COVID-19 Impact: 2020 Year in Review and forecast growth of Fraud Detection and Prevention Market

The sudden eruption of COVID-19 pandemic has imposed a considerable impact on the fraud detection and prevention market. The COVID-19 pandemic has given positive rise to a new malicious threat i.e. fraudsters, owing to increase in usage of electronic transactions who victim on susceptible individuals or organizations and seek to exploit the humanitarian crisis for their own benefit. Organizations must be very attentive nowadays and build robust mechanisms to prevent fraud in these difficult times. Among the various sectors, consumer market is one which has been deeply impacted due to stringent lockdowns as it has brought all economic activity to a standstill. Decrease in demand for non-essential products and disruptions in raw material supplies have squeezed the profitability and cash flows of several organizations in the sector. Due to all these challenges organized criminals get opportunities to defraud consumers and organizations. In the course of this chaos, we are offering complete support to our clients in understanding the influence of COVID-19 on the global fraud detection and prevention industry.

Our report consists of:

• Technological Impact
• Social Impact
• Investment Opportunity Analysis
• Pre- & Post-COVID Market Scenario
• Infrastructure Analysis
• Supply Side & Demand Side Impact

According to a recent report published by Research Dive, the global fraud detection and prevention market is anticipated to garner $145.7 billion by 2026, growing at a growth rate of 29.6% from 2018 to 2026.

The report segments the global market on the basis of type, components, application, end use, and regions. This report is a comprehensive analysis of recent drivers, key segments, opportunities, restraints, and major players of the market.

Check out How COVID-19 impact on the Fraud Detection and Prevention Market. Click here to Connect with Analyst @ https://www.researchdive.com/connect-to-analyst/233

Factors Affecting the Market Growth

As per the report, upsurge in revenue losses due to, increasing electronic transactions and growing adoption of advanced technologies are expected to greatly fuel the growth of the Fraud detection and prevention industry, during the forecast period. On the other hand, high initial cost of Fraud detection and prevention solution is likely to hamper the development of the global Fraud detection and prevention market.

Internal type is gaining high popularity in the forecast period

By type, the report categorizes the market for fraud detection and prevention market into external and internal. Among these, the internal segment is expected to grab highest share of the market by collecting a revenue of $62.5 billion in 2026 and growing at a healthy growth rate of 31.5% during the forecasted timeframe. This rise is attributed because the chances of an organization bears the risk is comparatively 5% only of their revenue due to fraud.

Solution to be at the forefront during the Projected Timeframe

By component, the report categorizes the market for fraud detection and prevention market into solution and services. Among these, the solution segment is expected to grab highest share of the market by collecting a revenue of $74.3 billion in 2026 and growing at a healthy growth rate of 30.7% during the forecasted timeframe. This rise is attributed because it has gained importance owing to the increased processing of large volumes of data in real-time and reduces detection time.

Electronic fraud is expected to witness high growth in the forecast period

On the basis of application, the report categorizes the market for fraud detection and prevention market into money laundering, credit & debit fraud, mobile fraud, identity threat, and electronic fraud. Among these, electronic fraud segment is expected to grab highest share of the market by collecting a revenue of $32.1 billion in 2026 and growing at a healthy growth rate of 30.3 % during the forecasted timeframe. This electronic fraud segment is growing among commercial segment due to rise in usage of payments electronically.

Education will garner a considerable amount of market share

Based on end- use, the report categorizes the market for fraud detection and prevention market into banking, insurance, government, healthcare, e-commerce, education, and others. Among these, education segment is expected to grab highest share of the market by collecting a revenue of $ 18.7 billion in 2026 and growing at a healthy growth rate of 30.6% during the forecasted timeframe. Education is booming for Fraud detection and prevention owing to growing interest of people towards the learning for fraud detection & prevention software.

Download Sample Report and check out How Education segment is expected to grab highest share of the market by collecting a revenue of $ 18.7 billion in 2026 @ https://www.researchdive.com/download-sample/233

Regional Breakdown of the Market

Regionally, the report evaluates the global market across North America, Europe, Asia Pacific, and LAMEA. Among these, the Europe region is anticipated to generate a revenue of $ 34.5 billion in 2026 and grow at a CAGR 30.8% during the projected period. This growth is mainly due to the Presence of prominent players and increased investment by various companies to implement advanced type of FDP systems has dominated the market in this region.

Top Companies Leading the Market

The major players of the global Fraud detection and prevention industry are IBM Corporation, Oracle Corporation, SAS Institute Inc., Fair Isaac Corporation, SAP SE, BAE Systems, ACI Worldwide, NCR Limited, Lavastorm, and ThreatMetrix. These players are implementing various business strategies like mergers and acquisitions, collaborations & partnerships in order to gain a major market share in the global industry.

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This release was published on openPR.