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Fraud Detection and Prevention Market Growth & Trends [2031]

Global Fraud Detection and Prevention Market

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Segments - By Components (Solutions [Fraud Analytics, Predictive Analytics, Customer Analytics, Social Media Analytics, Big Data Analytics, and Behavioral Analytics] Authentication [Single-factor Authentication and Multifactor Authentication]), and Services [Professional and Managed]), Applications (Insurance Claims, Money Laundering, Electronic Payment, and Others), Deployment (Cloud and On-premise), End-users (Small & Medium Enterprises [SMEs], Large Enterprises, BFSI, Retail, Healthcare, Real Estate, Manufacturing, and others), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Report Description

Fraud Detection and Prevention Market Outlook

The global fraud detection and prevention market size was valued at USD 23.26 Billion in 2022 and is likely reach to USD 112.15 Billion by 2031, expanding at a CAGR of 19.1% during the forecast period, between 2023 and 2031.

Fraud is defined as any illegal act that involves deceiving someone knowingly with an unfair and unlawful intent for financial or personal benefit. Fraud detection and prevention systems are software applications that give analytic solutions for fraud incidences and aid in the detection and prevention of future occurrences.

North America was a major region for fraud detection systems in 2016, due to industrial expansion and increasing fraudulent activities in the region. Businesses are vulnerable to fraud incidences that result in financial losses, due to the creation of huge volumes of organizational data and technological advancements.

Market Trends, Drivers, Restraints, Opportunities, and Challenges:

Internet users are not limited to online search and social networking and expanded their activities to include online banking and shopping. People ceased leaving their homes, due to COVID-19 lockout limitations, and a major portion of the population began internet transactions.
Identity fraud gradually moved from the offline to the online world. Fraud accounts surged and fraudulent activities are becoming increasingly sophisticated.
Banking and financial services industries are early users of risk-prevention technology. Financial organizations are extremely vulnerable as a result of huge internet data exchanges.
Shortage of trained employees to deal with fraudulent operations is one of the main challenges of enterprises. Under a cyberattack, security specialists lack the necessary abilities to assess and detect complex frauds in an organization.

Scope of Fraud Detection and Prevention Market report:

The report on the global fraud detection and prevention market includes an assessment of the market, size, share, trends, segments, and regional markets. The study includes an overview as well as dynamics.

Attributes	Details
Report Title	Fraud Detection and Prevention Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Components (Solutions [Fraud Analytics, Predictive Analytics, Customer Analytics, Social Media Analytics, Big Data Analytics, and Behavioral Analytics] Authentication [Single-factor Authentication and Multifactor Authentication]), and Services [Professional and Managed]), Applications (Insurance Claims, Money Laundering, Electronic Payment, and Others), Deployment (Cloud and On-premise), End-users (Small & Medium Enterprises [SMEs], Large Enterprises, BFSI, Retail, Healthcare, Real Estate, Manufacturing, and others)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Accertify Inc., BAE Systems. Inc, CaseWare International Inc, DataVerify, Datavisor Inc, Digital Resolve, DXC Technologies, FCASE Ltd, FICO, Gurucul, and others.

Fraud Detection and Prevention Market Segment Insights

Increasing demand for Fraud Analytics Solutions aids market growth

In terms of components, the market is segmented into solutions, authentication, and services. Fraud analytics, predictive analytics, customer analytics, social media analytics, big data analytics, and behavioral analytics are the sub-segments under the solutions segment.

During the forecast period, the services segment is expected to grow at a significant rate, due to increased demand for professional services such as consulting, training & education, and support & maintenance.

The authentication segment is expected to gain a significant proportion of the market during the forecast period. Adding more security layers and blockades makes it difficult for an intruder to access secret information. In August 2019, Microsoft Corporation reported that multi-factor authentication prevents approximately 99.9% of attacks.

Increasing popularity of electronic payment to drive the market

Based on applications, the fraud detection and prevention market is classified into insurance claims, money laundering, electronic payment, and others. During the forecast period, the electronic payment category is expected to have a substantial market share.

Increased popularity of mobile banking, online payment, mobile wallets transactions, SMS, and other services contributes to the growth of the segment.

The insurance claims industry is projected to grow rapidly, due to increasing fraudulent claims such as disaster insurance fraud, contractor insurance fraud, cloud accident insurance fraud, and break-in insurance, among others.

