Fraud Detection and Prevention Market Report 2021-26: Scope, Analysis, Outlook

2022-02-08 08:01:25 UTC | Others
Fraud Detection and Prevention Market Report 2021-26: Scope, Analysis, Outlook

According to the latest report by IMARC Group “Fraud Detection and Prevention Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, the global fraud detection and prevention market to grow at a CAGR of around 18% during the forecast period (2021-2026).

Fraud detection and prevention includes various automated solutions that enable organizations to detect as well as assist in taking required measures to prevent fraudulent activities. These strategies heavily rely on statistical data analysis techniques and artificial intelligence (AI) to minimize fraud detection time and process transactions in a fast manner. These solutions are also widely integrated with various state-of-the-art technologies to procure illegally stolen resources and effectively reduce the repercussions of scams. They are, therefore, widely deployed in numerous organizations to improve operational efficiency while ensuring proper security of their financial and network solutions.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Market Trends:

The global market is primarily driven by the rising concerns regarding digital frauds. With the growing adoption of digitization across numerous industry verticals, there has been a rise in the incidences of cybercrimes and cyber frauds across the globe. This has impelled numerous companies to integrate their systems with fraud detection and prevention solutions, which is providing an impetus to the market growth. Moreover, there has been a growing preference for online banking solutions among the masses. Along with this, digital payment apps and cross-border transactions are also gaining widespread prominence on the global level, which has contributed to the rising number of fraudulent cases that involve data breaches, payment frauds and identity thefts. This has encouraged organizations to deploy these solutions to assist them in predicting conventional fraud tactics and constantly deciphering sophisticated schemes. Furthermore, the increasing popularity of e-commerce portals has also facilitated the growing demand for customer-centric fraud prevention techniques that are crucial to business security strategy. Their use aids in bridging the gap between enhanced payment experience and security, thereby creating a positive outlook for the market. On account of the aforementioned factors, the market is expected to grow at a CAGR of around 16% during 2021-2026.

Breakup by Component:

Solutions
Services

Breakup by Application:

Identity Theft
Money Laundering
Payment Fraud
Others

Breakup by Organization Size:

Small and Medium Enterprises
Large Enterprises

Breakup by Vertical:

BFSI
Government and Defense
Healthcare
IT and Telecom
Manufacturing
Retail and E-Commerce
Others

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Competitive Landscape with Key Player:

ACI Worldwide Inc.
BAE Systems
Cybersource Corporation (Visa Inc.)
DXC Technology Company
Experian plc
Fiserv Inc.
Global Payments Inc.
International Business Machines Corporation
Oracle Corporation
SAP SE
SAS Institute Inc.
Software AG
Total System Services Inc.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

If you want latest primary and secondary data (2021-2026) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

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