Press release
Fraud Detection and Prevention Industry to reach USD 1,10,041.3 million by 2026
Fraud Detection
The global fraud detection and prevention market size is predicted to reach USD 1,10,041.3 million by 2026, exhibiting a CAGR of 25.48%. The rising number of frauds around the world, especially in the banking and insurance sector, will fuel demand for fraud detection and prevention market in the forthcoming years. The increasing adoption of new technologies such as machine learning, artificial intelligence, data mining and statistics will contribute positively to the growth of the market during the forecast period. Additionally, the rising number of online transactions and multiple channels will spur demand for the adoption of fraud detection and prevention systems to ease processes.
According to Fortune Business Insights, in a report, titled "Fraud Detection and Prevention Market Size, Share and Industry Analysis by Deployment (Cloud & On premises), By Service Type (Fraud Analytics & Authentication), By Industry Vertical (IT and Telecommunication, Retail, Consumer Electronics, Manufacturing, Automotive, Transportation and Logistics, Energy and Utilities) and Regional Forecast 2019-2026" the market size was valued at USD 19,269.8 million in 2018. The report provides an all-encompassing summary of the global fraud detection and prevention market size. An all-inclusive and detailed study of innovations and advancements that took place in recent times. It provides insightful data and statistics on various aspects of the market and offers dynamic information on the prevailing trends of the market. It also shares information on market drivers, market restraints, industry developments, and segmentation besides sharing insights on the competitive ranking of key players.
To gain more insights into the market with detailed table of content and figures, click here: https://www.fortunebusinessinsights.com/industry-reports/fraud-detection-and-prevention-market-100231
Launch of Authentication Solutions by Fiserv, Inc. to Propel Growth
The adoption of fast fraud detection and prevention solutions by organizations is expected to bolster healthy growth of the market during the forecast period. The rising number of loan fraud, credit card fraud and money laundering by leveraging advanced analytics will fuel demand for fraud detection and prevention solutions in the forthcoming year. Furthermore the launch of consumer authentication solutions by Fiserv, Inc. is predicted to spur growth opportunities for the market in the upcoming years. For instance, Aug 2018 - Fiserv, Inc. launched two enhanced consumer authentication solutions, step-up authentication and identity verification, to mitigate card fraud within call centers. In addition, the launch of NetReveal Fraud Prevention Solution by BAE Systems is predicted to accelerate the fraud detection and prevention market revenue. For instance, in April 2019 - BAE Systems introduced the NetReveal Fraud Prevention Solution with advanced analytics and detection methodologies employing machine learning techniques helping banks, insurers, and government agencies identify fraudulent activities.
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Increasing Demand for Cloud-Based solutions to Spur Sales opportunities
The introduction of advanced analytics and cloud computing are major factors driving the market. The growing demand for mobile banking will fuel demand for fraud detection and prevention systems in the foreseeable future. The increasing emphasis on data security by organizations will aid in the adoption of fraud detection and prevention solutions. Moreover, the rising fraudulent claims in the insurance and banking sector will spur high demand for fraud detection and prevention solutions and create lucrative business for the market.
Rising investment in Technologically Driven Solutions to Support Growth in North America
North America generated a revenue of USD 6,414.0 million in 2018 and is anticipated to emerge dominant in the global market during the forecast period. The early adoption of online-based services and e-commerce in countries such as US and Canada will stimulate growth in the region. Furthermore, the presence of strong and prominent players operating in the market across U.S. and high government spending for the provision of fraud detection and prevention systems in various public and private organizations will further facilitate growth in the region. Asia Pacific generated revenue of USD 3,860.5 million in 2018 and is expected to witness significant growth during the forecast period. The increasing investment in small and medium enterprises for the adoption of technologically enhanced software will bolster healthy growth in Asia Pacific. The emerging economies of China, India, and Singapore are expected to be the key contributors to the Fraud detection and prevention software market in Asia Pacific
Some of the Major Companies in the Fraud Detection and Prevention Market Involve:
o IBM
o Fiserv, Inc.
o FIS Global
o ACI Worldwide
o BAE Systems
o Experian Information Solutions, Inc.
o Software AG
o Nice
o DXC Technology
o Dell Technologies
o SAS Institute
o Fico
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