Fraud Detection and Prevention Market Growth & Trends [2031]
Fraud Detection and Prevention Market Growth & Trends [2031]
Segments - Global Fraud Detection and Prevention Market 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 ID :ICT-SE-3113
| 4.2 Rating
| 77 Reviews
| 174 Pages
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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 |
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Report Title |
Fraud Detection and Prevention Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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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) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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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 Summary2. 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 (000’ 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
Methodology
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