Coronavirus Lockdown Impact: Global Fraud Detection & Prevention Market Challenges and Frontiers of Growth in 2020

Fraud detection & prevention market is predicted to grow with a CAGR of 26.5% by generating a revenue of $123,391.8 million by 2026.

Fraud prevention technology has made an immense change in securing the files and minimized the possibility of any hacking incidences. Moreover with the rise in the use of artificial intelligence and machine learning, fraud prevention technology is predicted to be the most used to secure data of the enterprise in a most cost-effective manner.

The rise in cyber-attack and data breach in various verticals is predicted to be the major driving factor for the growth of the fraud detection & prevention market in the projected period. Many organizations are adopting fraud detection & prevention tools and software to get protected to their confidential data of their organization, as the numbers of hackers are rising at a steeper rate across the globe. So as to protect the data from the hackers, many organizations have adopted fraud detection & prevention tools and software, which is predicted to boost the overall fraud detection & prevention Market in the forecast period. Moreover, growing use of electronic transaction is also predicted to be the major driving factor for the growth of the fraud detection & prevention market.

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With the rise in the adoption of fraud detection & prevention tools and software, the unavailability of skilled labor in the respective field is considered to be the biggest restraint for the growth of the market in the forecast period. In addition, the cost involved for setting up fraud detection & prevention tools and software is very high which is predicted to hinder to the growth of the fraud detection & prevention market in the forecast period.

External type segment is predicted to grow with a CAGR of 25.2% by generating a revenue of $70,456.7 million by 2026. Most organizations deal with the large amount of sensitive data and there are high chances of security breach.To avoid such situations and secure the data from being hacked, the organization is adopting external sources to secure their data, which is predicted to boost the external type segment of the market in the projected period.

Service component is predicted to grow with a CAGR of 25.4% by generating a revenue of $60,462.0 million by 2026.Most organizations are adopting various services for preserving data. For instance, Cloud services help the organization in cutting the costs related to software, storage, and securing data. Due to the these several reasons the service component in fraud detection & prevention market is predicted to grow over the forecast period.

Credit & Debit fraud category in the applications segment is predicted to grow with a CAGR of 25.4% by generating a revenue of $34,549.7 million by 2026. Fraud cases have increased significantly due to the use of debt and credit facilities in the banking sector, which has led to the adoption of fraud detection & prevention as a measure, resulting in the growth of the credit & debit category in the applications segment in the forecast period.

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Insurance end use is predicted to grow with a CAGR of 27.1% by generating a revenue of $14,066.7 million by 2026.Insurance end use is predicted to grow due to the increasing use of fraud detection & prevention tools and software, which plays an important role in finding the root cause of the insurance frauds.Moreover, predictive modeling and advanced analytics with the help of fraud detection & prevention is predicted to boost the insurance end use segment in the forecast period.

North America Fraud Detection & Prevention Market Overview:

North America market is predicted to grow with a CAGR of 25.3% by generating a revenue of $40,102.3 million by 2026. The market in this region is predicted to grow with the rise in relevant companies across the region and the government initiatives to control fraud in various industries.

How Asia-Pacific Fraud Detection & Prevention Market will be till 2026?

Asia-Pacific market is predicted to grow with a CAGR of 27.0% by generating a revenue of $35,660.2 million by 2026. The market in this region is predicted to grow due to a shift in the major companies' operational work in this region due to the cheap labor and other overhead costs across the region.

The major players in the fraud detection & prevention market are:
1. NCR limited
2. Fair Issac Corporation
3. SAS Institute Inc.
4. ACI Worldwide
5. Lavastorm
6. SAP SE
7. IBM Corporation
8. Oracle Corporation

Porter's Five Forces Analysis for Fraud Detection & Prevention Market:

o Bargaining Power of Suppliers: The switching cost from one supplier to another is projected to be low. The bargaining power of suppliers is very low.

o Bargaining Power of Consumers: In this market, due to the presence of large number of buyers, the concentration of buyers is high. The bargaining power of consumers is high.

o Threat of New Entrants: Huge initial investments are essential to start a new fraud detection & prevention market. The threat of new entrants is low.

o Threat of Substitutes: This market has numerous alternatives of products; moreover, technology also offers high switching costs for clients. The threat of substitutes is high.

o Competitive Rivalry in the Market: The fraud detection & prevention market has only major players to sell their products and it becomes difficult for small and medium enterprises and local manufacturers to get into the market. The competitive rivalry in the industry is high.

Mr. Abhishek Paliwal
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This release was published on openPR.