NEW YORK, April 4, 2024 /PRNewswire/ — The global fraud detection and prevention market size is estimated to grow by USD 47399.03 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 20.22% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 39%.
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Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
ACI Worldwide Inc., BAE Systems Plc, Besedo Ltd., Consultadoria e Inovacao Tecnologica S.A., Dell Technologies Inc., Equifax Inc., Experian Plc, Fair Isaac Corp., Fiserv Inc., Forter Ltd., Global Payments Inc., International Business Machines Corp., NICE Ltd., Oracle Corp., RELX Plc, SAP SE, SAS Institute Inc., SEON Technologies Kft., Software AG, Visa Inc.
Analyst Review
In the dynamic business landscape, the Fraud Detection and Prevention Market plays a pivotal role for BFSI, healthcare, manufacturing, end-use enterprises, governments, and various other sectors. Leveraging advanced technologies such as cloud-based solutions, Big Data, blockchain technology, and authentication solutions, this market offers robust fraud analytics to mitigate risks from payment fraud applications, real-time fraud detection, and phishing scams. SMEs and large enterprises alike benefit from this market’s offerings, which include professional services, managed services, and IT and telecom solutions. Additionally, sectors like travel and transportation, energy and utilities, media and entertainment, and even governments, can prevent identity theft and money laundering through these innovative fraud prevention solutions.
Key Market Drivers
In the rapidly evolving world of Security, the Fraud Detection and Prevention Market is gaining significant traction due to the increasing complexity of Ad fraud, ATM fraud, fake card activations, and online data transactions. Financial institutions in both developed and Developing countries, including Tanzania, Ethiopia, South Korea, and Indonesia, face challenges in adopting advanced Hybrid imaging systems due to costs. However, the use of standalone systems like SPECT and PET persists. Meanwhile, in the Banking and Finance (BFSI) sector, cybersecurity threats continue to escalate. Insider fraud, data leakage, and cryptocurrency malware pose significant risks to online bookings and online banking. Pattern recognition and ML technologies are crucial in mitigating these threats. Regulatory pressures and technological advancements, such as fraud analytics, authentication, and biometrics, are driving the market. Key players like BAE Systems, Guidewire Software, and cloud-based solutions are leading the charge. However, the lack of trained professionals in developing countries and the Identity fraud segment, which involves personal data online, remains a concern. The manufacturing and healthcare sectors, along with governments, are also adopting fraud prevention measures. Big Data and blockchain technology are increasingly being used to secure online applications and mobile banking services. Despite these efforts, the need for cybersecurity professionals remains high.
Challenges and Opportunities
In the realm of business security, fraud detection and prevention have become essential components for organizations across various sectors. Two primary approaches for implementing fraud prevention solutions are on-premise and cloud-based systems. Insurers, media and entertainment, energy and utilities, travel and transportation, IT and telecom, and SMEs are among the industries most susceptible to fraudulent activities, including money laundering, identity theft, phishing scams, and financial fraud. Component Insights and Authentication solutions are crucial for fraud prevention. Service Insights, Professional services, and Managed services offer proactive measures against revenue losses due to chargebacks, digital technologies, and real-time fraud detection. Advanced technologies like batch analytics, streaming analytics, predictive analytics, and artificial intelligence are employed to identify and mitigate fraudulent activities. Economic uncertainty and the pandemic have intensified the need for robust fraud prevention systems. Digital transformation has led to an increase in online platforms, banking applications, websites, IoT devices, and electronic payment systems, making fraud prevention more complex. Risk-based authentication solutions and proactive measures are essential to protect businesses and individuals from fraudulent activities.
In the rapidly evolving world of security, the Fraud Detection and Prevention Market plays a crucial role in safeguarding financial institutions and enterprises against various types of fraud. Ad fraud, ATM fraud, fake card activations, and insider fraud pose significant risks in online bookings, cryptocurrency malware, and online data transactions. Developing countries face unique challenges due to fraud complexity and regulatory pressures. ML technologies and pattern recognition are essential tools for identifying and mitigating risks in banking and finance, healthcare, manufacturing, and governments. However, the lack of trained professionals in cybersecurity and fraud analytics remains a concern. Key players like BAE Systems, Guidewire Software, and cloud-based solutions leverage Big Data, blockchain technology, and online applications to provide robust fraud prevention services. Identity fraud segment and personal data online require advanced authentication methods, such as biometrics, to ensure security. Technological advancements continue to shape the market, with regulatory pressures driving innovation in fraud detection and prevention.
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Market Overview
The Fraud Detection and Prevention Market is a significant and growing industry, driven by the increasing need to safeguard against financial losses and maintain security in various sectors. This market encompasses solutions and services that utilize advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Big Data Analytics to identify and mitigate fraudulent activities. These technologies enable the detection of patterns and anomalies in large datasets, allowing for swift and effective intervention. The market caters to diverse industries, including banking and finance, healthcare, insurance, and e-commerce, among others. The global Fraud Detection and Prevention Market is projected to expand at a robust CAGR during the forecast period, fueled by the rising adoption of digital transactions and the continuous evolution of fraudster tactics.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
