Future Market Insights (FMI) in a recent market study offers deep dive into key developments across various segments including solutions, applications, enterprise size, and industries. The study also projects increasing demand for AI in fraud management from large enterprises
DUBAI, UAE, Sept. 9, 2021 /PRNewswire/ — As per recent data released by Future Market Insights (FMI), the global AI in fraud management market is projected to reach US$ 39.5 Bn in 2031, exhibiting a remarkable 18% CAGR during the forecast period.
Rising incidence of data theft, phishing, and payment fraud is encouraging enterprises across the globe to invest in robust online security systems. This trend is translating into innovations and product developments in the global AI for fraud management market.
During the COVID-19 crisis, an alarming rise in cybercrimes across various industries has been observed. Increasing dependence on eCommerce and online payment methods resulted in high demand for fraud management systems and the trend is anticipated to continue over the assessment period.
Rapid technological developments and digital transformation across various sectors are providing tailwinds to sales of AI-powered fraud management software and services. AI systems can be programmed to detect theft, identify malware and protect sensitive data for enterprises, which in turn is spurring demand for sophisticated AI-powered services.
In addition to this, increasing concerns regarding safety of public data in the banking, financial services, and insurance sector are propelling sales of AI in fraud management software and services. With government institutions, banks, and financial institutes tackling high amounts of data breach threats, the demand for AI in fraud management is projected to rise during the forecast period.
FMI estimates the U.S. to dominate the North American AI in fraud management market. Growth can be attributed to growing demand for efficient fraud management systems in sectors such as healthcare, education, banking, retail, and eCommerce.
“Increasing demand for operational accuracy in enterprises, coupled with the incorporation of technologies such as big data, machine learning and cloud computing in AI-powered services for cyber security will continue augmenting AI for fraud management market growth,” says FMI analyst.
Based on software type, sales of AI-powered fraud prevention software are projected to remain high, accounting for 71% of the total market share.
Applications of identity theft protection are anticipated to grow at an impressive 19.8% CAGR during the assessment period.
Demand for AI in fraud management in large enterprises is estimated to rise at a steady pace, owing to increasing cases of data breaches and phishing.
AI in fraud management applications are projected to increase in the BFSI sector, accounting for 24% of the total market share in 2021.
The U.S. is estimated to hold 84% of the North American AI in fraud management market share.
The U.K. will emerge as an attractive market, with sales projected to rise at a prolific 20.7% CAGR during the assessment period.
The Chinese AI in fraud management market is projected to top US$ 521.0 Mn in 2021, due to increasing incidence of credit card fraud and mobile fraud.
AI in fraud management market in India is poised to expand at an impressive 28% CAGR, owing to government policies issued for online security.
Product development and the introduction of AI-powered software and services will boost sales in the market.
Government regulations mandating the integration of cyber security software across various sectors will propel sales of AI in fraud management services and software.
As per FMI’s analysis, the global AI in fraud management market is steered by dominant players such as IBM Corporation, Capgemini SE, Cognizant, and Splunk, Inc. Leading players operating in the market are emphasizing on product developments and innovations to expand their product portfolios. For instance:
In December 2020, Cognizant announced the acquisition of UK-based Inawisdom, a privately held consultancy specializing in artificial intelligence, machine learning, and data analytics. Inawisdom provides cloud-native and full-stack solutions using an analytics and machine learning program built using Amazon Web Services (AWS).
Leading players operating in AI in Fraud Management Market profiled by FMI include:
More Insights on FMI’s AI in Fraud Management Market
The latest market study on the AI in fraud management market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global AI in fraud management market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
Key Questions Covered in AI in Fraud Management Market Report
The report offers detailed insights into AI in fraud management market demand outlook for 2021-2031
The market study also highlights projected sales growth for AI in fraud management market between 2021 and 2031
AI in fraud management market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
AI in fraud management market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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