Fraud Detection and Prevention Market to grow by USD 86.68 billion (2024-2028), rising adoption of cloud-based services to drive revenue, Report on how AI is transforming the market – Technavio

NEW YORK, Nov. 15, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global fraud detection and prevention market  size is estimated to grow by USD 86.68 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  27.17%  during the forecast period. Increase in adoption of cloud-based services is driving market growth, with a trend towards technological advancement in fraud detection and prevention solutions and services. However, complex it infrastructure  poses a challenge.Key market players include 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, and Visa Inc..

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Key Market Trends Fueling Growth

Nuclear medicine using radiopharmaceuticals offers significant diagnostic and therapeutic benefits with minimal long-term side effects. Occasional injection-site reactions are the primary health hazards. In the fraud detection and prevention market, various sectors including finance, insurance, and healthcare face risks from security breaches, ad fraud, ATM fraud, and insider fraud. Advanced technologies like ML, pattern recognition, and biometrics aid in fraud prevention. Regulatory pressures and technological advancements drive market growth. Despite this, a lack of professionals in fraud analytics poses a challenge. 

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Market Challenges

•         The US FDA and American College of Radiology rigorously evaluate new radiopharmaceuticals through comparisons with standard molecules, ensuring safety and efficacy before approval. Extensive toxicology testing and potential clinical trials increase costs, resulting in few nuclear medicines being authorized. In contrast, the fraud detection and prevention market employs advanced technologies like artificial intelligence, machine learning, and real-time fraud detection to combat financial, identity, and cybercrimes in industries such as banking, IoT devices, and online platforms.

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Segment Overview 

This fraud detection and prevention market report extensively covers market segmentation by

1. Component 

• 1.1 Solutions
• 1.2 Services

End-user 

• 2.1 Large enterprise
• 2.2 SMEs

Geography 

• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Solutions-  The global Fraud Detection and Prevention Market is experiencing significant growth due to increasing threats to IT security, particularly in sectors like insurance claims, money laundering, electronic payments, travel and transportation, energy and utilities, media and entertainment. Component Insights reveal that Authentication solutions dominate, with Cloud and on-premise solutions offering flexibility. Service Insights show Professional services and Managed services in high demand. Application Insights highlight Payment fraud applications as major revenue losses due to chargebacks. Digital technologies, including Risk-based authentication solutions, Advanced technologies like Batch analytics, Streaming analytics, Predictive analytics, Real-time fraud detection, are essential. Economic uncertainty, pandemic, and cybercrimes such as phishing scams, identity theft, financial fraud, require proactive measures. SMEs and individuals are increasingly targeted. Digital transformation brings new challenges, including fake websites, scams on online platforms, banking applications, websites, and IoT devices. Privacy concerns add complexity. AI and Machine Learning are crucial tools for prevention. Businesses and individuals must stay informed and vigilant.

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Research Analysis

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 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.

Market Research 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 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

• Component
• Solutions
• Services
• End-user
• Large Enterprise
• SMEs
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company 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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