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IC_182142
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Pages: 176
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Feb 2018 | 6168 Views
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Author(s) :
Akshay Jadhav
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Tables: 61
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The Global Fraud Detection & Prevention Market size was valued at $13,644 million in 2016, and is expected to reach $40,610 million by 2023, growing at a CAGR of 17% during the forecast period. Any illegal act involved in deceiving someone willfully with an unfair and unlawful intention for financial or any personal gain is termed as fraud. Fraud detection & prevention systems are software applications used to provide analytical solutions for against fraud incidents and help to identify or prevent future occurrences. North America was the dominant region for fraud detection solutions in 2016, owing to industrial expansion and rise in fraudulent activities. Currently, enterprises are more susceptible to incidents of frauds that may result in financial losses due to the generation of massive amounts of enterprise data and increase in technological advancements.
The introduction of big data analytics and cloud computing services, and rapid increase in mobile banking are key factors that drive the growth of the fraud detection & prevention market. Cloud infrastructure allows organizations to meet cloud security compliance requirements for encryption, separation of duties, and access control of protected data. In addition, increase in the generation of enterprise data and its complexity, high industry-specific requirements, and increase in incidence of fraud further supplement the fraud detection & prevention market growth.
Segment Review
The global fraud detection & prevention market is segmented based on solution type, services, deployment type, end user, industry vertical, and geography. On the basis of solution type, the market is bifurcated into fraud analytics and authentication. Services covered in the study include managed and professional. Based on the deployment model, the market is divided into cloud and on-premises models. By end user, it is categorized into small & medium enterprises (SME) and large enterprises (LE). By industry vertical, it is classified into banking, final services & insurance (BFSI); retail; healthcare; real estate; manufacturing; and others.
Fraud analytics accounted for the substantial market share of around 42.1% in 2016, as this solution assists in analyzing various forms of stored data and gathered information, and in converting them to actionable insights, thereby offering necessary actions required to prevent fraud. Further, the Fraud analytics segment is expected to generate the highest CAGR during the forecast period, owing to increase in implementation of various government regulations related to security for different industries to safeguard their user data.
The professional services segment dominated the market in 2016, accounting for around 54.9% due to increase in fraudulent activities and government regulations for data protection. In addition, growth in popularity of mobile devices present unique challenges to business and government organizations, enforcing them to implement effective solutions that would defend, identify, and respond to evolving threats. BFSI generated the highest revenue in 2016, accounting for around $3,498 million, owing to increased adoption of fraud detection & prevention solutions due to high requirement to strengthen authentication processes for customers.
Asia-Pacific exhibited prominent market growth, and is expected to maintain this trend in future as well, growing further at a CAGR of 18.2% during the forecast period. This is due to growth in penetration of Internet, and increase in usage of mobile data for various applications such as social media and mobile banking, which indirectly boosts fraud detection & prevention market growth.
Top Impacting Factors
Increase in fraudulent activities globally is expected to have a significant impact on the growth of the global fraud detection & prevention market. The introduction of big data analytics and cloud computing is expected to lead to high adoption of fraud detection & prevention solutions in small & large enterprises. This is because cloud infrastructure provides remote server access on the Internet and enables organizations to manage all the applications. However, high initial cost of these solutions restrains the growth of this market.
Key Players
The global fraud detection & prevention market has witnessed significant growth during the past few years, owing to growth in e-commerce industry and rise in electronic transactions among organizations and institutes, which increases the frequency of fraudulent attacks. This has encouraged banking and financial institutes to deploy fraud detection & prevention solutions to safeguard their accounts and network against potential fraud attacks. Further, the number of organizations and SMEs effectively utilizing fraud analytical tools has increased, which has induced extensive requirement for solutions that provide protection against fraudulent activities.
Fraud detection & prevention solutions are increasingly deployed in North America, followed by Europe, Asia-Pacific, and LAMEA. The highest fraud detection & prevention market share is attributable to the presence of numerous vendors that offer advanced authentication solutions.
Key players operating in the global fraud detection & prevention market are IBM Corporation, Oracle Corporation, SAS Institute Inc., Fair Isaac Corporation., SAP SE, BAE Systems, ACI Worldwide, Alaric Systems, Lavastorm Analytics, and ThreatMetrix. These companies are adopting efficient techniques to provide customers with innovative and modernized security offerings.
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