Fraud Detection and Prevention Software Market Share, Global Insights and Leading Players

Fraud Detection & Prevention (FDP) Market

Fraud Detection & Prevention (FDP) systems are software that provide analytical solutions for the detection and prevention of frauds. It primarily analyzes the patterns and abnormalities in transactions from various data sources. Growing technological advancements such as data mining, machine learning, and statistical modeling have replaced the traditional methods of FDP, thereby increasing the market for the new improved FDP. The common frauds experienced by most of the enterprises are information theft, supplier and procurement frauds, asset theft, and internal financial theft.

The adoption of fraud detection at the initial stage is very important to prevent further harm to the business. The FDP system identifies the probable risk and reports doubtful transactions and situations to the respective organization. The Blockchain technology has decentralized ledger that stores and shares information which is being used by the companies to detect frauds, as it enables transparency in transactions.

The global fraud detection & prevention (FDP) market is expected to reach US$ 40,580 million by 2023, growing at a high CAGR during the forecast period. Fraud detection & prevention systems are software applications and are being used in providing analytical solutions against fraudulent incidents. It also helps in identifying or preventing future occurrences.

Get Sample PDF including full TOC, Tables and Figures @ https://www.ozonemarketreports.com/ict-media/global-fraud-detection-and-prevention-market-2023/48726

With the emergence of big data analytics and cloud computing, the market is expected to experience accelerated growth during the forecast period. The cloud infrastructure allows various organizations to meet cloud security compliance need for encryption and access control of protected data. Moreover, the growth in the generation of enterprise data and its complexity, high industry-specific requirements, and an increase in the incidence of frauds will further augment the growth of the fraud detection & prevention market.

This FDP market report covers an in-depth analysis of the market including statistical and subjective data points, along with the key market drivers and opportunities & restraints that have positive or negative effects on the overall global market. An exclusive coverage has been provided for market drivers and challenges & opportunities for a country-level market in the respective regional segments. The report comprises a competitive analysis of the key players functioning in the market and covers in-depth data related to the competitive landscape of the market and the recent strategies & products that will assist or affect the market in the near future.

The fraud detection and prevention market is segmented on the basis of component type, application, deployment mode, organization size, end-use industry, and by geography. The end-use industry includes BFSI, healthcare, retail, government sector, and others. Among these, the adoption of FDP in the BFSI sector is expected to grow significantly, owing to the acceptance of cashless payment modes and digitization, and the growing demand for technological advancement. In addition to these, the healthcare segment is expected to increase its market share in FDP due to increasing health concerns and online availability of health records of patients.

Identity theft segment to grow at the highest CAGR during the forecast period
The fraud detection & prevention (FDP) solutions primarily help organizations to operate efficiently by saving cost, which help accelerate the growth of the FDP market. Based on the application, the FDP market has been segmented as identity theft, payment fraud, money laundering, and others. The identity theft segment was witnessing significant growth in the year 2018 and is expected to grow with the highest CAGR during the forecast period. Identity theft is misusing a person’s identity or credentials for fraudulent transactions or criminal activities. The stolen identity is primarily used by cyber criminals for making fraudulent purchases or transactions for their personal gains.

North America to dominate the global FDP market in 2018

North America is dominating the FDP market, followed by Asia-Pacific, Europe, Middle East and Africa and Latin America. There is an increasing adoption of e-commerce and internet-based services in North America that raises the need for retailers to adopt FDP measures to reduce financial losses. APAC is the fastest growing region with the increasing awareness of FDP across SMEs and growing incidents of frauds, which in turn, accelerate the market growth. In addition to these, Europe FDP market is witnessing growth due to the growing manufacturing industry that increases the chances of frauds, thereby raising the demand for FDP. For instance, in 2015 BMW, a car manufacturing company in Germany was defrauded by the attacker for $ 7.7 million that made manufacturers to opt for fraud prevention.

The key players operating in the market include IBM, FICO, SAS Institute, BAE Systems, DXC Technology, SAP, ACI Worldwide, Fiserv, NICE Systems, and others. The global fraud detection & prevention market is a highly competitive market due to the presence of various international, regional, and local vendors. The demand for fraud detection & prevention is expected to propel over the coming years due to rising investments in R&D by key players, such as IBM, SAP, and others. To expand the market, majority of the vendors are adopting new technologies and product launches to gain competitive advantage in the global market. The InsurTech market is largely driven by the new product launches and acquisition.

The competition in the global fraud detection & prevention market is intense as various international and regional vendors are providing the new technology to various end-use industries for the expansion of the market. The fraud detection & prevention vendors are emphasizing on investing in R&D facilities to increase technology development.

The key players and emerging vendors have improved their products to have a competitive edge over others. Furthermore, companies are involved in acquisitions and expansion to improve their product offerings and increase the production process. Industry players have developed partnerships and collaborations with the leading technology providers for addressing the demand and strengthen their presence across the globe.

To Get Free Sample Request visit @ https://www.ozonemarketreports.com/sample-request/global-fraud-detection-and-prevention-market-2023/48726

Request customize:-

If you wish to find more details of the report or want a Customization Please contacts us. You can get a detailed of the entire research here.

Contact Us:

Name: Steven Samuel

Email - info@ozonemarketreports.com

Phone - +91 9370882135

Website: https://www.ozonemarketreports.com/

ABOUT US

Ozone Market Reports is committed towards delivering intensive research based analysis reports, enabling clients to easily make fact-based decisions. We also have with us the facility of our innovatively designed and developed data processing and analysis division.

This release was published on openPR.