Fraud Detection and Prevention Market 2024-2033: Future Outlook, Global Trends, Industry Share And Top Key Players

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Fraud Detection and Prevention Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $133.66 billion In 2028 At A CAGR Of 25.9% :

The fraud detection and prevention market size has grown exponentially in recent years. It will grow from $42.42 billion in 2023 to $53.28 billion in 2024 at a compound annual growth rate (CAGR) of 25.6%. The growth in the historic period can be attributed to increased digitization of financial transactions, rise in online banking and e-commerce, growing sophistication of fraud techniques, regulatory compliance requirements, expansion of mobile and online payment systems.

The fraud detection and prevention market size is expected to see exponential growth in the next few years. It will grow to $133.66 billion in 2028 at a compound annual growth rate (CAGR) of 25.9%. The growth in the forecast period can be attributed to growing need to protect smes from fraud, improved operational efficiency and enhanced customer experience, need to effectively manage huge volumes of identities by organizations, increasing adoption of advanced analytics techniques, expansion of real-time monitoring capabilities.. Major trends in the forecast period include integration of artificial intelligence in fraud detection, emergence of blockchain technology for secure transactions, collaboration between industry stakeholders for information sharing, integration of cybersecurity and fraud prevention solutions, continuous evolution of fraud techniques, requiring dynamic solutions.

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Fraud Detection and Prevention Market Major Segments
The fraud detection and prevention market covered in this report is segmented -

1) By Fraud Type: Check Fraud, Identity Fraud, Internet /Online Fraud, Investment Fraud, Payment Frauds, Insurance Fraud, Other Fraud Types
2) By Deployment Mode: Cloud, On-premises
3) By Solution: Fraud Analytics, Authentication, Reporting, Visualisation, Other Solutions
4) By Application: Insurance claims, Money laundering, Electronic Payment
5) By End User: Small and Medium Enterprises (SMEs), Large Enterprises

Key Driver - Increase In Cyberattacks And Frauds Drives Growth Of Fraud Detection And Prevention Market

An increase in the frequency of cyberattacks and frauds is driving the growth of the fraud detection and prevention market. The International Criminal Police Organization's judgement of the impact of COVID-19 on cybercrime has demonstrated an important target shift from individuals and small businesses to major corporations. For instance, in October 2023, according to a report issued by AAG, a UK-based information technology (IT) service provider, there was a 125% increase in cyberattacks worldwide, and in 2022, the threat created by these attacks to individuals and organizations further grew. Therefore, the increase in the frequency of cyberattacks and frauds is driving the growth of the fraud detection and prevention market.

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Prominent Trend - Technological Advancement Drives Growth In Fraud Detection And Prevention Market

Technological advancement is a key trend gaining popularity in the fraud detection and prevention market. Technological advancement is the discovery of knowledge that advances the understanding of technology. For instance, in October 2022, DG Financial Technology Inc. (DGFT), a Japan-based service provider company, partnered with Scudetto Corporation, a Japan-based company specializing in online fraud prevention, and launched Sift Digital Trust & Safety Suite (Sift), an artificial intelligence (AI)-built fraud detection solution. Sift is a fraud detection and prevention solution that uses artificial intelligence to detect fraud and abuse in the e-commerce space and online, including credit card fraud and account takeover, to reduce the damage from chargebacks and other fraudulent activities by streamlining fraud prevention operations and increasing revenue.

Fraud Detection and Prevention Market Players
Major companies operating in the fraud detection and prevention market report are IBM Corporation, Fair Isaac Corporation, Oracle Corporation, SAS Institute Inc., BAE Systems plc, DXC Technology Company, SAP SE, ACI Worldwide Inc., Fiserv Inc., ThreatMetrix company, NICE Systems Ltd., F5 Networks Inc., Equifax Inc., Cybersource Corporation, Global Payments Inc., Experian Information Solutions Inc., TransUnion LLC, RSA Security LLC, LexisNexis Risk Solutions, Kount Inc., Feedzai Inc., Featurespace Inc., Pindrop Security Inc., Simility Inc., Signifyd Inc., Forte India Enterprises Private Limited, Sift Science Inc., Idology Inc., Software AG, Total System Services Inc.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the fraud detection and prevention market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fraud detection and prevention market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Fraud Detection and Prevention Market Report Structure
3. Fraud Detection and Prevention Market Trends And Strategies
4. Fraud Detection and Prevention Market - Macro Economic Scenario
5. Fraud Detection and Prevention Market Size And Growth
…..
27. Fraud Detection and Prevention Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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