Global Fraud Detection & Prevention Market 2020 by top Companies: NextIBM, FICO, SAS Institute, BAE Systems, DXC Technology, SAP, ACI Worldwide and Other | Coronavirus-COVID19 Impact Analysis

The Global Fraud Detection & Prevention Market is expected to reach US$ 40,580 million by 2023, growing at a high CAGR by 2027.
Market reports under the Fraud Detection & Prevention industry are supported by various macro and micro economic factors impacting the industry. We browse through historical data and provide an overview of the emerging markets and the next big opportunities for investors within the niche market. Increasing demand from emerging countries provides a good business opportunity for companies to invest in coming years. Our reports are updated with changing industry regulatory policies and offer insight depending on client’s requirement.

Fraud Detection & Prevention (FDP) systems are software that provides 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 Fraud Detection & Prevention, thereby increasing the market for the new improved Fraud Detection & Prevention. The common frauds experienced by most of the enterprises are information theft, supplier and procurement frauds, asset theft, and internal financial theft.

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Market Segmentation of Fraud Detection & Prevention Market:
Following Top Key players are profiled in this Market Study:
IBM, FICO, SAS Institute, BAE Systems, DXC Technology, SAP, ACI Worldwide, Fiserv, NICE Systems, and others

End- Users: BFSI, Retail, IT and Telecommunication, Government, Healthcare, Other

Impact of COVID-19 on Global Fraud Detection & Prevention Market :
Fraud Detection & Prevention Market report analyses the impact of Coronavirus (COVID-19) on the Fraud Detection & Prevention industry.
Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 180+ countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and will significantly affect the Fraud Detection & Prevention market in 2020.

The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations; travel bans and quarantines; restaurants closed; all indoor events restricted; emergency declared in many countries; massive slowing of the supply chain; stock market unpredictability; falling business assurance, growing panic among the population, and uncertainty about future.

COVID-19 can affect the Global economy in 3 main ways: by directly affecting production and demand, by creating supply chain and market disturbance, and by its financial impact on firms and financial markets.

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The fraud detection and prevention market are segmented based on 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 Fraud Detection & Prevention 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 Fraud Detection & Prevention due to increasing health concerns and online availability of health records of patients.

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Regional Analysis of Fraud Detection & Prevention Market:
North America
Europe
Asia Pacific
LATAM
Middle East Africa

North America is dominating the Fraud Detection & Prevention 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 Fraud Detection & Prevention 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 Fraud Detection & Prevention market is witnessing growth due to the growing manufacturing industry that increases the chances of frauds, thereby raising the demand for Fraud Detection & Prevention. 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.

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