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Financial Fraud Detection Software Market Report 2024-2033 | Size, Share, Trends, Overview
Financial Fraud Detection Software Market
As per the report, the financial fraud detection software market size has grown rapidly in recent years. It will grow from $15.04 billion in 2023 to $17.18 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The financial fraud detection software market size is expected to see rapid growth in the next few years. It will grow to $28.95 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%.
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Rising Digital Financial Transactions Fueling Growth In Financial Fraud Detection Software Market
The increasing volume of digital financial transactions is expected to propel the growth of the financial fraud detection software market going forward. Digital financial transactions refer to monetary exchanges and activities conducted electronically, typically through online platforms, mobile devices, or other digital channels. Digital financial transactions are increasing due to the proliferation of digital banking services, fostering greater convenience, accessibility, and efficiency in monetary exchanges. Financial fraud detection software enhances the security of digital financial transactions by employing advanced algorithms to identify and prevent fraudulent activities. For instance, in October 2022, according to the International Monetary Fund, a US-based international organization, between 2019 and 2021, the value of mobile money transactions increased from approximately 40% of GDP to 70% in low-income countries, while the value of mobile and internet banking transactions increased from 225% of GDP to 324% in middle-income countries. Therefore, the increasing volume of digital financial transactions is driving the growth of the financial fraud detection software market.
Financial Fraud Detection Embraces Advanced Encryption And Machine Learning
Major companies operating in the financial fraud detection software market focus on developing open-source platforms to gain a competitive edge and provide better security solutions. Open-source platforms refer to software or technology projects whose source code is made available to the public, allowing anyone to view, use, modify, and distribute the code. For instance, in February 2024, the Linux Foundation, a US-based non-profit organization, launched Tazama, an open-source platform for real-time fraud management. Tazama is the first open-source platform dedicated to financial monitoring and fraud detection, aiming to enhance fraud management in digital payments. The platform is designed to provide cost-effective real-time monitoring of digital financial transactions to prevent fraud. The launch of Tazama is a significant milestone in the fight against financial fraud, as it allows central banks and other financial institutions to have a cost-effective open-source software solution for real-time fraud prevention.
The financial fraud detection software market covered in this report is segmented -
1) By Component: Solution, Service
2) By Fraud Type: Money Laundering, Identity Theft, Debit And Credit Card Frauds, Claim Frauds, Transfer Frauds, Other Fraud Types
3) By Deployment Mode: On-premise, Cloud
4) By End User: Banking, Financial Services And Insurance (BFSI), Healthcare, Information Technology (IT) And Telecommunication, Manufacturing, Educational Institutions, Government, Others End Users
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Major companies operating in the financial fraud detection software market are International Business Machines Corporation, American Express Company, Oracle Corporation, Thales Group, Fiserv Inc., SAP SE, Experian Information Solutions Inc., TransUnion LLC, SAS Institute Inc., Verisk Analytics Inc., NICE Ltd., ACI Worldwide Inc., Fair Isaac Corporation, Software AG, Cyxtera Technologies Inc., RSA Security LLC, BAE Systems Applied Intelligence, Bottomline Technologies Inc., Riskified Ltd., Signifyd Inc., Featurespace Limited, Guardian Analytics Inc., Feedzai Inc.
Contents of the report:
1. Executive Summary
2. Financial Fraud Detection Software Market Report Structure
3. Financial Fraud Detection Software Market Trends And Strategies
4. Financial Fraud Detection Software Market - Macro Economic Scenario
5. Financial Fraud Detection Software Market Size And Growth
…..
27. Financial Fraud Detection Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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