Global Fraud Detection and Prevention Market to Reach $ 46.4 Billion by 2026
FACTS AT A GLANCE
Editing: 7; Posted: May 2021
Executive pool: 23986
Companies: 80 – Players covered include ACI Worldwide Inc .; BAE Systems plc; Cacco Inc .; Cybersource Company; DXC technology company; Equifax Inc .; Experian plc; Fair Isaac Corporation; Feedzai Inc .; Fiserv, Inc .; Global Payments Inc .; IBM Corporation; LexisNexis Risk Management Solutions Group; NICE Ltd. ; Oracle Company; RSA Security LLC; SAP SE; SAS Institute Inc .; Software AG and others.
Blanket: All major geographies and key segments
Segments: Component (Solutions, Services); Application (payment fraud, money laundering, identity theft, other applications); Vertical (BFSI, Retail and e-commerce, IT and telecommunications, Government and defense, Healthcare, Industry and 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 due to the increase in fraud incidents and sophistication, along with the continued focus on using the latest technology to detect timely fraud activity. Fraud is an illegal act aimed at obtaining data or identifying information from the consumer for specific, primarily monetary, gains. Fraud Detection and Prevention solutions are software applications that provide sophisticated analytical tools to detect and prevent fraud in real time. These tools analyze data from different sources to identify anomalous patterns by detecting suspicious trends, transactions and situations. Fraud detection and prevention tools verify user identity, maintain data integrity, and prevent unauthorized access to data. These platforms have received considerable attention in recent years due to increasing digitization, the popularity of online or internet banking, the advent of cloud services and the increasing sophistication of fraud. Growing concerns about the high number of frauds and the associated huge revenue losses for organizations are creating new avenues for fraud detection and prevention. The growth of the market is driven by financial crimes, cyber attacks and digital frauds which make it extremely difficult for businesses to grow while maintaining consumer confidence.
In the midst of the COVID-19 crisis, the global fraud detection and prevention market is estimated to be US $ 19.5 billion in 2020, is expected to reach a revised size of US $ 46.4 billion by 2026, with 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 represents a 36.5% share of the global fraud detection and prevention market.
The US market is estimated at 8 billion dollars in 2021, when China is expected to reach $ 8.4 billion by 2026
The United States fraud detection and prevention market is estimated at 8 billion US dollars in 2021. The country currently represents a 34.22% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of 8.4 billion US dollars during the year 2026, with a CAGR of 18.7% during the analysis period. Other notable geographic markets include Japan and Canada, each projects growth of 11.5% and 13.4% respectively during the analysis period. In Europe, Germany is expected to grow by around 13.5% CAGR while the rest of the European market (as defined in the study) will reach US $ 9.5 billion before the end of the analysis period.
The market is expected to benefit from the increasing adoption of emerging technologies, such as the ongoing transition to cloud-based fraud detection platforms. The cloud-based approach is quickly emerging as a dominant trend due to its ability to ensure Internet access, storage space, improved processing power, and rapid tracking of online cyber attacks. The market is also benefiting from the growing implementation of IoT devices, with the number of IoT connected devices exceeding 23 million by 2020. Fraud prevention in embedded devices and analytics platforms IoT is increasingly accepted in industries and organizations. Another important trend in the fraud detection and prevention solutions market is the growing use of AI and ML techniques for the detection of fraudulent activity. ML has proven to be effective in identifying patterns of fraudulent attacks. Big Data and ML are integrated with AI-enabled technologies to reduce the risk of known and unknown bank frauds. After
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