Fraud Detection and Prevention Market Size Worth $75,139.66 Million, Globally, by 2028 at 16% CAGR - Exclusive Report by The Insight Partners
The Fraud Detection and Prevention Market Size is driven by digital transformation across major sectors, incorporation of AI, growing adoption of online banking applications and mobile banking services. The global market was dominated by the BFSI segment with market share of 24.5% in 2020 and North America led the market with a substantial revenue share, followed by Europe and APAC.
NEW YORK, Jan. 13, 2022 /PRNewswire/ -- According to the new market research report "Fraud Detection and Prevention Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Services), Deployment (On-premises and Cloud), and End-user (BFSI, Healthcare, Manufacturing, Retail, Telecommunication, and Others)", published by The Insight Partners, the global fraud detection and prevention market is expected to grow from US$ 26,511.84 million in 2021 to US$ 75,139.66 million by 2028; it is estimated to register a CAGR of 16.0% from 2021 to 2028.
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Fraud Detection and Prevention Market: Competitive Landscape and Key Developments
ACI Worldwide, Inc.; BAE Systems Plc; Fair Isaac Corporation; Fiserv, Inc.; IBM Corporation; NCR Limited; Oracle Corporation; RELX plc; SAP SE; and SAS Institute Inc. are among the key players profiled in the global fraud detection and prevention market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global fraud detection and prevention market and its ecosystem.
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In 2021, the acquisition of ReaQta by IBM has enabled it to unify and accelerate response to security threats, open security technologies and further distinguished its portfolio of connected devices.
In 2020, BAE Systems Applied Intelligence declared a new offering made on Amazon Web Services (AWS) to offer complete anti-money laundering regulatory compliance solutions.
Fraud detection and prevention systems are software applications used to provide analytical solutions for fraud incidents and help identify or prevent future occurrences. North America was the dominant region for fraud detection solutions in 2016 owing to industrial expansion and the rise in fraudulent activities. Currently, enterprises are more susceptible to incidents of fraud that may result in financial losses due to the generation of massive amounts of enterprise data and an increase in technological advancements.
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Growing Adoption of Online Banking Applications and Mobile Banking Services Boost Demand for Fraud Detection and Prevention Technologies:
The increased use of online applications and mobile banking services has resulted in an increase in the number of bogus websites and mobile apps. Fake websites and online apps are on the rise in other industries, including retail and eCommerce, manufacturing, and healthcare. These websites and apps imitate real retail stores and home delivery services, luring clients into making fraudulent online transactions. Customers in the banking industry are increasingly using mobile applications for a variety of purposes, including online payment, statement review, complaint registration, and feedback. According to the Boston Consulting Group (BCG), almost 70% of urbanites worldwide are digitally persuaded to buy financial products and services through online banking apps or mobile banking websites. In the current economic climate, many firms are integrating solutions across their business units to progress their business road maps. During the forecast period, the growing number of internet users, increasing acceptance of digital payment methods, and rising number of start-ups are likely to boost the global Fraud Detection and Prevention Market.
Fraud Detection and Prevention Market: Component Overview
Based on component, the fraud detection and prevention market is bifurcated into solution and services. The solution segment contributed a larger revenue share in 2020.
Fraud Detection and Prevention Market: Deployment Overview
Based on deployment, the fraud detection and prevention market is bifurcated into on premise and cloud-based. The cloud-based segment contributed a larger revenue share in 2020.
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Mobile Banking Application Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Offering (Solution, Services); Deployment (Native Apps, Cloud Based); Applicaiton (Corporate, Retail) and Geography
Insurance Fraud Detection Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Component (Solution, Services); Enterprise Size (Large Enterprises, SMEs); Deployment Mode (Cloud, On-premises); Application (Identity Theft, Claims Fraud, Payment and Billing Fraud, Money Laundering) and Geography
Healthcare Fraud Analytics Market to 2027 - Global Analysis and Forecasts by Solution ( Predictive Analytics, Descriptive Analytics, Prescriptive Analytics ); Mode of Delivery ( On-Demand Delivery Models, On- Demand Delivery Models ); Application ( Insurance Claims Review, Pharmacy Billing Misuse, Payment Integrity, Medical Identity Theft, Other Applications ); End User ( Government Agencies, Private Insurance Payers, Third-party Service Providers, Employers ) and Geography.
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