The report presents an in-depth assessment of the Fraud Detection And Prevention including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Fraud Detection And Prevention investments from 2019 till 2024.
The global fraud detection and prevention market was valued at USD 13.59 billion in 2018 and is expected to reach USD 31.15 billion by 2024, recording a CAGR of 16.42%, over the forecast period of 2019-2024.
The Fraud Detection And Prevention market is highly competitive and consists of a number of major players. Top Companies like SAP SE, IBM CORPORATION, SAS INSTITUTE INC., ACI WORLDWIDE INC., FISERV INC., Experian PLC, DXC Technology Company, BAE Systems PLC, RSA Security LLC (Dell Technologies Inc.), Oracle Corporation, Nice Ltd., Equifax Inc., Lexisnexis Group, Fair Isaac Corporation, Cybersource Corporation, Global Payments Inc., Feedzai Inc. among others.
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Scope of the Report
Fraud Detection System is a Web-based security solution that can signal the threat of fraud before customers fall prey to the perpetrators. The system analyzes suspicious behavior and produces reports for security and risk mitigation purposes. Unlike network security solutions, the system reports suspicious activity before it escalates into fraud, identity theft or other crimes.
Key Market Trends
SEGMENTATION BY END-USER INDUSTRIES – BFSI
– The growing technological penetration, coupled with the digital channels, such as internet banking, mobile banking, becoming the prominent choices of customers for banking services, there is a greater need for banks to leverage fraud prevention solutions Fraud prevention and detection represents the biggest area for concerns for the financial institutions and is likely to become one the prominent drivers for IT spending.
– The potential risk of fraud is one of the greatest in online payments, which is expected to grow in tandem with the availability of digital customer relationships, as more companies telcos, e-commerce, banks are now offering online payments.
– Out of all industries, BFSI is most prone to insiders/employees when fraudulent activities are considered. There have been various instances where employees have been accused of fraud (PNB fraud in India, 2018). To prevent these, the industry needs robust fraud detection and prevention solutions.
– Sophisticated online attacks, such as data breaches and malware are expected to augment the demand for fraud detection solutions.
– In 2017, authentication solution provider HYPR Corp. received an investment from Mastercard to expand its technology to Mastercards ecosystem, as well as major banks and financial institutions. Thus, further such initiatives led by major players in the industry are expected to drive innovation in the authentication solutions.
– However, BFSI players are facing challenges regarding fraud detection, such as disparate transaction systems, slower fraud detection systems, and high operational costs, which are expected to hamper the market growth.
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SEGMENTATION – BY GEOGRAPHY – NORTH AMERICA
– In North America, digital transaction, coupled with the use of online banking, is increasing at a remarkable rate, thus, increasing the chances of fraud
– The fraud detection and prevention solution can help prevent any online breach of sensitive data and transactions. Increasing cases of fraudulent are expected to propel the market growth in the region over the forecast period.
– In May 2017, Bell Canada, one of the largest telecommunication company, globally, reported that an anonymous hacker illegally accessed data of about 1.9 million customers. Following this, in January 2018, the company reported that data of 100,000 customers were accessed illegally, during a security breach.
– Cybercrime, such as credit card identity theft, email hacking, account stealing, ransomware, phishing, and DDoS attacks, in the United States and Canada is increasing at an alarming rate, thus, causing monetary losses for enterprises. According to the White House Council of Economic Advisers, about USD 57 billion to USD 109 billion per year is compromised in the US economy, due to malicious cyber activities. As a result, organizations are expected to adopt fraud detection and preventive solutions to mitigate such losses, thereby, driving the market studied, in the region, over the next six years.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Fraud Detection And Prevention Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2014 to 2019 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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