Fraud Detection And Prevention Market Overview:
The Global Fraud Detection And Prevention Market size 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% during the forecast period. Fraud detection and prevention systems are those software applications which are used to provide analytical solutions for detection and prevention of fraud in uncertain future. North America was the most dominant region for fraud detection and prevention solutions in 2015, due to industrial expansion and rise in fraudulent activities within the region. Enterprises today are more susceptible to incidents of frauds that result in financial losses and thus, the adoption of such analytical solutions has witnessed a significant growth. however, the generation of massive amounts of enterprise data and the technological advancements in present times has raised the demand for detection and prevention solutions, thereby identifying or preventing future occurrences.
The global fraud detection and prevention market growth is driven by introduction of big data analytics, cloud computing services and rapid increase in mobile banking. Cloud infrastructure allows organizations to meet cloud security compliance requirements for encryption, separation of duties and access controls for protected data. In addition, rise in the enterprise data and its complexity, industry specific requirements and increase in cost of fraud further supplements the market growth.
The global fraud detection and prevention market is segmented based on solution type, services, deployment type, end-user and industry vertical. 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 deployment model, market is segmented into cloud and on-premises. By end-user, the fraud detection and prevention market is categorized into small & medium enterprises (SME) and large enterprises (LE). Various industries included in the fraud detection and prevention market are BFSI, retail, healthcare, real estate, manufacturing and others.
Fraud analytics help in analyzing various forms of stored data and gathered information and in converting them to actionable insights, thereby to detect fraud and take necessary actions required. Therefore, fraud analytics generated maximum revenue in 2015, accounting for around 42% share in the global market. However, authentication segment is expected to grow with the highest CAGR during the forecast period owing to various government regulations related to security for different industries to safeguard their user data.
Professional services segment accounted for the largest fraud detection and prevention market share in 2015, accounted for around 55.1% due to increasing fraudulent activities and government regulations for data protection, and growing popularity of mobile devices are bringing unique challenges to business and government organizations, enforcing them to implement effective solutions that would defend, identify, and respond to evolving threats. Based on industry vertical, BFSI segment generated the highest revenue in 2015 accounted for around $3,057 million owing to increased adoption of fraud detection and prevention solutions owing to the need for strengthening authentication processes for customers.
The Asia-Pacific region has shown a prominent growth and is expected to grow further at a CAGR of 17.8% over the forecast period. Growing penetration of internet, increasing usage of mobile data for various applications such as social media and mobile banking are some of the factors augmenting the Asia-Pacific market.
Top Impacting factors
The increase in the fraudulent activities across the globe is expected to have significant impact on the growth of the global fraud detection and prevention market. The introduction of big data analytics and cloud computing is expected to contribute towards high adoption of fraud detection and prevention solutions in small and large enterprises. This high adoption is because cloud infrastructure provides remote server access on the internet and enables organizations to manage all the applications. Nonetheless, high initial cost of fraud detection and prevention solutions is the major factor that restrain the growth of the market.
- This report provides an in-depth analysis of the global fraud detection and prevention market with current trends and future estimations to elucidate the potential investment pockets.
- The report provides a quantitative analysis from 2014 to 2022 to enable the stake holders to capitalize on prevailing market opportunities.
- The current fraud detection and prevention market trends and future forecasts aid to determine the overall market potential and single out profitable trends.
- Recent developments, key players, and market shares are listed in the report to study the competitive scenario of the market.
- Porters Five Forces model illustrates the potency of the buyers and suppliers in the fraud detection and prevention market.
Fraud Detection and Prevention Market Key Segmentation
By Solution Type
- Fraud analytics
- Predictive analytics
- Customer analytics
- Social media analytics
- Bigdata analytics
- Behavioral analytics
- Single Factor authentication
- Multi-Factor authentication
By Deployment Type
By End User
- Small & Medium Enterprises (SME)
- Large enterprises
By Industry Vertical
- Real Estate
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
- IBM Corporation
- Oracle Corporation
- SAS Institute Inc.
- Fair Isaac Corporation
- SAP SE
- BAE Systems.
- ACI Worldwide
- NCR Limited
Other Companies Mentioned in the Report
- Fiserv, Inc.
- cVidya Networks Inc.
- Easy Solutions Inc.
- Computer Sciences Corporation
- EMC Corporation
- ValidSoft UK Ltd
- Bosch Software Innovations Gmbh
- FIS Company