Fraud Detection and Prevention Market worth $66.6 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 25, 2023 /PRNewswire/ -- In the future, real-time detection, behavioural analytics, and integration with digital channels will be prioritised over data privacy and regulatory compliance in the Fraud Detection and Prevention (FDP) market, which will be propelled by cutting-edge technologies like AI and ML. To keep abreast of developing fraud strategies, collaboration, continual innovation, and a proactive approach will be essential.
The global Fraud Detection and Prevention Market size is projected to grow from USD 27.7 billion in 2023 to USD 66.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 19.1% during the forecast period, according to a new report by MarketsandMarkets™. The growth of the FDP market is driven by factors such as the widespread utilization of digital technologies and IoT across various industries, the surge in revenue losses and chargebacks caused by fraudulent activities, and the growing adoption of fraud analytics and risk-based authentication solutions to combat fraud. These trends have resulted in a higher demand for fraud prevention solutions that can assist businesses in protecting their operations and reducing the risks associated with financial losses and reputational harm.
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Scope of the Report
Based on the deployment type, the on-cloud deployment mode is to grow at the highest CAGR during the forecasted period.
The FDP market is sub-segmented into on-premises and cloud deployment modes. The cloud deployment mode is estimated to grow with a higher CAGR due to its scalability, cost-efficiency, real-time analytics capabilities, and enhanced accessibility. The demand for SaaS-based FDP solutions is growing rapidly as the central delivery model meets IT security needs. The increasing number of applications being deployed on the cloud has shifted from traditional on-premises FDP solutions to cloud-based FDP solutions across large enterprises and Small and Medium-sized Enterprises (SMEs). Cloud-based solutions are continuously shaping their market growth in BFSI vertical as large or small banks have the critical infrastructure and resources to be deployed on the cloud. Other than BFSI, retail and eCommerce, healthcare, and travel verticals also adopt cloud-based FDP solutions to combat fraud efficiently. The rising demand for managed services is expected to significantly impact the cloud deployment mode.
By organization size, large enterprises hold a larger market size during the forecast period.
The FDP market is segmented by organization size into large enterprises and SMEs. The market size of SMEs and large enterprise segments has a significant impact on the overall FDP market. As per research studies, the amount of losses incurred by large enterprises due to the increasing fraud cases is massive, and fraudsters have been associated with large enterprises for a long time. In such cases, large enterprises need to adopt severe anti-fraud measures. Large enterprises are critical resources and offer customers several options for money transactions worldwide. Owing to this, large banks, casinos, insurance companies, retailers, eCommerce big giants, and the healthcare sector are more vulnerable than SMEs, so large enterprises contribute to a higher market share than SMEs.
By region, Asia Pacific is to grow at the highest CAGR during the forecast period.
Given the increasing incidence of fraud, the Asia Pacific region is experiencing a rising threat landscape and heightened concern regarding security spending. The region is witnessing rapid digitization, with more and more online transactions leading to increased fraudulent activities, such as phishing and identity theft. As a result, organizations are prioritizing measures to mitigate fraud risks, leading to increased spending on FDP solutions. Furthermore, stringent regulations, such as KYC, Personal Data Protection Regulations, and AML, in many countries require organizations to implement effective fraud prevention measures, failure of which may result in severe penalties and reputational damage. This is driving the growth of the FDP market.
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Top Key Companies in Fraud Detection and Prevention Market:
Fiserv (US), FIS Global (US), LexisNexis Risk Solutions (US), BAE Systems (UK), TransUnion (US), Experian (Ireland), Nice Actimize (US), ACI Worldwide (US), SAS Institute (US), RSA Security (US), SAP (Germany), FICO (US), Software AG (Germany), Microsoft (US), Neustar (US), F5 (US), Ingenico (France), AWS (US), Bottomline Technologies (US), ClearSale (Brazil), Genpact(US), Kount (US), Securonix (US), Accertify (US), Feedzai (Portugal), Caseware (Canada), PerimeterX (US), OneSpan (US), Signifyd (US), BioCatch (Israel), FRISS (Netherlands), MaxMind (US), DataVisor (US), Cleafy (Italy), Gurucul (US), Pondera Solutions (US), Riskified (US), Alloy (US), Castle (US), Sift (US), NoFraud (US), Featurespace (UK), Enzoic (US), Merlon AI (US), Kubient (US), SpyCloud (US), SEON (Hungary), Nethone (Poland), Trustcheckr (India), Deduce (US), Incognia (US), and Resistant AI (Czech Republic) are the key players and other players in the FDP market.
Fraud Detection and Prevention Market Advantages:
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