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Fraud Detection and Prevention Market Revenue Projection Indicates Rapid Expansion, as per Acumen Research and Consulting

02-26-2024 08:40 AM CET | IT, New Media & Software

Press release from: Acumen Research and Consulting

Fraud Detection and Prevention Market Revenue Projection

What exactly is fraud detection and prevention? It's a proactive approach to identify and stop attempts to acquire money or assets through deceptive means. The global market was valued at approximately USD 27 Billion in 2021 and is projected to soar to USD 176 Billion by 2030. The Fraud Detection and Prevention Market is closely linked to various online and offline transactions, emphasizing the need to safeguard users from potential frauds. This sector is witnessing exponential growth due to the surge in online payments, especially during the COVID-19 pandemic. As businesses increasingly adopt fraud detection and prevention technologies, the potential for this market continues to grow, aiming for enhanced transaction security and user trust. Despite challenges like the increasing sophistication of fraud and high capital requirements, the demand remains robust, with key players like ACI Worldwide, Inc., and IBM leading the way.

Key Points and Statistics on the Fraud Detection and Prevention Market:
● The global fraud detection and prevention market size is projected to reach USD 176 Billion by 2030, growing at a CAGR of 23.4% from 2022 to 2030.
● The rise in mobile and web usage, coupled with the growth in dependency on internet & social media platforms, is driving the market.
● Major growth drivers include the increasing number of online and offline frauds, rising online transactions, and the rapid expansion of IoT.
● Prominent players in the market include Equifax, Inc., Experian plc, BAE Systems, ACI Worldwide, Inc., Fiserv, Inc., IBM, SAS Institute, Inc., SAP SE, Oracle, Software AG and Total System Services, Inc.

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Fraud Detection and Prevention Market Overview and Analysis:
Fraud detection and prevention might seem like a specialized domain, but its significance is growing in the digital age. As companies increasingly rely on online transactions, the need for robust fraud detection mechanisms becomes paramount. The market is dedicated to providing solutions that ensure transactional security and user trust. However, challenges like increasing sophistication of fraud and high capital requirements can hinder growth. Despite these challenges, technological advancements, especially in AI and ML, are expected to drive significant growth in the coming years.

Latest Fraud Detection and Prevention Market Trends and Innovations:
Technological advancements are leading to more efficient and reliable fraud detection solutions. For instance, the advent of AI and ML in detecting frauds is a game-changer. The expanding digital marketplace and the rapid growth in mobile banking have also opened avenues for potential fraud activities. Continuous research and development are leading to innovative fraud detection solutions tailored for various industries.

Major Growth Drivers of the Fraud Detection and Prevention Market:
The growth is primarily driven by the increasing number of online transactions, the rise in mobile and web usage, and the growth in dependency on internet & social media platforms. The rapid expansion of IoT and the adoption of digitalization are also significant contributors.

Key Challenges Facing the Fraud Detection and Prevention Industry:
Challenges include increasing sophistication of fraud, high capital requirements, and potential regulatory challenges. Fluctuating raw material costs and potential environmental concerns can also impact the market.

Market Segmentation Insights:

● By Component:
○ Service: Managed Service, Professional Service
○ Solutions: Authentication, Fraud Analytics, GRC

● By Fraud Type:
○ Check fraud
○ Identity Fraud
○ Insurance Fraud
○ Payment Fraud
○ Internet/Online Fraud

● By Deployment Model:
○ Cloud
○ On-Premise

● By Organization Size:
○ SMEs
○ Large Enterprises

● By Industry Vertical:
○ Retail & E-commerce
○ IT & Telecom
○ Healthcare
○ BFSI
○ Government & Defense
○ Industrial & Manufacturing

Overview by Region of the Fraud Detection and Prevention Market:
North America dominates the market due due to the increasing use of mobile devices and the internet. However, Asia-Pacific is expected to expand at the quickest pace due to the raised reliance on online and mobile banking applications.

Fraud Detection and Prevention Market Table of Content:

CHAPTER 1. Industry Overview of Fraud Detection and Prevention Market

CHAPTER 2. Research Approach

CHAPTER 3. Market Dynamics And Competition Analysis

CHAPTER 4. Fraud Detection and Prevention Market By Component

CHAPTER 5. Fraud Detection and Prevention Market By Fraud Type

CHAPTER 6. Fraud Detection and Prevention Market By Deployment Model

CHAPTER 7. Fraud Detection and Prevention Market By Organization Size

CHAPTER 8. Fraud Detection and Prevention Market By Industry Vertical

CHAPTER 9. North America Fraud Detection and Prevention Market By Country

CHAPTER 10. Europe Fraud Detection and Prevention Market By Country

CHAPTER 11. Asia Pacific Fraud Detection and Prevention Market By Country

CHAPTER 12. Latin America Fraud Detection and Prevention Market By Country

CHAPTER 13. Middle East & Africa Fraud Detection and Prevention Market By Country

CHAPTER 14. Player Analysis Of Fraud Detection and Prevention Market

CHAPTER 15. Company Profile

List of Key Players in the Global Market:
The key players include Equifax, Inc., Experian plc, BAE Systems, ACI Worldwide, Inc., Fiserv, Inc., IBM, SAS Institute, Inc., SAP SE, Oracle, Software AG and Total System Services, Inc.

Footnote:
The fraud detection and prevention market is evolving rapidly. With the increasing reliance on digital transactions, the need for robust fraud detection mechanisms has never been more critical. With technological advancements and the entry of major players, the market is poised for significant growth in the coming decade.

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Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

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