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Fraud Detection and Prevention Market: Major Trends Reshaping the Future of the Industry
Fraud Detection and Prevention Market
What Will the Fraud Detection and Prevention Industry Market Size Be by 2025?
The market size for fraud detection and prevention has seen a swift expansion in the past few years. It is projected to rise from $50.72 billion in 2024 to $60.75 billion in 2025, with a compound annual growth rate (CAGR) of 19.8%. This historical growth is due to several factors such as the surge in digital financial transactions, an increase in online banking and e-commerce, the evolving complexity of fraud methods, regulatory compliance mandates, and the spread of mobile and web-based payment systems.
What's the Long-Term Growth Forecast for the Fraud Detection and Prevention Market Size Through 2029?
Expectations are high for a significant expansion in the fraud detection and prevention market in the coming years. The market is projected to reach a value of $127.47 billion in 2029, with an expected compound annual growth rate (CAGR) of 20.4%. The acceleration in growth over the forecast period can be traced back to a rising demand for shielding SMEs against fraud, enhancement of operational effectiveness and customer service, necessity for efficient identity management by companies, growing dependence on sophisticated analytics methods, and the broadening of live monitoring functionalities. Key trends expected to emerge during this forecast period involve the inclusion of artificial intelligence in fraud detection mechanisms, the rise of blockchain technology for safer transactions, cooperation among industry players for information exchange, the fusion of cybersecurity and fraud prevention tools, and the perpetual advancement of fraud tactics that demand responsive solutions.
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What Are the Key Growth Drivers Fueling the Fraud Detection and Prevention Market Expansion?
The surge in cyberattacks and fraudulent activities is propelling the expansion of the fraud detection and prevention market. The International Criminal Police Organization's assessment on the repercussions of COVID-19 on cybercrime revealed a significant shift in targets from individual users and small businesses to larger corporations. As an illustration, a report published by AAG, a UK-based IT service provider, in October 2023, registered a 125% rise in global cyberattacks, and in 2022, the risks posed by these attacks to individuals and organizations heightened. Consequently, the escalating frequency of cyberattacks and frauds is fueling the growth of the fraud detection and prevention market.
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What Are the Key Trends Driving Fraud Detection and Prevention Market Growth?
The rise in technological innovations is a significant trend emerging in the fraud detection and prevention market. This advancement corresponds to the groundbreaking knowledge that broadens our understanding of technology. For example, in October 2022, a Japan-based service provider company, DG Financial Technology Inc. (DGFT), collaborated with Scudetto Corporation, another Japan-based firm specializing in online fraud prevention, to introduce an AI-based fraud detection system named Sift Digital Trust & Safety Suite (Sift). Sift applies artificial intelligence in identifying fraudulent activities in the e-commerce platform and online instances, such as credit card fraud and account takeover, with the aim to minimize losses from chargebacks and other forms of fraud by making fraud prevention measures more efficient, thereby boosting revenue.
How Is the Fraud Detection and Prevention Market Segmented?
The fraud detection and preventionmarket covered in this report is segmented -
1) By Fraud Type: Check Fraud, Identity Fraud, Internet Or Online Fraud, Investment Fraud, Payment Frauds, Insurance Fraud, Other Fraud Types
2) By Deployment Mode: Cloud, On-premises
3) By Solution: Fraud Analytics, Authentication, Reporting, Visualization, Other Solutions
4) By Application: Insurance claims, Money laundering, Electronic Payment
5) By End User: Small and Medium Enterprises (SMEs), Large Enterprises
Subsegments:
1) By Check Fraud: Forged Checks, Counterfeit Checks, Altered Checks
2) By Identity Fraud: Identity Theft, Synthetic Identity Fraud, Account Takeover
3) By Internet Or Online Fraud: Phishing Sca*ms, Online Auction Fraud, E-commerce Fraud
4) By Investment Fraud: Ponzi Schemes, Securities Fraud, Affinity Fraud
5) By Payment Frauds: Credit Card Fraud, Mobile Payment Fraud, ACH Fraud
6) By Insurance Fraud: Health Insurance Fraud, Auto Insurance Fraud, Property Insurance Fraud
7) By Other Fraud Types: Tax Fraud, Charity Fraud, Employment Fraud
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Which Companies Are Leading the Charge in Fraud Detection and Prevention Market Innovation?
Major companies operating in the fraud detection and prevention market include 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, NICE Systems Ltd., Equifax Inc., Cybersource Corporation, Global Payments Inc., Experian Information Solutions Inc., TransUnion LLC, RSA Security LLC, LexisNexis Risk Solutions, Kount Inc., Feedzai Inc., Featurespace Inc., Pindrop Security Inc., Simility Inc., Signifyd Inc., Sift Science Inc., Idology Inc., Total System Services Inc.
Which Regions Are Leading the Global Fraud Detection and Prevention Market in Revenue?
North America was the largest region in the fraud detection and prevention market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fraud detection and prevention market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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