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Global Fraud Detection and Prevention Market – Industry Trends and Forecast To 2030

  • ICT
  • Upcoming Report
  • Sep 2023
  • Global
  • 350 Pages
  • No of Tables: 60
  • No of Figures: 220

Global Fraud detection and Prevention Market, By Component (Solutions, Services), Application Area (Identity Theft, Payment Fraud, Money Laundering, Others), Deployment Mode (On-Premises, Cloud), Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), Vertical (Banking, Financial Services and Insurance, Retail, Telecommunication, Government/Public Sector, Healthcare, Real Estate, Energy and Power, Manufacturing, Others) - Industry Trends and Forecast to 2030.

Fraud Detection and Prevention Market

Fraud Detection and Prevention Market Analysis and Size

The global fraud detection and prevention market is segmented on the basis of component, deployment mode, organization size, and vertical. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

Data Bridge Market Research analyses that the global fraud detection and prevention market which was USD 198.70 million in 2022, is expected to reach USD 245.60 million by 2030, and is expected to undergo a CAGR of 11.65% during the forecast period of 2023 to 2030. The on-cloud accounts for the largest deployment segment in the respective market as it serves most applications. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

 Fraud Detection and Prevention Market Scope and Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021, Customisable (2020-2015)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

By Component (Solutions, Services), Application Area (Identity Theft, Payment Fraud, Money Laundering, Others),co Deployment Mode (On-Premises, Cloud), Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), Vertical (Banking, Financial Services and Insurance, Retail, Telecommunication, Government/Public Sector, Healthcare, Real Estate, Energy and Power, Manufacturing, Others)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of the Middle East and Africa

Market Players Covered

InterGuard (U.S.), Software AG (Germany), NCR Corporation (U.S.), Capgemini (France), DXC Technology Company (U.S.), LexisNexis (U.S.), Splunk Inc. (U.S.), Microsoft (U.S.), Bloombase (China), Symantec (U.S.), Intel Security (U.S.), EMC Corporation (U.S.), Amazon Web Services Inc. (U.S.), Check Point Software Technologies (Israel), Cisco System Inc. (U.S.), F-Secure (Finland)

Market Opportunities

  • Rise in Cybercrime
  • Need for Customer Trust and Brand Reputation
  • Technological Advancements in AI

Market Definition

The market encompasses technologies, solutions, and services designed to detect, prevent, and mitigate fraudulent activities across various industries and sectors worldwide. Fraud detection and prevention solutions aim to identify and mitigate risks associated with fraudulent activities such as identity theft, payment fraud, insurance fraud, cyber fraud, and other forms of financial fraud.

Global Fraud Detection and Prevention Market Dynamics

Drivers

  • Increasing Instances of Fraud

 The rising prevalence of fraudulent activities across various industries, including banking, finance, e-commerce, and healthcare, is a significant driver for the fraud detection and prevention market. As fraudsters become more sophisticated and employ advanced techniques, organizations are compelled to invest in robust fraud detection and prevention solutions to safeguard their assets and protect against financial losses.

  • Growing Adoption of Digital Payments

 The rapid increase in digital payment methods, such as mobile payments, online transactions, and e-commerce, has created new avenues for fraudsters to exploit vulnerabilities. This has led to a surge in demand for fraud detection and prevention solutions that can detect and mitigate payment fraud, identity theft, and other fraudulent activities associated with digital transactions.

  • Stringent Regulatory Compliance

Governments and regulatory bodies worldwide have implemented stringent regulations and compliance standards to combat fraud and protect consumers' interests. Compliance requirements such as the payment card industry data security standard (PCI DSS), anti-money laundering (AML) regulations, and know your customer (KYC) norms drive organizations to adopt fraud detection and prevention solutions to ensure adherence to these regulations and avoid penalties or legal consequences.

Opportunities

  • Technological Advancements

The advancement of technologies such as artificial intelligence (AI), machine learning (ML), data analytics, and big data has significantly enhanced the capabilities of fraud detection and prevention solutions. These technologies enable organizations to analyze vast amounts of data, detect patterns, identify anomalies, and proactively prevent fraudulent activities in real-time.

  • Rise in Cybercrimes

With the increasing number of cyber threats and sophisticated cyber-attacks, organizations are increasingly focusing on bolstering their cybersecurity measures. Fraud detection and prevention solutions play a crucial role in identifying and mitigating cyber fraud, data breaches, and unauthorized access attempts, thereby protecting sensitive information and maintaining the trust of customers.

