Fraud Detection and Prevention Market Expected to Reach $34,424 Million by 2022

Fraud Detection and Prevention Market Report, published by Allied Market Research, states that the global market for fraud detection and prevention was valued at $11,770 million in 2015, and is expected to reach $34,424 million by 2022, growing at a CAGR of 16.7% from 2016 to 2022. The Banking, Financial Service & Insurance (BFSI) and manufacturing sector is expected to dominate the global fraud detection and prevention market. In the year 2015, North America was the leading contributor to the global revenue, whereas Asia-Pacific is projected to be the fastest growing market by 2022.

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Emergence of big data analytics across various industries such as BFSI, retail, manufacturing, healthcare, real estate and others is expected to foster the adoption of fraud detection and prevention solutions. In addition, increasing demand for cloud computing solutions and growth in profilteration of mobile devices for payment are anticipated to drive the growth of fraud detection and prevention solutions, as this concept enables easy access to personally identifiable information such as email address, home address, banking and stored payment information. However, high installation cost of deploying varied prevention solutions including predictive analytics, big data analytics, customer analytics and others hinders the growth of global fraud detection and prevention market.

In 2015, the BFSI segment accounted for the maximum revenue share in global fraud detection and prevention solutions market, owing to frequent incidents of fraudulent activities, specifically in digital transactions. Rise in demand for advanced authentication provides huge growth opportunities to the market in the government sector. In addition, the retail segment is projected to grow at a fastest CAGR of 18.4%, owing to increasing incidents of card related frauds, transactions and revenue loses.

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In the solutions segment, authentication segment generated the highest revenue in 2015, as organizations are largely investing in technologies that can protect data from security risks and malware attacks. The fraud analytics solution is expected to grow at highest CAGR, as these solutions help in analyzing various forms of data and then covert them to actionable insights. In addition, increasing adoption of advanced analytics techniques and competitive intelligence that involves tactful data collection and collation, analysis and formation of meaningful insights that enables in making strategic business decisions supplements the market growth. Predictive analytics and big data analytics solutions are the two potential fraud analytics types, expected to witness considerably higher growth rates over the forecast period. Big data analytics and predictive analytics, together accounted for about 56% of the total fraud analytics market in 2015 and is expected to reach a market size of a market share of 58% by 2022.

In the year 2015, North America accounted for a major share of the global fraud detection and prevention market. Asia-Pacific is expected to be the fastest growing market by 2022 owing to increase in rate of internet penetration in countries such as India, China, Japan, Malaysia, and Singapore as organizations need to protect corporate and personal information from fraud attacks. Furthermore, the need to support secure enterprise mobility practices within organizations is expected to boost the demand for fraud detection and prevention solutions.

Key Findings of the Fraud Detection And Prevention Market Study:

In the year 2015, authentication type dominated the overall fraud detection and prevention solutions segment in terms of revenue, and is projected to grow at a CAGR of 16.1% during the forecast period.
Managed services are estimated to grow at the highest CAGR of 17.1% from 2016 to 2022.
On-Premises deployment type is anticipated to generate the highest revenue by 2022.
In the end-user segment, small and medium enterprises (SME) are projected to grow at the highest CAGR of 17.5%.
Among the industry verticals, retail is expected to witness the highest growth rate of 18.4%.
In the year 2015, North America generated the highest revenue in the global market.
Asia-Pacific is expected to grow at a remarkable CAGR of 17.8% during the forecast period.
Prominent players such as IBM Corporation, BAE Systems, SAP SE, Oracle Corporation, ACI Worldwide and Others focus on product launch, acquisition, and partnership for expansion in the market. For instance, in 2016, IBM Corporation acquired IRIS Analytics, a privately held company specializing in real time analytics to help combat fraud.

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