Financial Crime & Fraud Management Market 2024: Forecast and Key Insights

The Business Research Company recently released a comprehensive report on the Global Financial Crime And Fraud Management Solutions Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The financial crime and fraud management solutions market size has grown rapidly in recent years. It will grow from $17.08 billion in 2023 to $19.35 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to the emergence of advanced technologies, the shift to digital and cashless transactions, pressure on financial institutions, a surge in demand for fraud prevention solutions, and the struggle to achieve efficiency and effectiveness.

The financial crime and fraud management solutions market size is expected to see rapid growth in the next few years. It will grow to $32.22 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to rising incidences of fraud and financial crimes, growing demand for sophisticated analytics, rising digital transactions and e-commerce, high demand from financial institutions, and global expansion of financial services. Major trends in the forecast period include the expansion of robotic process automation, the shift towards integrated fraud management platforms, the integration of AI and ML technologies, the adoption of cloud computing, and the integration of blockchain technology.

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Market Drivers and Trends:

The growing cybercrime threats are expected to propel the growth of the financial crime and fraud management solutions market going forward. Cybercrime threats are malicious activities or actions that target computer systems, networks, and digital data to cause harm, steal information, or disrupt operations. The growing cyber threats are due to increasing digitalization, sophisticated attacks, an expanded attack surface, and inadequate cybersecurity awareness. Financial crime and fraud management solutions are crucial for combating cybercrime threats in the financial services sector. These solutions help detect, prevent, and mitigate various types of cybercrime, including data breaches, account takeovers, and financial fraud. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the number of reported cyberattacks in 2022 was 76,000, reflecting a 13% increase from the previous year. Therefore, the growing cybercrime threats drive the growth of the financial crime and fraud management solutions market.

Major companies operating in the financial crime and fraud management solutions market are focusing on developing advanced solutions such as AI-powered ACH fraud detection systems to enhance detection, streamline investigations, and improve fraud prevention. AI-powered ACH (Automated Clearing House) fraud detection system is a sophisticated solution designed to identify and prevent fraudulent activities related to ACH transactions, which are electronic payments and transfers processed through the ACH network. For instance, in June 2024, Oscilar, a US-based fintech company, launched AI-Powered ACH Fraud Detection for Fintechs and financial institutions. The new solution leverages machine learning (ML) algorithms, generative AI, and real-time data analysis with explainability to identify and prevent fraudulent transactions. It tackles various types of fraud, including first-party fraud, account takeovers, stolen account details, business email compromise (BEC), money mules, and ACH check kiting. The system's fraud detection capabilities analyze bank account usage patterns, validate transaction intent, identify emerging attack vectors, and support risk operations teams in scaling their investigations and reviews.

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Major Key Players of the Market:

Dell Technologies Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, BAE Systems Applied Intelligence, Capgemini SE, Fiserv Inc., DXC Technology Company, Fidelity National Information Services Inc., LexisNexis Risk Solutions, Thomson Reuters Corporation, Experian Information Solutions Inc., Genpact, SAS Institute Inc., NICE Ltd., ACI Worldwide Inc., Fair Isaac Corporation, Temenos AG, Cloudera Inc., CRISIL Limited, Feedzai Inc., Featurespace Ltd., Securonix Inc., AxiomSL Inc., Guardian Analytics Inc.

Financial Crime And Fraud Management Solutions Market 2024 Key Insights:

• The financial crime and fraud management solutions market size is expected to see rapid growth in the next few years. It will grow to $32.22 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%.
• Growing Cybercrime Threats Is Driving The Growth Of The Financial Crime And Fraud Management
• Innovative AI-Powered ACH Fraud Detection Systems Enhance Financial Crime Prevention And Investigation
• North America was the largest region in the financial crime and fraud management solutions market in 2023

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