Restraints/Challenges

  • Cost of Implementation

Implementing comprehensive fraud detection and prevention solutions can involve significant costs, including software licenses, hardware infrastructure, integration, training, and ongoing maintenance. Small and medium-sized enterprises (SMEs) and organizations with limited budgets may find it challenging to allocate sufficient resources for these expenses, which can act as a restraint on market growth.

  • Complexity of Integration

 Integrating fraud detection and prevention solutions into existing systems and infrastructure can be complex, especially for organizations with legacy systems or disparate IT architectures. The need for seamless integration with multiple data sources, applications, and databases can pose challenges and lead to delays or difficulties in implementing fraud prevention solutions.

This global fraud detection and prevention market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the variable frequency drive market contact the Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Developments

  • In Decemner 2022, Software AG recently announced the launch of its Fraud Detection Accelerator, a comprehensive solution that leverages AI and machine learning to detect and prevent fraud in real-time, helping organizations proactively mitigate risks
  • In May 2021, Microsoft introduced Azure Sentinel, a cloud-native security information and event management (SIEM) and security orchestration, automation, and response (SOAR) solution. It enables organizations to centralize their security operations and leverage advanced analytics for fraud detection and prevention

Global Fraud Detectionand Prevention Market Scope

The global fraud detection and prevention market is segmented on the basis component, deployment mode, organization size, application area, and vertical. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Deployment Mode

  • On Cloud
  • On Premise

Application Area

  • Identity Theft
  • Payment Fraud
  • Money Laundering
  • Others

Organization Size

  • Small and Medium Enterprises
  • Large Enterprises

Component

  • Solutions
  • Service

Vertical

  • Banking, Financial Services and Insurance
  • Retail
  • Telecommunication
  • Government/Public Sector
  • Healthcare
  • Real Estate
  • Energy and Power
  • Manufacturing
  • Others

Global Fraud Detection and Prevention Market Country Analysis/Insights

The global  fraud detection and prevention market is analysed and market size insights and trends are provided by country, component, application area,  deployment mode, organization size, and vertical as referred above.

The countries covered in the global fraud detection and prevention market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America dominates the global fraud detection and prevention market and will continue to flourish its trend of dominance during the forecast period due to the deployment of EMV chips by users for payment and transactions in this region.

Asia-Pacific is expected to grow in the global fraud detection and prevention market during the forecast period of 2023 to 2030, due to the rise in penetration of internet and growing utilization of mobile data for various applications including social media and mobile banking in this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.  

Competitive Landscape and Global Fraud Detection and Prevention market Share Analysis

The global fraud detection and prevention market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global fraud detection and prevention market.

Some of the major players operating in the global fraud detection and prevention market are:

  • InterGuard (U.S.)
  • Software AG (Germany)
  • NCR Corporation (U.S.)
  • Capgemini (France)
  • DXC Technology Company (U.S.)
  • LexisNexis (U.S.)
  • Splunk Inc. (U.S.)
  • Microsoft (U.S.)
  • Bloombase (China)
  • Symantec (U.S.)
  • Intel Security (U.S.)
  • EMC Corporation (U.S.)
  • Amazon Web Services Inc. (U.S.)
  • Check Point Software Technologies (Israel)
  • Cisco System Inc. (U.S.)
  • F-Secure (Finland)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

Fraud Detection and Prevention Market will be worth USD 245.60 million by 2030.
Fraud Detection and Prevention Market growth rate is 11.65% during the forecast period.
Increasing Instances of Fraud, Growing Adoption of Digital Payments, and Stringent Regulatory Compliance are the growth drivers of the Fraud Detection and Prevention Market.
Component, deployment mode, organization size, application area, and vertical are the factors on which the Fraud Detection and Prevention Market research is based.
Microsoft introduced Azure Sentinel, a cloud-native security information and event management (SIEM) and security orchestration, automation, and response (SOAR) solution, and software AG recently announced the launch of its Fraud Detection Accelerator, a comprehensive solution that leverages AI and machine learning to detect and prevent fraud in real-time, helping organizations proactively mitigate risks are the latest developments in the Fraud Detection and Prevention Market.
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