Fraud Detection and Prevention Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Services), Deployment (On-premises and Cloud), and End-user (BFSI, Healthcare, Manufacturing, Retail, Telecommunication, and Others)
Publication Month: Dec 2021 | Report Code: TIPTE100000652 | No. of Pages: 199 | Category: Technology, Media and Telecommunications | Status: Published
[Research Report] The fraud detection and prevention market is expected to grow from US$ 26,511.84 million in 2021 to US$ 75,139.66 million by 2028; it is estimated to register a CAGR of 16.0% from 2021 to 2028.
Despite technical improvements that allow for easier payments or access data, the growing worry about digital fraud necessitates the adoption of fraud detection technologies. The sophistication of digital frauds, financial crimes, and cyberattacks is posing a threat to the growth of many enterprises throughout the world. As e-banking, digital payment apps, and cross-border transactions become widespread, the number of fraudulent instances involving identity theft, data breaches, and payment frauds is on the rise. All of the aforementioned elements are paving the way for fraud detection and prevention market expansion.
BFSI, healthcare, and e-commerce executives are proactive in recognizing the need to update obsolete tools and existing tactics to prevent digital fraud. Certain businesses, on the other hand, continue to utilize and follow traditional fraud investigation methods, which are complex and time-consuming. Sophistication in Advanced Persistent Threats (APTs) and fraudsters constantly adapt their intrusive strategies to avoid detection using standard notions. Real-time identification of fraudulent actions become easier with the deployment of analytical and authentication technologies, which is likely to encourage the adoption of fraud detection and prevention solutions and is contributing to the fraud detection and prevention market growth.
Strategic Insights
Impact of COVID-19 Pandemic on Fraud Detection and Prevention Market
In this COVID-19 environment, nation-wide lockdowns have widened the market for digital technologies. For several reasons, such as WFH, online transactions utilizing digital applications from their banks, or mobile/digital wallets, more than 60–70% of consumers now use one or more digital platforms. It has also provided an easy entry point for fraudsters and money launderers, as they can now hack into digital channels and obtain sensitive information. The worst-affected health sector is fighting a number of battles, as hospitals and healthcare organizations’ desperation to restart the IT processes under attack and also avoid negative treatment effects due to stalled systems make them attractive targets for cybercriminals. Despite major attacks and overburdened business operations, many healthcare institutions continued to issue Requests for Proposals (RFPs) and Requests for Quotes (RFQs) prior to the crisis. These initiatives demonstrate to the rest of the world that the healthcare industry is committed and confident in its ability to overcome the current crisis and achieve its long-term goals.
Lucrative Regions for Fraud Detection and Prevention Market
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Market Insights – Fraud Detection and Prevention Market
Digital Transformation Across Major Sectors
The world is undergoing a digital transformation. Users of the internet are no longer limited to online search and social networking but have expanded their activities to include online banking and shopping. People have ceased leaving their homes due to COVID-19 lockout limitations, and a major portion of the population has begun to use internet transactions. According to the Boston Consulting Group (BCG), 70 percent of urban customers in countries like India are digitally influenced to buy any financial goods, which implies they utilize banking apps or websites to purchase financial items. As a result, there has been an increase in the number of bogus websites. Apart from banking, bogus websites that resemble businesses and home delivery services are on the rise, luring customers into making online purchases. Furthermore, IoT is becoming an important aspect of consumer lifestyle and industrial operations as the use of IoT grows and new IoT included items enter the market. According to the Global System of Mobile Communication (GSMA), by the end of 2020, there will be 23 billion IoT connections. One of the reasons, according to the report, is that connected gadgets provide convenience, which allows hackers to gain access to networks. Consumer data is collected, sent, and stored by linked devices, posing a privacy concern. Ad and ATM frauds are two significant IoT frauds that are both widespread and terrible in the IoT era. The rise in fraud because of hackers impersonating debit and credit card activations, online bookings, free coronavirus tests, and job offers has prompted the development of fraud detection and prevention technologies.
Component-Based Insights
Based on component, the fraud detection and prevention market is segmented into solution and services. The solution segment is likely to hold the largest market share in 2021.
The market players focus on new product innovations and developments by integrating advanced technologies and features to compete.
- In January 2020, BAE Systems Applied Intelligence declared a new offering made on Amazon Web Services (AWS) to offer complete anti-money laundering regulatory compliance solutions.
- In April 2021, IBM Security and HCL Technologies (HCL) have teamed up to help clients unify and streamline threat management through a modernized security operation center (SOC) platform. HCL's Cybersecurity Fusion Centers will use IBM's Cloud Pak for Security to help build a unified security platform that connects security teams, tools, and processes across the threat lifecycle. This partnership expands on HCL and IBM's recent alliance extension to assist businesses with digital transformation.
Based on component, the fraud detection and prevention market is segmented into solutions and services. The solution segment is further bifurcated into fraud analytics and authentication. In terms of revenue, the fraud analytics segment led the global fraud detection and prevention market in 2020. The servce segment is further bifurcated into professional services managed services. Based on deployment, the fraud detection and prevention market is segmented into on-premises and cloud. The cloud-based segment led the global fraud detection and prevention market in 2020. Based on end-user, the fraud detection and prevention market is segmented into BFSI, healthcare, manufacturing, retail, telecommunication, and others. The BFSI segment led the global fraud detection and prevention market in 2020. Geographically, the fraud detection and prevention market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for a significant share of the global market.
Fraud Detection and Prevention Market – Company Profiles
- Accertify, Inc.
- BAE Systems
- F5
- FICO
- Fiserv, Inc.
- IBM corporation
- Paypal
- SAP SE
- SAS Institute Inc.
- Securonix
Frequently Asked Questions
• According to the Global System of Mobile Communication (GSMA), by the end of 2020, there will be 23 billion IoT connections. One of the reasons, according to the report, is that connected gadgets provide convenience, which allows hackers to gain access to networks. Consumer data is collected, sent, and stored by linked devices, posing a privacy concern. Ad and ATM frauds are two significant IoT frauds that are both widespread and terrible in the IoT era. The rise in fraud because of hackers impersonating debit and credit card activations, online bookings, free coronavirus tests, and job offers has prompted the development of fraud detection and prevention technologies.
The List of 10 Companies - Fraud Detection and Prevention Market
- Accertify, Inc.
- BAE Systems
- F5
- FICO
- Fiserv, Inc.
- IBM corporation
- Paypal
- SAP SE
- SAS Institute Inc.
- Securonix
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- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
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