Fraud detection & prevention market to Reach USD 252.7 billion By 2032 At a CAGR of 24.3%, Current Trends, Growth, Segmentation and In-depth Analysis of Industry Players

Fraud detection and prevention encompass a set of processes and techniques crafted to recognize, monitor, and thwart fraudulent activities. The initial phase involves detecting fraud to pinpoint the issue, followed by the imperative of preventing it, either through automated or manual intervention employing fraud detection software. Instances of fraudulent activities span diverse scenarios, including money laundering, cybersecurity threats, tax evasion, deceptive insurance claims, counterfeit bank checks, identity theft, and terrorist financing. These issues permeate various sectors such as financial institutions, government, healthcare, public services, and insurance. To counter this expanding array of fraud opportunities, organizations deploy contemporary fraud detection and prevention technologies alongside risk management strategies. These approaches amalgamate large-scale data sources with real-time monitoring, incorporating adaptive and predictive analytics techniques like machine learning and AI.

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Rise in demand for advanced authentication provides numerous growth opportunities for market expansion in the government sector. In addition, the retail segment is projected to grow at a highest CAGR of 18.7%, owing to rise in incident of card-related frauds, transactions, and revenue loses. The authentication segment generated the highest revenue in 2015, as organizations largely invest on technologies that can protect data from security risks and malware attacks.

Impact Analysis of COVID-19

1. The global pandemic has compelled every company and business to transition their business operations towards a remote work environment. Faced with this challenging situation, organizations have initiated the implementation of either a Bring Your Own Device (BYOD) program or have opted for enterprise-owned equipment. Unfortunately, this shift has resulted in an increased vulnerability to cyber-attacks.

2. Furthermore, various industries such as retail and healthcare have embraced IoT-connected technologies, making them susceptible to cyber threats and fraudulent activities. Consequently, there is a heightened demand for fraud detection and prevention solutions to establish a crucial security layer and safeguard against fraudulent transactions. Additionally, the surge in remote work practices during the COVID-19 pandemic has substantially elevated the demand for cloud-based solutions and the Software as a Service (SaaS) model. This surge has had a positive impact on the market forecast for fraud detection and prevention.

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In 2016, North America accounted for a major share in the global fraud detection & prevention market. However, Asia-Pacific is expected to dominate by 2023, owing to increase in rate of Internet penetration in India, China, Japan, Malaysia, and Singapore as organizations need to protect corporate and personal information from fraud attacks. Furthermore, the need to support secure enterprise mobility practices within organizations is expected to boost the demand for fraud detection & prevention solutions.

The fraud analytics solution is expected to grow at the highest CAGR, as these solutions analyze various forms of data and then covert them to actionable insights. In addition, rise in adoption of advanced analytics techniques and competitive intelligence that involves tactful data collection & collation, analysis, and formation of meaningful insights that enables in making strategic business decisions supplements the fraud detection & prevention market growth.

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Furthermore, IT vendors provide fraud detection and prevention solutions to both small and medium enterprises and large corporations, serving as defenses against unforeseen incidents while aiding in the detection and prevention of future occurrences. The current business landscape has witnessed a notable surge in the adoption of these solutions, spanning developed and developing regions alike. Companies strive to implement efficient techniques to offer customers innovative and modernized security solutions.

Factors such as the advent of big data analytics, the proliferation of cloud computing services, and the rise in mobile payment methods contribute to the growth of the fraud detection and prevention market. While continuous technological advancements in the global market drive expansion, the high cost associated with fraud detection and prevention solutions poses a potential constraint to market growth.

Emergence of big data analytics across various industries, such as BFSI, retail, manufacturing, healthcare, real estate, and others, high demand for cloud services, and proliferation of mobile devices for payment are expected to drive the market growth. Mobile phones enable easy access to personally identifiable information such as email address, home address, and banking & stored payment information. However, high installation cost of deploying varied prevention solutions, including predictive analytics, big data analytics, customer analytics, and others, hinders this growth.

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Leading Market Players:

➢ Pixologic Inc

➢ Sidefx Software

➢ NVIDIA Corporation

➢ The Foundry VisionMongers Ltd

➢ Zco Corporation

➢ Corel Corporation

➢ Maxon Computer

➢ Autodesk Inc

➢ Adobe Systems Incorporated

➢ Newtek Inc.

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