Press release
Financial Fraud Detection Software Market to Surge to $50.3 Bn by 2032 with a 14.8% CAGR
Allied Market Research published a report, titled, "Financial Fraud Detection Software Market by Component (Solution and Service), Deployment Mode (On-premise, and Cloud), Fraud Type (Money laundering, Identity Theft, Debit & Credit Card Frauds, Claim Frauds, Transfer Frauds, and Others) and End User (Banks, NBFCs, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report the financial fraud detection software market was valued at $13 billion in 2022 and is estimated to reach $50.3 billion by 2032, exhibiting a CAGR of 14.8% from 2023 to 2032.➡️Request Research Report Sample & TOC : https://www.alliedmarketresearch.com/request-sample/A12743
Prime determinants of growth
The growing adoption of online banking applications and mobile banking services and increasing incidences of financial fraud are boosting the growth of the global financial fraud detection software market. in addition, the increase in the use of digital transformation technology positively impacts the growth of the financial fraud detection software market. However, the surge in incidents of false positive rates and high implementation costs are hampering the financial fraud detection software market growth. On the contrary, the rise in Innovations in the Fintech Industry is expected to offer remunerative opportunities for the expansion of the financial fraud detection software market during the forecast period.
Based on component, the service segment held the highest market share in 2022, accounting for more than two-thirds of the global financial fraud detection software market revenue, owing to the rise in incidences of Account Take Overs (ATO) and phishing emails have compelled enterprises to adopt advanced tools and solutions to detect anomaly patterns of fraud at a preliminary stage. However, the service segment is projected to attain the highest CAGR of 16.7% from 2023 to 2032, owing to organizations in developing economies that are increasingly implementing robust fraud prevention strategies.
The banks segment to maintain its leadership status throughout the forecast period
Based on end users, the banks' segment held the highest market share in 2022, accounting for nearly two-fifths of the global financial fraud detection software market revenue, owing to an increase in demand for personalization and self-service services and products. However, the NBFCs segment is projected to attain the highest CAGR of 17.0% from 2023 to 2032, owing to an increase in demand for personalization and self-service products.
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Asia-Pacific maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global financial fraud detection software market revenue, owing to the rise in adoption of financial fraud detection software in small & medium enterprises to ensure effective flow of financial activities. However, the Asia-Pacific region is expected to witness the fastest CAGR of 18.0% from 2023 to 2032 and is likely to dominate the market during the forecast period, due to the growing adoption of web-based and mobile-based business applications in the sector of banking.
Leading Market Players: -
Feedzai,
FiCO,
Oracle Corporation,
ThreatMetrix,
SAS Institute Inc.,
SAP SE,
Fiserv, Inc.,
IBM Corporation,
Software AG,
Experian plc.,
The report provides a detailed analysis of these key players of the global financial fraud detection software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the financial fraud detection software market analysis from 2023 to 2032 to identify the prevailing financial fraud detection software market opportunity.
The financial fraud detection software market outlook research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
An in-depth analysis of the financial fraud detection software market segmentation assists in determining the prevailing market.
Major countries in each region are mapped according to their revenue contribution to the global financial fraud detection software market forecast.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the financial fraud detection software market players.
The report includes an analysis of the regional as well as global financial fraud detection software market trends, key players, market segments, application areas, and financial fraud detection software market growth strategies.
Financial Fraud Detection Software Market Report Highlights
Aspects Details
By Component
Solution
Service
By Deployment Mode
On-premise
Cloud
By Fraud Type
Money Laundering
Identity Theft
Debit and Credit Card Fraud
Claim Frauds
Transfer Frauds
Others
By End User
Banks
NBFCs
Others
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By Region
North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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