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Financial Fraud Detection Software Market Size, Share Analysis, Growth, Trends And Forecast 2024-2033
Financial Fraud Detection Software Market Size
According to The Business Research Company's, 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 growth in the historic period can be attributed to rising instances of cyberattacks and data breaches, growing emphasis on proactive fraud prevention strategies, stringent regulatory requirements for financial institutions, rise in insider threats within financial organizations.
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%. The growth in the forecast period can be attributed to increasing volume and complexity of financial transactions, expansion of mobile banking and online transactions, growing adoption of digital payment methods, demand for real-time fraud detection capabilities. Major trends in the forecast period include advanced data visualization, collaboration between financial institutions, integration with anti-money laundering systems, integration with enterprise risk management systems, integration with enterprise risk management systems, partnership with law enforcement agencies.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Financial Fraud Detection Software Market 2024 Key Insights:
• The financial fraud detection software market is expected to grow to $28.95 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%.
• Rising Digital Financial Transactions Fueling Growth In Financial Fraud Detection Software Market
• Financial Fraud Detection Embraces Advanced Encryption And Machine Learning
• North America was the largest region in the financial fraud detection software market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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