Market is Estimated to Observe Significant Growth 2023 to 2032

The global Fraud Detection Prevention Market was worth USD 21.5 billion in 2022, and is expected to grow at a compound annual growth rate (CAGR) of 7.8% during the forecast period, reaching USD 42.2 billion in 2032. This growth is primarily being driven by increasing cases of fraud, a growing preference for digital payment methods, and advancements in technologies like Artificial Intelligence (AI) and Machine Learning (ML).

The prevalence of digital payment methods has increased the likelihood of fraudulent activities such as identity theft, credit card fraud, and money laundering. This has led to a growing demand for advanced fraud detection and prevention solutions, as businesses look to avoid financial losses. AI and ML-based technologies have facilitated the development of sophisticated fraud detection and prevention tools that can identify and stop fraudulent actions in real-time.

The need for fraud detection prevention solutions is being driven by a wide range of industries, including banking, financial services, insurance, and retail. In addition, there is a rising demand for cloud-based fraud detection and prevention solutions, as they offer more flexibility, scalability, and cost-effectiveness than on-premise systems.

Furthermore, demand for fraud detection prevention solutions is being driven by the strict government rules and compliance requirements. Organizations must deploy effective fraud detection prevention solutions to safeguard their customers' data and stop fraudulent actions in accordance with laws such as the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS).

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Segments Covered in the Report

The market for fraud detection and prevention can be categorized based on several factors, including component type, deployment mode, application, and end-use industry.

In terms of component type, the market can be divided into solutions and services. Fraud detection and prevention solutions use advanced technologies like AI and ML to identify and prevent fraudulent activities, while fraud detection and prevention services provide additional support and assistance to businesses in implementing these solutions.

Based on deployment mode, the market can be categorized as cloud-based or on-premises. Cloud-based fraud detection and prevention solutions are becoming increasingly popular due to their flexibility, scalability, and cost-effectiveness, while on-premises solutions offer more control and customization.

The market can also be segmented by application, including identity theft, payment fraud, money laundering, and others. These applications represent different types of fraudulent activities that businesses may need to protect against, with identity theft and payment fraud being among the most common.

Finally, the market can be categorized by end-use industry, including banking, financial services and insurance (BFSI), retail, healthcare, and others. These industries are particularly vulnerable to fraudulent activities, and therefore require advanced fraud detection and prevention solutions to protect their customers and their own financial assets.

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Strategic development:

On 16 November 2018, Oracle Corporation announced the acquisition of Talari Networks, a software-defined wide-area network (SD-WAN) technology provider. The acquisition was aimed at enhancing Oracle's cloud networking portfolio and improving its ability to provide secure and reliable connectivity to customers.

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Competitive Landscape:

Lanxess AG, PlastiComp Inc., Solvay, BASF SE, Celanese Corporation, Mitsubishi Chemical Holdings, Daicel Polymer Ltd., Avient Corporation, Toray Industries Inc., and Asahi Kasei Corporation.Browse

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