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Exponential Growth Anticipated in Global Fraud Detection and Prevention Market: Insights into Market Size, Key Players, Driving Forces and Developmental Trends
Exponential Growth Anticipated in Global Fraud Detection and Prevention Market
Determined to Reach $61.01 Billion by 2025, The Fraud Detection and Prevention Market Witnesses Robust Growth Factors and Emerging Trends.
What Is The Projected Market Size Of The Global Fraud Detection and Prevention Market And Its Growth Rate?
The Fraud Detection and Prevention market has seen steady growth in recent times. Key figures include:
- Market growth from $50.72 billion in 2024 to $61.01 billion in 2025
- Compound annual growth rate (CAGR) of 20.3%
- Factors for growth include increased digitization of financial transactions, rise in online banking and e-commerce, growing sophistication of fraud techniques, and regulatory compliance requirements.
Looking forward, the market is expected to continue to grow, with a projected size of $130.79 billion in 2029 and a CAGR of 21.0%. Drivers for this growth include the need to protect SMEs from fraud, improved operational efficiency, and enhanced customer experience, among others.
What Is Driving The Growth In The Fraud Detection and Prevention Market?
The increase in cyberattacks and fraud occurrences has been a central contributor to the growth of the Fraud Detection and Prevention market. As per the International Criminal Police Organization's judgement of the impact of COVID-19 on cybercrime, there's been a notable change in target from individuals and small businesses to bigger corporations. Cyberattacks spiked to 125% worldwide in October 2023 according to a report issued by AAG, a UK-based information technology (IT) service provider. These statistics demonstrate the growing need for reliable fraud detection and prevention solutions.
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Who Are the Key Players Driving Fraud Detection and Prevention Market Growth?
The following companies are some of the key players in the market:
- 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
What Are The Key Trends In The Fraud Detection and Prevention Market?
Key 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
What Are The Segments Of The Global Fraud Detection and Prevention Market?
The market is segmented as follows:
- Fraud Type: Check Fraud, Identity Fraud, Internet Or Online Fraud, Investment Fraud, Payment Frauds, Insurance Fraud, Other Fraud Types
- Deployment Mode: Cloud, On-premises
- Solution: Fraud Analytics, Authentication, Reporting, Visualization, Other Solutions
- Application: Insurance claims, Money laundering, Electronic Payment
- End User: Small and Medium Enterprises (SMEs), Large Enterprises
Which Region Leads The Fraud Detection and Prevention Market?
In 2024, North America was the largest region in the Fraud Detection and Prevention market. Asia-Pacific is anticipated to experience the fastest growth during the forecast period.
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What Is Covered In The Fraud Detection and Prevention Market Global Market Report?
- Market Size Analysis: Analyze the Fraud Detection and Prevention Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Fraud Detection and Prevention Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Fraud Detection and Prevention Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Fraud Detection and Prevention Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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