Fraud Detection and Prevention Market Worth $ 53.4 Billion By 2026
CHICAGO, December 16, 2021 / PRNewswire / – According to a research report “Fraud detection and prevention Market by Solution (Fraud Analysis, Authentication & GRC), Service (Managed & Professional), Vertical (BFSI, Retail & Ecommerce, & Travel & Transportation), Deployment Mode & Region – Global Forecast to 2026“, published by MarketsandMarkets ™, the FDP market is expected to grow from $ 22.8 billion in 2021 to $ 53.4 billion by 2026 at a CAGR of 18.5% over the forecast period.
Technological advancements, the penetration of digital technologies and the trend towards Bring Your Own Device (BYOD) in organizations have strongly influenced work practices and led to an unprecedented increase in data volumes. These factors have led to the adoption of automatic software applications for real-time data analysis, which have replaced traditional data mining applications and tools. This, in turn, increases the need to update old manual methods of fraud detection. Therefore, FDP providers are producing new varieties of FDP solutions to detect and prevent all types of frauds committed by fraudsters.
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By component, Solutions segment will hold largest market size during the forecast period
On the basis of Solutions, the FDP market is segmented into Fraud Analysis, Authentication, and GRC solutions. The demand for FDP solutions is increasing as they can help businesses detect fraudulent activity and prevent its occurrence. The number of frauds is increasing at a significant rate; However, it is the increase in lost revenue that is driving the demand for FDP solutions. These FDP solutions can operate simultaneously to provide fraud-proof business environments.
Money launderers or criminals can forge false signatures and identifications (IDs) to commit digital fraud using someone’s identity. FDP solutions help reduce digital fraud, illegal transactions, attempted tax evasion and other payment corruption by identifying and detecting fraudulent activity in the system and reporting them to designated authorities in time.
In deployment mode, cloud deployment will increase at a higher CAGR during the forecast period
According to Flexera, a computer software company, businesses are expected to spend around 15-16% of their revenue on cloud hosting services by 2020. Another Cisco study said that “53% of organizations host at least 50% of their infrastructure in the cloud. “Investing in cloud services and moving businesses from traditional to cloud is expected to accelerate the adoption of cloud-based solutions and services by businesses. Due to the increasing pace of digitalization , security breaches and cases of fraud, particularly identity theft and online fraud, have also increased.This growing trend towards e-commerce and online retail and digital payments has increased the rate of online shopping. adoption of online FDP solutions among vertical end users to combat fraud and compliance intruders.
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North America hold the largest market size during the forecast period
North America is expected to be the largest contributor in terms of market size in the FDP market. It is one of the regions of the world most affected by criminal activities of money laundering and terrorist financing; as a result, it has the highest number of FDP providers. Banks, governments and financial institutes in this region face increasing challenges related to fraud, forcing them to implement advanced technological approaches to manage fraud protection. Additionally, organic and inorganic growth strategies among leading FDP vendors are expected to drive FDP market growth by North America. For example, in july 2020, NewDay, a financial services company in partnership with RSA Security, a financial crime prevention and predictive analytics company, to provide advanced fraud protection for digital payments and meet EMV 3-D protocol requirements Secure.
The main suppliers in the world FDP market include BAE Systems (UK), Nice Actimize (US), FICO (US), LexisNexis (US), TransUnion (US), Kount (US), Software AG (Germany), RSA Security (United States), Fiserv (United States), FIS (United States), ACI Worldwide (United States), Experian (Ireland), SecuroNix (US), Accertify (US), Feedzai (US), CaseWare (Canada), FRISS (Netherlands), MaxMind (US), Gurucul (US), DataVisor (US), PayPal (US), Visa (US), SAS institute (US), SAP SE (Germany), Microsoft Corporation (United States), F5, Inc (United States), Ingenico (France), AWS (United States), PerimeterX (US), OneSpan (US), Signified (US), Cleafy (Italy) and Pondera Solutions (United States). It also includes an in-depth competitive analysis of major players in the FDP market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
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