Rising cloud-based solutions to drive the market

On the basis of deployment, the market is classified into cloud and on-premise. During the projected period, the cloud segment is expected to develop at a rapid CAGR. Rising cloud-based fraud protection solutions over traditional and on-premise approaches is primarily responsible for the growth of the segment.

The on-premise market is expected to grow steadily, due to dependable solutions and services in government and education sectors.

Small and Medium Enterprises [SMEs] to drive the market

By end-users, the market is segmented into large enterprises, small & medium enterprises [SMEs], BFSI, retail, healthcare, real estate, manufacturing, and others. During the projection period, the small and medium enterprises [SMEs] segment is expected to expand at a high CAGR, due to increased demand for solutions and increasing number of start-ups in India, Germany, Brazil, Israel, Canada, and other countries.

The large enterprises segment is projected to grow rapidly, due to the rising trend of digitalization to use modern software and apps. The healthcare segment is anticipated to expand at a high CAGR, owing to the rising adoption of fraud analytics and authentication solutions in healthcare.

Fraud Detection and Prevention Market Regional Outlook

North America to hold a significant share of the market during the forecast period

The market in North America is projected to contribute to the fraud detection and prevention market in terms of market size. As a result, it has the largest number of fraud detection and prevention providers. It is one of the most afflicted regions in the world by money laundering and terrorism financing illegal operations.

Banks, governments, and financial institutions in this region are confronted with ever-increasing fraud concerns, necessitating the implementation of innovative technical techniques for fraud management. As the world moves towards interconnectivity and digitalization, protecting enterprise-critical infrastructures and sensitive data has become one of the primary issues.

Segments

By Components

Solutions
- Fraud Analytics
- Predictive Analytics
- Customer Analytics
- Social Media Analytics
- Bigdata Analytics
- Behavioral Analytics
Authentication
- Single-Factor Authentication
- Multifactor Authentication
Services
- Professional
- Managed

By Applications

Insurance Claims
Money Laundering
Electronic Payment
Others

By Deployment

Cloud
On-premise

By End-Users

Small & Medium Enterprises (SMEs)
Large Enterprises
BFSI
Retail
Healthcare
Real Estate
Manufacturing
Others

By Regions

North America
Europe
Latin America
Asia Pacific
Middle East & Africa

By Key Players

Accertify Inc.
BAE Systems. Inc
CaseWare International Inc
DataVerify
Datavisor Inc
Digital Resolve
DXC Technologies
FCASE Ltd
FICO
Gurucul
Others

Competitive Landscape

Key players in the fraud detection and prevention market include Accertify Inc., BAE Systems. Inc, CaseWare International Inc, DataVerify, Datavisor Inc, Digital Resolve, DXC Technologies, FCASE Ltd, FICO, Gurucul, and others.

