Fraud Detection and Prevention Market Scope, COVID-19 Pandemic Impact, Demand, Analysis, Challenges, Comprehensive Analysis and Forecast to 2027
The Fraud Detection and Prevention Market is garnering significant traction across the globe. Fraud detection and prevention systems are used to analyze the data accumulated from various data sources. The market rise attributes to the increasing adoption of these software applications to gain analytical insights to detect and prevent fraud within an organization.
Besides, the growing needs to tackle increasing revenue losses due to fraudulent attacks drive the growth of the fraud detection and prevention industry. Moreover, rising usages of electronic transactions across end-use verticals escalate market growth. According to Market Research Future (MRFR), the global fraud detection and prevention market is poised to create a valuation of USD 139,853.2 MN by 2027, growing at 25.2% CAGR throughout the forecast period (2017-2027).
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Technological advancements and stringent government regulations fuel the market demand, promoting the uptake of fraud prevention and detection systems. Rising adoption of fraud detection & prevention systems by eCommerce companies to integrate 3D protection layers security technologies and plug-in to their 3dcart dashboard influence the market growth. Also, increasing cybercrime attacks boost the growth of the market.
Moreover, the growing demand for threat intelligence technology integrated with security solutions to counter cyber threats across different networking and threat intelligence platforms substantiate market growth. Conversely, the high cost of these solutions is a major factor projected to impede market growth. Similarly, the lack of awareness about the advantages of fraud detection and prevention systems restrains the market growth.
Fraud Detection and Prevention Market – Segments
The report is segmented into six dynamics;
By Solution : Fraud Detection, Authentication, Data Synthesis, and others.
By Service : Professional and Managed Services.
By Application: Insurance Claims, Money Laundering, Electronic Payment, and others.
By Organization Size: SMEs and Large Enterprises.
By Vertical : BFSI, Retail, Telecommunication, Government, Healthcare, Real Estate, Energy & Power, Manufacturing, Travel & Transportation, Media & Entertainment, and others.
By Regions : North America, Europe, APAC and Rest of the World.
Fraud Detection and Prevention Market – Geographical Analysis
North America dominates the global fraud detection and prevention market. The largest market share attributes to the early adoption of digital technologies, such as AI, IoT, and machine learning for fraud detection. Besides, the market growth is driven by increasing investments made by businesses to control rising fraudulent attacks on organizations causing huge revenue losses.
Moreover, the strong presence of notable industry players, system integrators, distributors, and resellers in the region and well-established technology development centers contribute to the growth of the market. The increasing adoption of cloud-based solutions in organizations and increasing uptake of advanced detection technologies drive the regional market growth. The North American fraud detection & prevention market is projected to retain its dominance throughout the forecast period.
Europe stands second in the global fraud detection and prevention market. The region witnesses huge market demand due to the presence of several well-established technology development sectors and regulatory support. Additionally, the substantial market increase is attributed to the resurging economy in the region and increased funding to mitigate security management concerns.
Furthermore, the largest banking and financial services sectors that are more prone to cyberattacks boost the fraud detection and prevention industry. Most IT companies in the region have shifted their existing businesses to the cloud, which increases the chances of data vulnerability and data breaches. The European fraud detection and prevention market is projected to grow at 23.4% CAGR during the assessment period.
The Asia Pacific fraud detection & prevention market is growing briskly. Factors such as the rising fraudulent activities across retail, e-commerce, and banking sectors and the availability of cost-competitive, yet futuristic detection technologies influence the regional market growth.
Moreover, substantial advances in related technologies and the dynamic growth in industries such as telecom, data centers, and the internet of things (IoT) provide impetus to the growth of the regional market. The APAC fraud detection and prevention market is expected to witness rapid growth, registering 28.1% CAGR in the years to come.
Fraud Detection & Prevention Market – Competitive Analysis
Highly competitive, the fraud detection and prevention market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players adopt approaches such as mergers & acquisitions, brand reinforcement, and innovation.
Players invest substantially to drive research and development activities for innovative technologies and upgrade their portfolios with cost-effective solutions.
Players leading the fraud detection and prevention market include IBM Corporation (US), iovation Inc. (US), Oracle Corporation (US), Cardinal Commerce Corporation (US), PayPal Holdings, Inc. (US), Distil Networks, Inc. (US), Experian PLC (Ireland), LexisNexis Risk Solutions Company (US), Accertify Inc. (US), and F5 Networks Inc. (US), among others.
September 24, 2020 ---- LendInvest (the UK), a non-bank mortgage lender and property lending & investing platform, announced its partnership with SIRA, the national fraud prevention, and detection database, to speed up retrieval of fraud insights for mortgage applications. The integration enables the teams to automate internal case manager workflow and submit real-time search applications, leading to time savings of over a day per application.
The traditional process for retrieving fraud insights requires manual input from a case manager to populate search forms within the SIRA portal by individually inputting data from LendInvest's buy-to-let broker platform. This new integration allows the team to migrate to a new Enterprise SIRA solution and integrate the SIRA API with LendInvest's buy-to-let application service.
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