Fraud Detection and Prevention Market is expected to reach USD 29.07 billion by 2023, registering a CAGR of 16.42% during the forecast period| Top Players - SAP SE, IBM CORPORATION, SAS INSTITUTE INC., ACI WORLDWIDE INC., FISERV INC., BAE SYSTEMS PLC, amo

Market Analysis:

The need for fraud detection and prevention solutions has been increasing, with the rising revenue losses due to the rise in number of frauds across the globe. Such solutions are required mostly in industries that have more monetary transactions, such as BFSI, telecommunications, government, and retail sectors.

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With the booming e-commerce industry, the banking and financial sector is experiencing a steep increase in the number of online transactions. The rise of online transactions is also helping SME owners to avoid huge costs of establishing centers in big cities. Personalized banking services for customers, such as ATM kiosks, mobile banking, internet banking, and social media, are the driving forces for digital transactions. Emerging payment gateways, such as PayPal, AliPay, Apple Pay, CCAvenue, Google Wallet, PayZippy, CitrusPay, and EBS, are facilitating safe and secure authorization of payments. Enterprises are now inundated with security aspects, while they are working on cloud migrations, influx of consumer devices, and other trends. Authenticating identities and privacy are becoming crucial tasks, which is why there is a growing adoption of multi-factor authentication services, as essential requirements in many organizations.

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Market Segments:
Fraud Detection and Prevention Market is segmented by:
1. Solution: Fraud Analytics, Authentication (Single Factor, Multi Factor), Reporting, Visualization, Governance, Risk, and Compliance (GRC) Solutions
2. Scale of End User: Small Scale, Medium Scale, Large Scale
3. End User: BFSI, IT and Telecommunication, Healthcare, Energy and Utilities, Manufacturing
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market:
• December 2017: Dell EMC announced the launch of its new machine learning and deep learning solutions. These new solutions are expected to enable organizations take advantage of the convergence of HPC and data analytics and realize advancements in areas, including fraud detection, image processing, and financial investment analysis.
• November 2017: IBM's Trusteer division launched a new account fraud detection capability that aims to detect fraud at the earliest stage. New account fraud is expected to be quite prevalent and has been expanding to new verticals, as more services are offered to customers online.

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