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.

Recent Developments

• In April 2023, Experian (Ireland) launched AI:drian, a cloud-based fraud solution powered by machine learning technology. The solution focuses on revenue growth while preventing fraudulent transactions without affecting the customer experience. Ai:drian combines a state-of-the-art customized machine learning model with device fingerprinting to classify transactions with 99.9% accuracy. The self-learning solution re-trains with new data every two weeks, enabling increasingly accurate recommendations.
• In September 2022, TransUnion (US) unveiled TruValidate Device Risk with Behavioral Analytics, which uses NeuroID's behavioral analytics to help businesses prevent fraud based on device recognition, context, and user behavior. The solution allows users to join a global network of fraud and security analysts, available devices, and fraud reports.
• In June 2022, Fiserv (US) collaborated with Advanced Fraud Solutions (US) to offer its TrueChecks solution to Fiserv's financial institution clients. With this collaboration, TrueChecks will help automate check fraud detection, risk-based funds availability, and decision-making processes to prevent losses and identify fraudulent deposits. The solution provides real-time responses to fraudulent items, including counterfeit and closed account checks.
• In May 2022, LexisNexis Risk Solutions (US) acquired BehavioSec (Sweden) to enhance its digital identity offerings and prevent fraud. The acquisition will enable financial services, e-commerce, technology, and insurance organizations to use passive authentication and fraud detection to prevent fraud.
• In December 2021, NICE Actimize (US) partnered with Sparkling Logic (US) to improve its financial crime management platform with its decision management technology. The integration will give financial institutions faster decisions on financial crime strategies and visibility across NICE Actimize analytics.

Fraud Detection and Prevention Market Advantages:

• FDP solutions assist in reducing the risks brought on by fraudulent activity, including as monetary losses, reputational harm, legal repercussions, and customer attrition. Businesses may reduce potential losses and safeguard their assets by spotting and preventing fraud in real-time.
• Organisations can save a lot of money by implementing FDP solutions. Businesses can minimise financial losses, needless expenditures on investigations and legal processes, potential fines or penalties by spotting and stopping fraudulent actions early on.
• FDP systems give sensitive data an extra layer of security and defend it from unauthorised access. The security of crucial systems and data is ensured by these solutions, which make use of cutting-edge technology like machine learning, artificial intelligence, and behavioural analytics to detect unusual patterns and suspicious activity.
• The detection and preventive processes are automated by FDP solutions, which lowers the dependency on manual labour and boosts operational effectiveness. Businesses may save time, reorganise operations, and efficiently allocate resources by automating fraud detection so they can concentrate on their core competencies.
• FDP systems provide businesses with real-time monitoring capabilities that let them spot and address fraud attempts as they happen. Automated warnings and notifications enable fraud analysts to act quickly and stop fraudulent activity before they do significant harm.
• FDP solutions are made to grow with business requirements and change with emerging fraud tactics. FDP solutions may take advantage of cutting-edge technologies and machine learning algorithms to effectively detect and prevent growing fraud tendencies as fraudsters continuously create new techniques.

Report Objectives

• To define, describe, and forecast the FDP market based on offerings, solutions, services, type, deployment mode, organization size, BFSI, verticals, and regions:
• To predict and estimate the market size of five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To analyze the subsegments of the market with respect to individual growth trends, prospects, and contributions to the overall market
• To provide detailed information related to the primary factors (drivers, restraints, opportunities, and challenges) influencing the growth of the FDP market
• To analyze opportunities in the market for stakeholders by identifying high-growth segments of the FDP market
• To profile the key players of the FDP market and comprehensively analyze their market size and core competencies.
• To track and analyze competitive developments, such as new product launches; mergers and acquisitions; and partnerships, agreements, and collaborations in the global FDP market.

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