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Fraud Detection and Prevention Market Segmentation By Service (Professional Service and Managed Service); By Solution (Data Synthesis, Fraud Detection and Authentication); By Application (Money Laundering, Insurance Claims, Electronic Payment and Others); By Enterprise (Small & Medium Enterprises and Large Enterprises); By End-Use Industry - Global Demand Analysis & Opportunity Outlook 2027

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Extensive insights into the Growth of Fraud Detection and Prevention Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Introduction to Fraud Detection and Prevention

Fraud detection and prevention are the solutions which are provided by various IT firms in order to detect the fraud related activities. It is an analytical solutions that analyses the pattern of the frauds. It authenticates and verifies the user for prevention of fraud related activities. Thus, it prevents unauthorized access to the data and maintains data integrity. It provides controlled environment for sharing of information, strategic consulting and fraud risk assessment in order to detect specific problems. It provides effective enterprise solution for better management of frauds, threats and cyber-attacks in order to increase the operational efficiency.

Market Size and Forecast

The global fraud detection and prevention market is witnessing robust growth during the forecast period. The growth in the market can be attributed to increasing fraud related activities across the globe. The fraud related activities results in reduced profit. This is the major concern for various companies. Additionally, the large organizations are involved in large amount of data which increases the risk of fraudulent activities. The various organizations are adopting statistical modeling and data mining. Thus, it would increases the adoption of fraud detection and prevention which in turn is expected to propel the growth of overall market during the forecast period. Fraud detection and prevention market is anticipated to record a CAGR of 17% over the forecast period. The market is expected to attain a total value of USD 50 billion by 2027.CLICK TO DOWNLOAD SAMPLE

Fraud Detection and Prevention market graph

The market can be segmented on the basis of service, solution, application, enterprise, end-use industry. On the basis of service, it is sub-segmented into professional service and managed service. The professional services is the largest sub-segment during the forecast period. The growth in sub-segment can be attributed to rising number of fraudulent activities coupled with stringent government norms in order to protect the important data. On the basis of solution, it is sub-segmented into money laundering, insurance claims, electronic payment and others.

On the basis of application, it is sub-segmented into small & medium enterprises and large enterprises. The emerging small and medium scale sectors in various developing countries across the globe lead to high adoption of fraud detection and prevention solutions. On the basis of end-use industry, it is sub-segmented into telecommunication, BFSI, retail, healthcare, government/public sector, energy and power, real estate, manufacturing and others. BFSI is the largest sub-segment for the end-user segment. It is expected to generate highest revenue during the forecast period. The high adoption of fraud detection and prevention solution by BFSI sector coupled with the increasing demand for enhancing the authentication process is expected to be major factor for the growth of sub-segment.

Growth Drivers

Increasing number of online transactions across the globe

The increasing number of online transactions across the globe on the account of developing e-banking and e-commerce industries across the globe. Thus, it is major driver for the growth of overall fraud detection and prevention market during forecast period. Additionally, the growing number of payment gateways such as PayPal, Apple pay, and Google wallet is also expected to fuel the overall market during forecast period.

Increasing demand from various end-use industries

The increasing demand from various end-uses to prevent the loss of important data and documents is expected to be the major driver for the growth of overall market during the forecast. The high adoption of solutions on the account of rising demand for improving profitability is also expected to support the market growth of the fraud detection and prevention market across the globe.

Restraints

High cost of deployment

The high cost associated with the deployment of software is expected to hinder the growth of overall market during the forecast period. The non-availability of certain measure associated with fraud detection and prevention is also another factor expected to hinder the growth of overall market during the forecast period.

Market Segmentation

Our-in depth analysis of the global fraud detection and prevention market includes the following segments:

By Service:

  • Professional Service
  • Managed Service

By Solution:

  • Data Synthesis
  • Fraud Detection
  • Authentication

By Application:

  • Money Laundering
  • Insurance Claims
  • Electronic Payment
  • Others

By Enterprise:

  • Small & Medium Enterprises
  • Large Enterprises

By End-Use Industry:

  • Telecommunication
  • BFSI
  • Retail
  • Healthcare
  • Government/Public Sector
  • Energy and Power
  • Real estate
  • Manufacturing
  • Others

By Region

On the basis of regional analysis, global fraud detection and prevention market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

North America is the leading region of the overall fraud detection and prevention market during the forecast period. The high adoption of internet based services in the region on the account of high penetration of internet is anticipated to propel the growth of overall market during the forecast period.

Asia-Pacific region is the fastest growing region for the overall market and is expected to register highest CAGR during the forecast period. The growing expansion of various end-use industries in the region coupled with increasing number of fraud cases is expected to support the overall market in the region during forecast period. For instance, according to India Brand Equity Foundation the market size of retail sector in India was USD 641 billion in 2016 and increased to USD 672 billion in 2017.The growing expansion of retail sector in India is expected to increase the demand for fraud detection and prevention which in turn is expected to boost the growth of overall market during the forecast period.

Global fraud detection and prevention market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC,  Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Key Players

  • Oracle Corporation
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • IBM Corporation
  • ACI Worldwide, Inc.
  • Fair Isaac Corporation
  • SAS Institute Inc.
  • Lavastorm
  • SAP SE
  • BAE Systems
  • ThreatMetrix

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