East and Africa 13.5.1 Middle East 13.5.1.1 Increasing Frauds Across Energy and Power and BFSI Vertical Will Drive the FDP Market Growth in Middle East 13.5.2 Africa 13.5.2.1 Hefty Financial Losses Due to Fraudulent Attacks Across the Organizations Will Contribute to the Growth of FDP Market in Africa 13.6 Latin America 13.6.1 Brazil 13.6.1.1 Increasing Investements By SMEs and Large Enterprises Due to Growing Frauds Across Endpoints, Networks, and Applications Will Drive FDP Market Growth in Brazil 13.6.2 Mexico 13.6.2.1 Increasing Fraud Attacks on BFSI, Healthcare, Manufacturing, and Retail Verticals Will Drive FDP Market Growth in Mexico 13.6.3 Rest of Latin America 14 Competitive Landscape 14.1 Overview 14.2 Competitive Scenario 14.2.1 Partnerships, Agreements, and Collaborations 14.2.2 New Product Launches/Product Enhancements 14.2.3 Mergers and Acquisitions 14.2.4 Business Expansions 15 Company Profiles 15.1 Fico 15.2 IBM 15.3 Fiserv 15.4 FIS Global 15.5 ACI Worldwide 15.6 Bae Systems 15.7 Experian 15.8 Lexisnexis Risk Solutions 15.9 Iovation 15.1 Friss 15.11 Nice 15.12 DXC Technology 15.13 Dell Technologies 15.14 SAS Institute 15.15 SAP 15.16 First Data 15.17 Wirecard 15.18 Software AG 15.19 Easy Solutions 15.20 Distil Networks 15.21 Guardian Analytics 15.22 Kount 15.23 Securonix 15.24 Maxmind 15.25 Simility For more information about this report visit https://www.researchandmarkets.com/research/zqpnw4/fraud_detection?w=5 About ResearchAndMarkets.com Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Media Contact: Research and Markets
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