. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE Edition: 7; Released: May 2021 Executive Pool: 23986 Companies: 80 – Players covered include ACI Worldwide Inc.; BAE Systems plc; Cacco Inc.; Cybersource Corporation; DXC Technology Company; Equifax Inc.; Experian plc; Fair Isaac Corporation; Feedzai Inc.; Fiserv, Inc.; Global Payments Inc.; IBM Corporation; LexisNexis Risk Solutions Group; NICE Ltd.; Oracle Corporaton; RSA Security LLC; SAP SE; SAS Institute Inc.; Software AG and Others. Coverage: All major geographies and key segments Segments: Component (Solutions, Services); Application (Payment Frauds, Money Laundering, Identity Theft, Other Applications); Vertical (BFSI, Retail & eCommerce, IT & Telecom, Government & Defense, Healthcare, Industrial & Manufacturing, Other Verticals) Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Brazil; Rest of Latin America; Middle East; Africa.
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Global Fraud Detection and Prevention Market to Reach $46.4 Billion by 2026 The global fraud detection and prevention market is heading for impressive gains on account of rising incident and sophistication of frauds coupled with continuing focus on the use of latest technology to timely detect the fraud activity. A fraud represents an illegal act intended to obtain consumer data or credential for specific gains, mainly monetary. Fraud detection and prevention solutions are software applications that offer sophisticated analytical tools to detect and prevent fraud in real-time. These tools analyze data from different sources to identify anomalous patterns by detecting doubtful trends, transactions and situations. Fraud detection and prevention tools verify user identity, maintain data integrity and prevent unauthorized access to data. These platforms have gained considerable attention in the recent years due to increasing digitalization, popularity of online or Internet banking, advent of cloud services, and growing sophistication of frauds. Rising concerns pertaining to high incident of frauds and associated considerable loss of revenue for organizations are creating new avenues for fraud detection and prevention solutions. The market growth is favored by financial crimes, cyber-attacks and digital frauds that are making it extremely challenging for businesses to grow while maintaining consumer trust.
Amid the COVID-19 crisis, the global market for Fraud Detection and Prevention estimated at US$19.5 Billion in the year 2020, is projected to reach a revised size of US$46.4 Billion by 2026, growing at a CAGR of 14.8% over the analysis period. Solutions, one of the segments analyzed in the report, is projected to grow at a 13.8% CAGR to reach US$30.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 16.4% CAGR for the next 7-year period. This segment currently accounts for a 36.5% share of the global Fraud Detection and Prevention market.
The U.S. Market is Estimated at $8 Billion in 2021, While China is Forecast to Reach $8.4 Billion by 2026 The Fraud Detection and Prevention market in the U.S. is estimated at US$8 Billion in the year 2021. The country currently accounts for a 34.22% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$8.4 Billion in the year 2026 trailing a CAGR of 18.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.5% and 13.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 13.5% CAGR while Rest of European market (as defined in the study) will reach US$9.5 Billion by the close of the analysis period.
The market is predicted to gain from rising adoption of emerging technologies such as ongoing shift towards cloud-based fraud detection platforms. Cloud-based approach is rapidly emerging as a prominent trend owing to its ability to ensure access over the Internet, storage space, enhanced processing power, and fast tracking of online cyber-attacks. The market is also benefitting from growing implementation of IoT devices, with the number of IoT-connected devices exceeding 23 million by the year 2020. Fraud prevention in inbuilt devices and IoT analytics platforms is finding increasing acceptance across industries and organizations. Increasing use of AI and ML techniques for fraudulent activities detection is another prominent trend in the market for fraud detection and prevention solutions. ML has proven to be effective in identifying patterns of fraud attacks. Big data and ML are being integrated with AI enabled technologies for reducing risk of known as well as unknown bank transaction frauds. More
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