Companies adopted various organic and inorganic growth strategies such as product launches, product enhancements, partnerships, agreements, mergers, and acquisitions to expand their presence. Detailed analysis of major companies, which include company overview, financials, products offerings, recent developments, and others, is covered in the report.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Fraud Detection and Prevention Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Fraud Detection and Prevention Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Fraud Detection and Prevention Market - Supply Chain
  4.5. Global Fraud Detection and Prevention Market Forecast
     4.5.1. Fraud Detection and Prevention Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Fraud Detection and Prevention Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Fraud Detection and Prevention Market Absolute $ Opportunity
5. Global Fraud Detection and Prevention Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Fraud Detection and Prevention Market Size and Volume Forecast by Applications
     5.3.1. Insurance Claims
     5.3.2. Money Laundering
     5.3.3. Electronic Payment
     5.3.4. Others
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Fraud Detection and Prevention Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Fraud Detection and Prevention Market Size and Volume Forecast by End Users
     6.3.1. Small & Medium Enterprises (SMEs)
     6.3.2. Large Enterprises
     6.3.3. BFSI
     6.3.4. Retail
     6.3.5. Healthcare
     6.3.6. Real Estate
     6.3.7. Manufacturing
     6.3.8. Others
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Fraud Detection and Prevention Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Fraud Detection and Prevention Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Fraud Detection and Prevention Demand Share Forecast, 2019-2026
8. North America Fraud Detection and Prevention Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Fraud Detection and Prevention Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Fraud Detection and Prevention Market Size and Volume Forecast by Applications
     8.4.1. Insurance Claims
     8.4.2. Money Laundering
     8.4.3. Electronic Payment
     8.4.4. Others
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. North America Fraud Detection and Prevention Market Size and Volume Forecast by End Users
     8.7.1. Small & Medium Enterprises (SMEs)
     8.7.2. Large Enterprises
     8.7.3. BFSI
     8.7.4. Retail
     8.7.5. Healthcare
     8.7.6. Real Estate
     8.7.7. Manufacturing
     8.7.8. Others
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Fraud Detection and Prevention Demand Share Forecast, 2019-2026
9. Latin America Fraud Detection and Prevention Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Fraud Detection and Prevention Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Fraud Detection and Prevention Market Size and Volume Forecast by Applications
     9.4.1. Insurance Claims
     9.4.2. Money Laundering
     9.4.3. Electronic Payment
     9.4.4. Others
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Latin America Fraud Detection and Prevention Market Size and Volume Forecast by End Users
     9.7.1. Small & Medium Enterprises (SMEs)
     9.7.2. Large Enterprises
     9.7.3. BFSI
     9.7.4. Retail
     9.7.5. Healthcare
     9.7.6. Real Estate
     9.7.7. Manufacturing
     9.7.8. Others
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Fraud Detection and Prevention Demand Share Forecast, 2019-2026
10. Europe Fraud Detection and Prevention Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Fraud Detection and Prevention Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Fraud Detection and Prevention Market Size and Volume Forecast by Applications
     10.4.1. Insurance Claims
     10.4.2. Money Laundering
     10.4.3. Electronic Payment
     10.4.4. Others
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Europe Fraud Detection and Prevention Market Size and Volume Forecast by End Users
     10.7.1. Small & Medium Enterprises (SMEs)
     10.7.2. Large Enterprises
     10.7.3. BFSI
     10.7.4. Retail
     10.7.5. Healthcare
     10.7.6. Real Estate
     10.7.7. Manufacturing
     10.7.8. Others
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Fraud Detection and Prevention Demand Share Forecast, 2019-2026
11. Asia Pacific Fraud Detection and Prevention Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Fraud Detection and Prevention Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Fraud Detection and Prevention Market Size and Volume Forecast by Applications
     11.4.1. Insurance Claims
     11.4.2. Money Laundering
     11.4.3. Electronic Payment
     11.4.4. Others
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Asia Pacific Fraud Detection and Prevention Market Size and Volume Forecast by End Users
     11.7.1. Small & Medium Enterprises (SMEs)
     11.7.2. Large Enterprises
     11.7.3. BFSI
     11.7.4. Retail
     11.7.5. Healthcare
     11.7.6. Real Estate
     11.7.7. Manufacturing
     11.7.8. Others
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Fraud Detection and Prevention Demand Share Forecast, 2019-2026
12. Middle East & Africa Fraud Detection and Prevention Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Fraud Detection and Prevention Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Fraud Detection and Prevention Market Size and Volume Forecast by Applications
     12.4.1. Insurance Claims
     12.4.2. Money Laundering
     12.4.3. Electronic Payment
     12.4.4. Others
  12.5. Basis Point Share (BPS) Analysis by Applications
  12.6. Y-o-Y Growth Projections by Applications
  12.7. Middle East & Africa Fraud Detection and Prevention Market Size and Volume Forecast by End Users
     12.7.1. Small & Medium Enterprises (SMEs)
     12.7.2. Large Enterprises
     12.7.3. BFSI
     12.7.4. Retail
     12.7.5. Healthcare
     12.7.6. Real Estate
     12.7.7. Manufacturing
     12.7.8. Others
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Fraud Detection and Prevention Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Fraud Detection and Prevention Market: Market Share Analysis
  13.2. Fraud Detection and Prevention Distributors and Customers
  13.3. Fraud Detection and Prevention Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Accertify Inc.
     13.4.2. BAE Systems. Inc
     13.4.3. CaseWare International Inc
     13.4.4. DataVerify
     13.4.5. Datavisor Inc
     13.4.6. Digital Resolve
     13.4.7. DXC Technologies
     13.4.8. FCASE Ltd
     13.4.9. FICO
     13.4.10. Gurucul
     13.4.11. Others

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