Press release
Financial Fraud Detection Software Market Analysis and Opportunity Assessment 2017-2027 | Dynamics, Restraints, Trends, Segmentation, Regional Outlook
Fraud is an illegal act which involves unjustifiably claiming something valuable. Financial Fraud is an issue with widespread consequences in the financial service industry, government, and corporate sectors. Hence financial institutions need a real- time automated system to detect fraud across multiple channels and transactions every day. With the rise of big data analytics, traditional methods of fraud detection such as manual detection appear inaccurate and more importantly time consuming. Hence, enterprises today invest in financial fraud detection software which integrate statistical and computational methods and big data analytics. Fraud detection software is a solution which consists of a model built by machine learning methods and stream computing. This model analyses client’s past data to detect possible fraud patterns. Financial fraud detection software supports in minimizing losses by reducing detection time, manage massive data sets and use correlation to identify fraud patterns or unusual behaviors.
Financial Fraud Detection Software Market: Drivers and Restraints
In recent years the development of new technologies has also provided numerous ways for criminals to commit fraud. Solutions such as cloud services, increased in preference of digital data make enterprises significantly vulnerable to fraud. This turns out to be a big driver for fraud detection software market. Frauds are majorly committed for monetary benefits, resulting in considerable depreciation in the revenue of the organization. This has magnified the demand of financial fraud detection software in the enterprises being one important driver for this market growth.
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The high cost of various machine learning and statistical analytics solutions is a challenge for this market causing hindrance to the growth of market. The infrastructure demand before the deployment of these software and low level of awareness are also some restraints for this market.
Financial Fraud Detection Software Market: Segmentation
Financial Fraud Detection Software Market can be segmented on the basis of end user, deployment type, and region. On the basis of end user it can further segmented into financial enterprises, educational institutions, healthcare, government, and manufacturing sectors. Deployment type category includes money laundering, identity theft, credit/debit card fraud, wire transfer fraud, subscription frauds and claim frauds. Region wise, Financial Fraud Detection Software Market can be segmented into North America, Latin America, Asia Pacific, Japan, Eastern Europe, Western Europe, and Middle East & Africa.
Financial Fraud Detection Software Market: Regional Overview
North America emerges as the leader in the financial fraud detection software due to presence of large financial and healthcare enterprises in the countries such as USA and Canada. Companies such as Gemalto NV, SEKUR.me, CipherCloud, SIGNIFYD Inc., Riskified Ltd. are some of the majority software providers for financial fraud detection in USA.
European countries such as France, Greece and UK are also expanding their market and will see a good rate of growth in future in financial fraud detection software due to increase in crimes such as card fraud and identity fraud. Experian Information Solutions, Inc., AimBrain, ValidSoft, and Easy Solutions,Inc. are some key players in Europe’s fraud and authentication market.
Asia- Pacific is also expected to grow significantly in financial fraud detection software market at a considerable pace due increase in corporate fraud and corruption in government organizations followed by Latin America.
The report covers exhaustive analysis on:
Financial Fraud Detection Software Market Segments
Financial Fraud Detection Software Market Dynamics
Historical Actual Market Size, 2014 - 2016
Financial Fraud Detection Software Market Size & Forecast 2017 to 2027
Value Chain
Financial Fraud Detection Software Market Current Trends/Issues/Challenges
Competition & Companies involved
Financial Fraud Detection Software Market Drivers and Restraints
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Regional analysis for Financial Fraud Detection Software Market includes development of the market in the following regions:
North America
US & Canada
Latin America
Brazil, Mexico, Others
Europe
Western Europe
Germany
France
U.K.
Spain
Italy
Nordic
BENELUX
Rest of Western Europe
Eastern Europe
Russia
Poland
Rest of Eastern Europe
Asia Pacific
Australia and New Zealand (ANZ)
Greater China
India
ASEAN
Rest of Asia Pacific
Japan
Middle East and Africa
GCC Countries
Other Middle East
North Africa
South Africa
Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Report Highlights:
Detailed overview of parent market
Changing market dynamics in the industry
In-depth market segmentation
Historical, current and projected market size in terms of volume and value
Recent industry trends and developments
Competitive landscape
Strategies of key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on market performance
Must-have information for market players to sustain and enhance their market footprint.
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