Press release
Fraud Detection and Prevention 2021 Global Market Key Players - IBM Corporation, Uplexis, Experian Information Solutions, Inc., Tata Communications, Clearsale LLC - Analysis And Forecast To 2028
Fraud Detection and Prevention Market 2021-2028
New study report " Fraud Detection and Prevention Market 2021 Global Market Opportunities, Challenges, Strategies, and Forecasts 2028" has been added to Fortune Business Insights.
Market Overview:
The global fraud detection and prevention market size is set to gain traction due to increased investments by the key players to provide secure online services to its users against fraud. Fortune Business Insights™ gives this information in a published report titled, “Fraud Detection and Prevention Market, 2021-2028.” As per the report, the market size was USD 23.05 billion in 2020 and is projected to reach USD 141.75 billion by 2028, exhibiting a substantial CAGR of 26.7 % during the forecast period.
COVID-19 Pandemic: Increased Online Services to Promote the Market:
The outbreak of the COVID-19 pandemic has crippled the global economy. Still, to avoid personal interactions, there is a dramatic rise in online users on various platforms such as net banking, online insurances, and many other e-commerce platforms. The rising number of users offers fraudsters an opportunity to develop fraud cases to extract insurance claims from hospitals and governments. So, to keep a check on such fraud activities, demand for fraud detection and prevention solutions across several online platforms will increase, which will positively promote the market.
Top Key Players in this market are:
IBM Corporation (New York, United States)
Uplexis (São Paulo, Brazil)
Experian Information Solutions, Inc. (São Paulo, Brazil’s)
Tata Communications (Maharashtra, India)
Clearsale LLC (Florida, United States)
Gemalto - Thales Group (Paris, France)
Amdocs (Missouri, United States)
Incognia (California, United States)
ACI Worldwide, Inc. (Florida, United States)
BAE Systems (Farnborough, United Kingdom)
DXC Technology Company (Virginia, United States)
Dell, Inc. (Texas, United States)
Fair Isaac Corporation (California, United States)
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Competitive Landscape-
Key Players Focus on Collaborations to Intensify Competition
The global key players in the market for fraud detection and prevention currently focus on collaborating and launching innovative applications to fuel the market growth. For example, IBM’s Safer Payments fraud prevention system was selected by Qatar International Islamic Bank (QIIB) to improve their security on online banking channels by providing them with an analysis of online fraud patterns, its alert, and upcoming threats. IBM also mentioned that its Safer Payments solution allows banks to intercept fraudulent activities even before they happen.
Segmentation-
By the component, the market is separated into solutions and services. Based on deployment, the market is classified into cloud and on-premise. By enterprise size, the market is segmented into large enterprises and small & medium enterprises (SMEs). On the basis of the application area, the market is classified into insurance claims, money laundering, electronic payment, and others. By vertical, the market is segmented into BFSI, retail & consumer packaged goods, IT & telecom, government, energy & utilities, travel & transportation, construction & real estate, manufacturing, healthcare & life sciences, media & entertainment, and others.
Out of these, healthcare & life sciences are anticipated to hold the major market share. IT & telecom segment held a market share of about 14.4% in 2020 and is expected to experience considerable growth due to the increasing adoption of advanced fraud detection tools by the companies worldwide.
Finally, based on the region, the market is classified into North America, Latin America, Asia-Pacific, Europe, and the Middle East and Africa.
Regional Insights-
Asia Pacific to Command Backed by Increased Online Frauds
North America is expected to hold the largest global fraud detection and prevention market share during the forecast period. In 2020, the region stood at USD 8.62 billion. According to a report by Unmask Digital Frauds Today- 2018, Card-Not-Present (CNP) fraud losses were twice that of fraud loss in 2015, owing to the deployment of EMV chips by users for payments and transactions in the U.S. To stop this, several FDP providers developed software to prevent this online forgery, thus fueling the FDPs market.
Asia Pacific is expected to rise substantially in upcoming years due to several frauds and detection services manufacturers in the region, such as China, Japan, India, and South Korea. These countries are increasing their investment to adopt fraud prevention solutions due to the rising fraud cases to prevent. Companies and organizations are adopting advanced security solutions, which will subsequently favor the growth of the market in this region.
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What Does the Report Offer?
The market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.
Table Of Content:
Introduction
Key Takeaways
Market Dynamics
Competition Landscape
Global Fraud Detection and Prevention Key Players Market Share Insights and Analysis, 2020
Key Market Insights and Strategic Recommendations
Companies Profiled (Covered for key 10 players only)
Annexure / Appendix
Continue….
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