According to a report, “ Fraud Detection & Prevention Market Size, Share & Trends Analysis Report By Component, By Solutions, By Services (Professional Services, Managed Services), By Application, By Organization, By Vertical And Segment Forecasts, 2019 - 2025 ”, published by Grand View Research, Inc.,The global fraud detection & prevention market size is expected to reach USD 56.56 billion by 2025, growing at a CAGR of 18.9% over the forecast period, Technological advancements coupled with increasing penetration of Internet have created new opportunities for criminals to commit frauds and cyberattacks for personal gains. There is a growing concern across industries to curb threats and financial losses stemming from cyber scams such as Distributed Denial-Of-Service (DDoS), ransomware, and malware. As a result, organizations are increasingly deploying fraud detection and prevention solutions to minimize/mitigate risks posed by hackers to a business.
Technological advancements such as IoT-based payments, wearable payments, contactless payments, e-transactions, and digital wallets have positively influenced the use of digital payment for online transactions and at point-of-sale terminals. Payment providers are offering digital wallet options such as Apple Pay, PayPal, and Alipay across various online platforms to ensure a seamless experience. Since payment providers act as an intermediary between the browser and banks, all risks associated with transactions are often borne by them. The proliferation of digital frauds and sophisticated cyberattacks has necessitated enterprises to adopt robust solutions for preventing malicious acts.
The demand for these solutions is primarily driven by banking, telecom, retail & e-commerce, and healthcare firms. Since these firms have a high transaction volume, they happen to generate and store a large amount of personal information. Cybercriminals are observed using sophisticated techniques such as botnets, Account Take Over (ATO) via malware, and phishing to commit acts of fraud. Moreover, they use emails, text messages, web browser pop-up windows, or even telephone calls to manipulate users to disclose information such as bank account numbers, balance information, and passwords.
As technology continues to evolve, hackers are expected to continue taking advantage of exploiting vulnerabilities. The growing awareness of attacks is expected to enable individuals and enterprises to understand, address, and diversify their risk strategies. Fraud detection acts as the first line of defense in curbing cyberattacks. Similarly, it enables organizations to strengthen their data privacy, customer due diligence, compliance policies, cyber analytics, and fraud monitoring, along with customer identification, authentication, and risk assessment.
Further key findings from the report suggest:
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The global fraud detection & prevention market was valued at USD 17.33 billion in 2018 and is expected to grow at a CAGR of 18.9% from 2019 to 2025
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The fraud analytics solutions segment accounted for the largest revenue share of over 44.0% in 2018
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The managed services segment is anticipated to grow at the highest CAGR of 22.0% of over the forecast period
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The payment fraud application segment accounted for the largest revenue share of over 40% in 2018
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The large enterprise segment was valued at USD 13.02 billion in 2018
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The North American market accounted for the largest revenue share of over 32.0% in 2018.
Regional Insights
The North American market for fraud detection and prevention accounted for the largest revenue share in 2018. The growth of the regional market can be attributed to the presence of prominent players such as ACI Worldwide, Inc.; BAE Systems; Dell Inc.; Equifax Inc.; and Fiserv, Inc. Furthermore, increased investments made by companies in advanced fraud prevention solutions to comply with stringent government regulations, such as PCI DSS standards, is anticipated to propel the growth of the regional market. The rising awareness of fraud detection strategies among SMBs is also expected to boost the demand for these solutions.
Meanwhile, the Asia Pacific region is anticipated to grow at the highest CAGR over the forecast period. Frauds are rapidly increasing in emerging countries such as China and India. The growing importance of infrastructure development and adoption of advanced technologies across APAC countries have led governments to enhance their infrastructure security by implementing stringent regulations. This, in turn, is compelling enterprises to adopt advanced security solutions.
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Grand View Research has segmented the global fraud detection & prevention market on the basis of component, solutions, services, application, organization, vertical, and region:
Fraud Detection and Prevention Component Outlook (Revenue, USD Million, 2015 - 2025)
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Solutions
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Services
Fraud Detection and Prevention Solutions Outlook (Revenue, USD Million, 2015 - 2025)
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Fraud Analytics
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Authentication
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Governance, Risk, and Compliance
Fraud Detection and Prevention Services Outlook (Revenue, USD Million, 2015 - 2025)
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Professional Services
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Managed Services
Fraud Detection and Prevention Application Outlook (Revenue, USD Million, 2015 - 2025)
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Insurance Claims
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Money Laundering
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Payment Fraud
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Others
Fraud Detection and Prevention Organization Outlook (Revenue, USD Million, 2015 - 2025)
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SMB
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Large Enterprise
Fraud Detection and Prevention Vertical Outlook (Revenue, USD Million, 2015 - 2025)
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BFSI
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Government & Defense
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Healthcare
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IT & Telecom
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Industrial & Manufacturing
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Retail & E-commerce
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Others
Fraud Detection and Prevention Regional Outlook (Revenue, USD Million, 2015 - 2025)
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North America
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U.S.
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Canada
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Europe
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U.K.
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Germany
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Asia Pacific
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China
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India
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Japan
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Latin America
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Brazil
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Mexico
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MEA
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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