Fraud Detection and Prevention Market Worth $ 107.08 Billion, Globally, by 2028 at 19.65% CAGR: Verified Market Research
The rising revenue losses due to frauds along with the growing use of electronic transactions are some of the factors identified which are expected to boost the growth of global fraud detection and prevention market
JERSEY CITY, N.J., Feb. 12, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Fraud Detection and Prevention Market" by Component (Solution, Service), by Vertical (Retail & E-commerce, IT & Telecom, Industrial & Manufacturing, Healthcare, and Others), by Application (Payment Fraud, Money Laundering, Insurance Claims, and Others), by Geography. According to Verified Market Research, the Fraud Detection and Prevention Market was valued at USD 30.53 billion in 2020 and is projected to reach USD 107.08 billion by 2028, growing at a CAGR of 19.65% from 2021 to 2028.
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Global Fraud Detection and Prevention Market Overview
With the advent of technology, hackers have become more sophisticated and can identify and exploit vulnerabilities. The organizations are suffering greatly from this and the fraud detection and prevention market is gaining traction. The volume of data is increasing day by day owing to many transactions, and enterprises are taking proactive measures to eliminate potential losses from cybersecurity frauds. All the verticals including financial and healthcare are understanding the limitations of traditional strategies and these technologies are susceptible to cyber threats which result in data and revenue losses. Malware, virus, phishing, and counterfeit cards are some of the attacks faced by the e-payment platform. The increase in no of these threats will result in limiting the growth of digital business and hence the fraud detection and prevention market is booming at an exponential rate.
The major players in the market are IBM, FICO, SAS Institute, BAE Systems, DXC Technology, SAP, ACI Worldwide, Fiserv, NICE Systems, Experian, LexisNexis Risk solutions.
Verified Market Research has segmented the Global Fraud Detection and Prevention Market On the basis of Component, Vertical, Application, and Geography.
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