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2022
Fraud Detection & Prevention Market

Fraud Detection & Prevention Market by Component (Solution, Services), by Organization Size (Large Enteprises, Small and Medium-sized Enteprises), by Deployment Model (On-Premises, Cloud), by Industry Vertical (BFSI, Government and Defence, Retail, IT and Telecom, Helathcare, Manufacturing, Travel and Transportation, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

A01812
Pages: 287
May 2022 | 23362 Views
Author(s) : Vikas Sahebrao Gaikwad, Pramod Borasi , Vineet Kumar
Tables: 168
Charts: 67
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COVID-19

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Fraud Detection & Prevention Market Research, 2031

The global fraud detection & prevention market was valued at $29.80 billion in 2021, and is projected to reach $241.23 billion by 2031, growing at a CAGR of 23.8% from 2022 to 2031.

The pandemic has prompted every company and business to shift their business operations toward a remote work environment. Moreover, many verticals such as retail and healthcare have adopted IoT connected technologies, which are prone to cyber-attacks and frauds. Therefore, the need for fraud detection & prevention solutions is expected to increase, to provide necessary security layer and protection from fraudulent transactions.

Fraud detection & prevention is a collection of processes & techniques designed to identify, monitor, & prevent fraud. Detecting fraud is the first step in identifying where the problem lies and then it is needed to be prevented automatically or manually using fraud detection software.

Fraudulent activities cover a wide range of cases such as money laundering, cyber security threats, tax evasion, fraudulent insurance claims, fraudulent bank checks, identity theft, and terrorist financing, which can be found in the financial institutions, government, healthcare, public sector, and insurance industries. So, to combat this growing list of opportunities for fraud, organizations implement modern fraud detection & prevention technologies and risk management strategies that combine big data sources with real-time monitoring and apply adaptive & predictive analytics techniques such as machine learning & AI.

Moreover, fraud detection & prevention solutions are solutions offered by the IT vendors to small & medium enterprises and large enterprises to defend against unwilling or uncertain incidents & help to detect or prevent future occurrences. The current business scenario has witnessed an upsurge in the adoption of anti fraud management system solutions in developed as well as the developing regions. The companies adopt efficient techniques in an effort to provide customers with innovative and modernized security offerings. Introduction of big data analytics, cloud computing services, & upsurge in mobile payment bolster the growth of the fraud detection & prevention market. Although continuous technological advancements prevailing in the global Fraud Detection & Prevention Industry promote market expansion, while factors such as high cost of fraud detection & prevention solution are likely to restrict the fraud detection & prevention market growth.

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Segment Review

The fraud detection & prevention market is segmented on the basis of component, organization size, deployment, industry vertical, and region. On the basis of component, the market is segmented into solutions and services. On the basis of organization size, it is fragmented into large enterprises and SME’s. On the basis of deployment, the market is segmented into cloud and on-premise. Depending on industry vertical, it is segregated into BFSI, IT & telecom, retail, healthcare, government & defense, manufacturing, transportation & logistics, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Fraud Detection & Prevention Market
By Component

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Solution segment dominated the global market in 2021

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On the basis of component, the solution segment dominated the fraud detection & prevention market share in 2020, and is expected to maintain its dominance during the forecast period. The growth in instances of security breaches and cyber-attacks, alongside a big increase in online frauds are among the key factors that drive the market. However, services segment registered highest growth rate during the fraud detection & prevention market forecast period. The surge in prevalence of cybercrimes and the rise in demand for security services worldwide are anticipated to foster the fraud detection & prevention market during the forecast period.

Fraud Detection & Prevention Market
By Organization Size

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Small and Medium-sized Enteprises segment is projected to witness highest growth rate during the forecast period

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By organizational size, large enterprise segment dominated the growth in the fraud detection & prevention market in 2020, and is expected to maintain its dominance during the forecast period. This is due to increase in the frequency & sophistication of cyber-attacks, emergence of disruptive digital technologies such as IoT and stringent data protection. However, small & medium sized enterprises (SME’s) segment is anticipated to register the highest growth rate during the forecast period. The need to implement cost-effective security solutions, such as encryption, risk & compliance, and incident management drives the adoption of fraud detection & prevention solutions in SME’s.

Fraud Detection & Prevention Market
By Industry Vertical

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Retail is the most lucrative segment

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By industry vertical, BFSI segment dominated the growth in the fraud detection & prevention market size in 2020, and is expected to maintain its dominance during the forecast period. The growth in cyber-attacks such as card skimming, SMS phishing, social engineering, viruses & Trojans, identity thefts, spyware & adware, website cloning, and cyber stalking in the BFSI sector has contributed to adoption of Fraud detection & prevention solutions. However, retail segment is expected to register the highest growth rate during the forecast period. Rise in penetration of mobiles and internet across retail sector propels adoption of fraud detection & prevention solutions in the Retail sector.

Fraud Detection & Prevention Market
By Region

2031
North America 
Europe
Asia-pacific
Lamea

North America is the most significant region

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North America dominated the Fraud Detection & Prevention Industry in 2020. The major factors that contribute to the growth of fraud detection & prevention solutions in North America include rise in mobile and web usage and growth in dependency on Internet & social media platforms. However, Asia-Pacific is expected to witness highest growth rate during the forecast period. The major factors that contribute to the adoption of fraud detection & prevention solutions in Asia-Pacific are surge in usage of mobile data for various applications such as social media and mobile banking.

COVID-19 Impact Analysis

The global Fraud Detection & Prevention Market was valued at $29.8 billion in 2021, and is projected to reach $241.23 billion by 2031, registering a CAGR of 23.8%. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The pandemic has prompted every company and business to shift their business operations toward a remote work environment. 

