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Fraud Detection and Prevention Market was valued at $29.5 billion in 2022 and to generate $252.7 billion by 2032

04-24-2024 07:00 AM CET | IT, New Media & Software

Press release from: Allied Market Research

/ PR Agency: Allied Market Research
Fraud Detection & Prevention Market

Fraud Detection & Prevention Market

The fraud detection and prevention industry was valued at $29.46 billion in 2022, and is estimated to reach $252.7 billion by 2032, growing at a CAGR of 24.3% from 2023 to 2032.

The retail sector registered highest market growth rate during the forecast period. Rise in penetration of mobiles and internet across retail sector propels adoption of fraud detection and prevention solutions in the Retail sector. In addition, data from the retail and consumer sectors has increased significantly during the pandemic and it needs to be secured as it contains sensitive customer data, hence adoption of fraud detection and prevention solutions across the retail sector propels the market growth.

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Fraud detection and prevention systems have emerged as indispensable tools in combating the escalating tide of fraudulent activities globally. These sophisticated software applications provide analytical solutions aimed at identifying and mitigating fraud risks, thus safeguarding organizations against financial losses and reputational damage. The proliferation of fraudulent activities across industries has underscored the critical importance of robust fraud detection and prevention measures.

The surge in fraudulent activities on a global scale has heightened the demand for advanced fraud detection and prevention solutions. Organizations across sectors are increasingly investing in robust systems to protect themselves against evolving fraud tactics and schemes.

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The advent of big data analytics and cloud computing has revolutionized the fraud detection landscape. These technologies enable organizations to leverage vast amounts of data and deploy sophisticated algorithms to detect anomalies and suspicious patterns indicative of fraudulent behavior.

The accessibility and scalability offered by cloud-based fraud detection and prevention solutions have led to widespread adoption across both small and large enterprises. The cloud infrastructure facilitates remote server access and centralized management of applications, enhancing operational efficiency and flexibility.

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By region, North America dominated the fraud detection and prevention market size in 2022 for the fraud detection and prevention market, as this region has been at the forefront of technological advancements, including the development and adoption of fraud detection and prevention technologies. The widespread adoption of digital platforms and online transactions in this region increases the risk of fraud, leading to a higher demand for effective fraud detection and prevention solutions. Thus, anticipated to propel the growth of the market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the increasing internet penetration, smartphone adoption, and e-commerce activities are expected to provide lucrative growth opportunities for the market in this region.

The major key players operating in the fraud detection and prevention market analysis are IBM Corporation, Oracle Corporation, SAS Institute Inc., Fair Isaac Corporation., SAP SE, BAE Systems, ACI Worldwide, NCR Limited, Precisely Holding LLC, and LexisNexis.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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