The global Fraud Detection and Prevention market size is anticipated to reach over USD 88 billion by 2025. This can be attributed to the growing number of data breaches and complex cyber-attacks are the key factors fueling the demand for Fraud Detection and Prevention solutions.
Dallas, United States - October 27, 2020 /MarketersMedia/ —
The global Fraud Detection and Prevention market is expected to reach nearly USD 88 billion by 2025, at a CAGR of ~27% during the forecast period. With growing implementation of IoT and connected devices, end-users are significantly adopting new-age transaction facilities including online payment. This is resulting in advanced digital landscape. However, changing digital landscape is also boosting the demand for fraud detection and prevention solutions due to growing number of fraudulent activities. Growing digitization and rising adoption of smartphones are also contributing to the growth of fraudulent activities as people are shifting from traditional payment systems to the mobile wallets, UPI, and online payment systems.
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This is resulting in increasing frauds and identity theft incidents across the globe. BFSI is among the key end-users adopting fraud detection and prevention solutions, predominantly to protect their customers from fraudulent activities. Hence, to safeguard their customer data, financial institutions are adopting fraud detection and prevention solutions to accurately and efficiently detect abnormalities at the level of cardholders, locations, merchants, and accounts.
In the past few decades, there has been an increased demand for innovation, which is one of the major factors which is likely to contribute to the growth of the market in the estimated forecast period. The software for the detection helps in ameliorating and improving the services, which are likely to enhance and boost the growth of the market in the estimated forecast period. In the past epo, there has been an increased usage of the cyber- attack and hacking of the data, which is likely to contribute to the growth of the market of the global fraud detection and prevention market. One of the advantages of the market is, it is used for the detection and estimation of the activities of the fraud which contributes to the increased demand for the services, which is one of the major aspects for the growth of the market in the estimated forecast period.
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End-User Verticals Such as BFSI Most Vulnerable to Fraudulent Transactions and Internet Activities, Braces Fraud Detection and Prevention Management
Rise in fraudulent internet activities and cybercrime has been synonymous with digitization. With technological innovations emerging every day, it has become more of a convenience for fraudsters to manipulate data and barge into cyber space of any entity. Digital transactions which have emerged as most preferred payment system is highly vulnerable to cyber threat. Advances in Fraud detection and prevention practices are closely upgraded with AI and ML integration to attain desired analytical data. Adroit Market Research scouts for novelties in fraud detection and prevention market spanning across new developments, portfolio differentiation, opportunity mapping and the like to ensure remunerative business returns amidst stiffening competition.
Dell Technologies and Symphony Technologies Undersign Commercial Agreement for RSA Sell Out
M&A deals continue to remain most preferred marketing tactics to ensure relentless growth in fraud detection and prevention market. Companies are increasingly investing towards collaborated efforts to secure their position in the competitive terrain which is characterized by astute market volatility.
Fraud detection and prevention market characteristically focuses on crucial elements such as identity and access management system, early threat detection and response generation to ensure best practices in fraud detection.
IN terms of commercial agreements, Dell Technologies has made a significant move to ensure improved outcome for its fraud detection and prevention capabilities by selling out its RSA to Symphony Technology.
The deal has been sealed at $2.075 billion to pursue simplified business structure for better outcome. RSA is responsible for offering best in industry security capabilities governing fraud detection and prevention, coupled with access management, and boats of client base of over 12,500 customers. The development is a significant steppingstone towards uninterrupted business flow and revenue generation in fraud detection and prevention market.
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Asia-Pacific dominated the global Fraud Detection and Prevention market in 2019 and is expected to dominate the market throughout the forecast period 2020–2025. It is expected to have the largest market revenue with nearly 8 Billion in 2019. The growth of this region is mainly accredited to the growing penetration of smartphones and increasing government initiatives for digital payments in this region. Moreover, Middle-East & Africa region is anticipated to gather the highest CAGR close to 32% during the forecast period.
The major players of the global Fraud Detection and Prevention market are BAE Systems, Dell technologies, DXC Technology, Experian, First Data, Fiserv, IBM, SAP, SAS, and Securonix. Moreover, the other potential players in the Fraud Detection and Prevention Market are FICO, ACI Worldwide, LexisNexis, NICE Systems, and Risk solutions. As of 2019, the Fraud Detection and Prevention market is fragmented with the existence of established global and domestic players across the globe.
Segment Overview of Global Fraud Detection and Prevention Market
Fraud Type Overview, 2018-2025 (USD Billion)
• Money Laundering
• Identity Theft
• Payment Fraud
• IP Theft
• Others
Solution Overview, 2018-2025 (USD Billion)
• Real-Time Analytics
• Authentication
• Single-Factor
• Multi-Factor
• Risk and Compliance
• Others
Industry Vertical Overview, 2018-2025 (USD Billion)
• BFSI
• Retail
• IT & Telecom
• Healthcare
• Manufacturing
• Others
Regional Overview, 2018-2025 (USD Billion)
• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia-Pacific
• Middle East and Africa
• UAE
• South Africa
• Middle East and Africa
• South America
• Brazil
• Rest of South America
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