Global fraud detection and prevention market to reach $46.4 billion by 2026
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Editing: 8; Published: February 2022
Executive Pool: 23986
Companies: 80 – Players covered include ACI Worldwide Inc.; BAE Systems plc; Cacco Inc.; Cybersource Corporation; DXC Technology Company; Equifax Inc.; Experian plc; Fair Isaac Corporation; Feedzai Inc.; Fiserv, Inc.; Global Payments Inc.; IBM Corporation; LexisNexis Risk Solutions Group; NICE Ltd. ; Oracle Corporation; RSA Security LLC; SAP SE; SAS Institute Inc.; Software AG and others.
Blanket: All major geographies and key segments
segments: Component (Solutions, Services); Enforcement (payment fraud, money laundering, identity theft, other enforcement); Vertical (BFSI, Retail & eCommerce, IT & Telecom, Government & Defense, Healthcare, Industrial & Manufacturing, Other Verticals)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Brazil; Rest of Latin America; Middle East; Africa.
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Global fraud detection and prevention market to reach $46.4 billion by 2026
The global fraud detection and prevention market is heading for impressive gains owing to the increase in fraud incidents and sophistication coupled with a continued focus on utilizing the latest technologies to detect in a timely manner fraudulent activity. A fraud represents an illegal act aimed at obtaining data or identifying information from consumers for specific gains, mainly monetary. Fraud detection and prevention solutions are software applications that offer sophisticated analytical tools to detect and prevent fraud in real time. These tools analyze data from different sources to identify abnormal patterns by detecting trends, transactions and suspicious situations. Fraud detection and prevention tools verify user identities, maintain data integrity, and prevent unauthorized access to data. These platforms have attracted considerable attention in recent years due to increasing digitalization, the popularity of online or internet banking, the advent of cloud services and the growing sophistication of fraud. Growing concerns about the high number of fraud incidents and the associated significant loss of revenue for organizations are creating new avenues for fraud detection and prevention solutions.
Amid COVID-19 crisis, Global Fraud Detection and Prevention Market estimated at US$28.3 billion in 2022, is expected to reach a revised size of US$46.4 billion by 2026, growing at a CAGR of 14.8% over the analysis period. Solutions, one of the segments analyzed in the report, is expected to grow at a CAGR of 13.8% to reach US$30.6 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Services segment is readjusted to a revised CAGR of 16.4% for the next 7-year period. This segment currently accounts for a 36.5% share of the global fraud detection and prevention market. Market growth is aided by financial crimes, cyber attacks and digital frauds which make it extremely difficult for businesses to grow while maintaining consumer confidence. The popularity of digital payments, online banking, e-commerce and cross-border transactions has led to an increase in cases of identity theft, payment fraud and data breaches, prompting organizations to invest in fraud detection and prevention solutions.
The US market is estimated at $9.5 billion in 2022, when China is expected to reach $8.4 billion by 2026
The fraud detection and prevention market in the United States is estimated at US$9.5 billion in 2022. The country currently accounts for a 34.22% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$8.4 billion in 2026 with a CAGR of 18.7% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 11.5% and 13.4% respectively over the analysis period. In Europe, Germany is expected to grow around 13.5% CAGR while the rest of the European market (as defined in the study) will reach US$9.5 billion at the end of the analysis period.
The market is expected to benefit from the growing adoption of emerging technologies such as the ongoing shift towards cloud-based fraud detection platforms. The cloud-based approach is quickly emerging as a mainstream trend due to its ability to secure internet access, storage space, enhanced processing power, and rapid tracking of online cyberattacks. The market is also benefiting from the growing implementation of IoT devices, with the number of IoT-connected devices surpassing 23 million by 2020. Fraud prevention in embedded devices and platforms IoT analysis is gaining acceptance across industries and organizations. The increasing use of AI and ML techniques for detecting fraudulent activities is another significant trend in the market for fraud detection and prevention solutions. ML has proven effective in identifying fraudulent attack patterns. Big Data and ML are integrated with AI-enabled technologies to reduce the risk of known and unknown bank frauds. Continued
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