Fraud Detection and Prevention Market - Global Industry Trends, Share, Demand, Key Players, Size, Growth, and Forecast to 2032

As per the report published by The Brainy Insights, the global fraud detection and prevention market is expected to grow from USD 30 billion in 2022 to USD 185.75 billion by 2032, at a CAGR of 20% during the forecast period 2023-2032. North America emerged as the most prominent global fraud detection and prevention market, with a 41% market revenue share in 2022. The presence of significant market players offering multiple solutions and services to the vast digital economy of the region. The consumer market for these solutions and services is also extensive, given the presence of significant banking, finance, insurance firms, defence manufacturers, retail and e-commerce sectors. The increasing cyber-attacks in the region have encouraged market regulators to improve fraud detection and prevention solutions and services to protect and safeguard citizens and national interests.

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Global Fraud Detection and Prevention Market Size by Product Type (Solutions and Services), Enterprise Type (Small and Medium Enterprises and Large Enterprises), Industry Vertical (BFSI, Government, Manufacturing, Real Estate, Retail and E-commerce, Healthcare, Travel and Transportation, Telecommunications and Others), Deployment Type (Cloud and On-Premises), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Leading companies in the industry include ACI Worldwide, BAE Systems PLC., Fair Isaac Corporation (FICO), FIS Global, Fiserv, Inc., International Business Machines Corporation, LexisNexis, Oracle Corporation, SAP SE, SAS Institute Inc., among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The product type segment is divided into solutions and services. The solutions segment dominated the market, with a share of around 53% in 2022. The presence of a significant number of market players offering these solutions across industries contributes to their rising dominance in the market. The enterprise type segment is divided into small and medium enterprises and large enterprises. The large enterprises segment dominated the market, with a share of around 56% in 2022. they have the necessary capital and infrastructure to deploy or employ security measures to protect their businesses. The industry vertical segment is divided into BFSI, government, manufacturing, real estate, retail and e-commerce, healthcare, travel and transportation, telecommunications and others. The BFSI segment dominated the market, with a market share of around 27% in 2022. The BFSI segment includes fraud detection and prevention in the banking, financial services and insurance sectors. The majority of the frauds are undertaken with the aim of financial gain. Insurance frauds, credit card theft, embezzlement, debit card and cheque frauds. Given the overburdened staff and low compliance, poor regulations and lack of accountability contribute to the rising BFSI frauds. The deployment type segment is divided into cloud and on-premises. The cloud segment dominated the market, with a share of around 52% in 2022. The advancement in cloud computing technology and the introduction of AI and big data analytics have contributed to the segment's growth. Cloud-based technologies are cost-effective, efficient, customizable, scalable, reliable and secure. They are ideal for small and medium enterprises anticipated to drive the segment's growth. The growing number of third-party service providers is expected to grow the segment.

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Around 30 billion people were affected by cybercrimes in 2023 globally. 80% of these crimes are related to phishing and are anticipated to cost around USD 8 trillion annually in the coming years. The growing use of online and internet banking, mobile-based banking applications, UPI and digital payments has led to a rising incidence of cyber-frauds given the lack of digital literacy, awareness, knowledge and a robust security environment. Business providers must protect their customers from phishing attacks and other Cyber-frauds in the rising digital economy. Therefore, increasing cyber-crimes will drive the growth of global fraud detection and prevention.

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