Moreover, many verticals such as retail and healthcare have adopted IoT connected technologies, which are prone to cyber-attacks and frauds. Therefore, the need for fraud detection & prevention solutions is expected to increase, to provide necessary security layer and protection from fraudulent transactions. Moreover, during the COVID due to WFH policies, the demand for cloud-based solutions and the SaaS-based model increased significantly. This has positively impacted the market growth.

Top impacting factors   

Emergence of big data analytics

Big data analytics plays a key role in fraud detection & prevention market. It uses advanced analytics technique such as machine learning, predictive analytics, and data mining to analyze data sets, which may be of different types (such as structured/unstructured and streaming/batch) and different size (terabytes to zettabytes). It allows financial institutions to gain a deeper understanding of suspicious activities, derive patterns, and locate unusual transactions that help in preventing fraud. In addition, analyzing big data allows analysts, researchers, and business users to make better and faster decisions using data that were earlier inaccessible or unusable. Furthermore, by developing predictive models based on both historical and real-time data on wages, medical claims, and voice recordings, companies are in a better position to identify suspected fraudulent claims in the early stages.  

Rapid increase in mobile banking

The increased use of smartphones for payments is a significant factor that drives the growth of fraud detection & prevention solutions, particularly in emerging markets. The loss or theft of mobile phones often hold payment credentials obtained and provide relatively easy access to personally identifiable information such as email address, home address, and banking & stored payment information. Fraud prevention solutions typically monitor the aspects of the transaction such as device identification, location, and network.

 

The fraud detection & prevention market is segmented into Component, Organization Size, Deployment Model and Industry Vertical.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the fraud detection & prevention market analysis from 2021 to 2031 to identify the prevailing fraud detection & prevention market opportunities.
  • The market 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 make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the fraud detection & prevention market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global fraud detection & prevention market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

  • By Component
    • Solution
    • Services

  • By Organization Size
    • Large Enteprises
    • Small and Medium-sized Enteprises

  • By Deployment Model
    • On-Premises
    • Cloud

  • By Industry Vertical
    • BFSI
    • Government and Defence
    • Retail
    • IT and Telecom
    • Helathcare
    • Manufacturing
    • Travel and Transportation
    • Others

  • By Region
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Russia
      • Rest of Europe
    • Asia-Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • Rest of Asia-Pacific
    • LAMEA
      • Latin America
      • Middle East
      • Africa

Key Market Players

  • INTERNATIONAL BUSINESS MACHINES CORPORATION
  • NCR CORPORATION (ALARIC SYSTEMS LIMITED)
  • ACI WORLDWIDE, INC.
  • BAE SYSTEMS, INC.
  • FAIR ISAAC CORPORATION
  • ORACLE CORPORATION
  • SAP SE
  • SAS INSTITUTE INC.
  • Precisely
  • LexisNexis
 

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The global fraud detection and prevention market is projected to witness prominent growth, especially in Asia-Pacific and North America. This growth is attributed to increased investments by organizations and governments against cyber-attacks and adoption of cloud-based fraud detection and prevention solutions. In addition, the adoption of IoT (Internet of Things) based devices globally provides ample growth opportunities for fraud detection and prevention solutions. For instance, as per Global System of Mobile Communication (GSMA), there were 23 billion IoT connections in 2020.

The current business scenario has witnessed an upsurge in the adoption of fraud detection and prevention solutions in developed as well as developing regions. The companies adopt efficient techniques in an effort to provide customers with innovative and modernized security options. Fraud incidents are persistently progressing and growing.

However, with each new attack, it becomes mandatory for organizations to implement effective security solutions. The fraud detection solutions provide a strong defense against such incidents and help to detect or prevent future occurrences. Asia-Pacific exhibits the highest adoption of fraud detection solutions. On the other hand, LAMEA is expected to grow at a significant growth rate, predicting a lucrative market growth for fraud detection and prevention solutions, especially in countries such as Brazil, South Africa, and Argentina.

The global fraud detection and prevention market is dominated by key players such IBM Corporation, Oracle Corporation, SAS Institute Inc., Fair Isaac Corporation., SAP SE, BAE Systems, ACI Worldwide, NCR Limited, Experian PLC, Precisely and LexisNexis.

Key players have adopted various growth strategies to enhance and develop their product portfolio, strengthen their fraud detection and prevention market share, and to increase their market penetration. For instance, in December 2021, FICO and Sistemas Críticos, a global IT company with presence in Latin America has launched BSafe Platform SaaS, which combines the fraud prevention technologies of FICO® Falcon® Fraud Manager and TenS®, a proprietary Sistemas Críticos platform. This will help in fraud detection at early stages.

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FREQUENTLY ASKED QUESTIONS?

A. North America dominated the fraud detection & prevention market

A. The global Fraud Detection & Prevention Market was valued at $29.8 billion in 2021, and is projected to reach $241.23 billion by 2031, registering a CAGR of 23.8% during the forecast period.

A. BFSI segment dominated the growth in the fraud detection & prevention market in 2021

A. Increase in fraud rate in Asia-Pacific due to growth in penetration of internet and increased usage of mobile data are expected to boost the market for fraud detection & prevention solutions in this region

A. The Fraud detection and prevention market is dominated by key players such as IBM Corporation, Oracle Corporation, SAS Institute Inc., Fair Isaac Corporation., SAP SE, BAE Systems, ACI Worldwide, NCR Limited, Experian PLC, Precisely, and LexisNexis.

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