Fraud Detection and Prevention Market to Reach $90.07 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, June 8, 2023 /PRNewswire/ -- The global fraud detection and prevention market size is anticipated to reach USD 90.07 billion by 2030, growing at a CAGR of 17.6% from 2023 to 2030, according to a recent study by Grand View Research, Inc. The proliferation of smartphones and the continued rollout of high-speed internet networks has triggered the adoption of mobile banking practices. Mobile banking helps reduce the crowds at banks and allows users to transact irrespective of location. According to a GSMA report, nearly 300 million individuals got connected for the first time to mobile internet in 2018, thereby taking the total global connected population to over 3.5 billion. While mobile-based payment applications, such as Paytm, Apple Pay, Google Pay, and PayPal, among others, gained traction in line with the rising number of smartphone users, these applications also emerged as the major targets of fraudsters, thereby prompting banks to offer online banking services and payment services companies to opt for fraud detection and prevention solutions to counter fraudsters' intrusion threats and save the users from monetary losses.
Key Industry Insights & Findings from the report:
Read 140-page market research report, "Fraud Detection And Prevention Market Size, Share & Trends Analysis Report By Component, By Solution, By Service, By Application, By Organization Size, By Vertical, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Fraud Detection and Prevention Market Growth & Trends
The outbreak of the COVID-19 pandemic in 2020 has triggered the adoption of mobile banking services as banking service users prefer to avoid travel and human contact within bank premies. MX, a digital transformation platform for credit unions, banks, and fintech, revealed new research findings related to consumer spending and mobile banking adoption amid the economic uncertainty stemming from the COVID-19 pandemic. The data released in April 2020 has revealed a 50% increase in mobile banking engagement to control finances and plan the individual economic future. While the adoption of mobile banking is rising significantly, mobile banking is also getting potentially vulnerable to fraudulent activities, such as account takeovers, carrier data breaches, call center fraud, subscription fraud, and phishing, among others, thereby driving the demand for fraud detection and prevention solutions over the forecast period.
Fraud Detection and Prevention Market Segmentation
Grand View Research has segmented the global fraud detection and prevention market based on component, solution, service, application, organization size, vertical, and region
Fraud Detection and Prevention Market - Component Outlook (Revenue, USD Billion, 2018 - 2030)
Fraud Detection and Prevention Market - Solution Outlook (Revenue, USD Billion, 2018 - 2030)
Fraud Detection and Prevention Market - Service Outlook (Revenue, USD Billion, 2018 - 2030)
Fraud Detection and Prevention Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)
Fraud Detection and Prevention Market - Organization Size Outlook (Revenue, USD Billion, 2018 - 2030)
Fraud Detection and Prevention Market - Vertical Outlook (Revenue, USD Billion, 2018 - 2030)
Fraud Detection and Prevention Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)
List of Key Players in the Fraud Detection and Prevention Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Top Factors to Increase Your MSP Business Value
Registration Counters Open
Special Presentation by Sangoma