Fraud Detection and Prevention Market to Grow at 18% through 2024
Increasing use of IP-based
services and emergence of e-banking and e-commerce to propel global fraud
detection and prevention market through 2024
According to
TechSci Research report, “Global Fraud Detection and Prevention Market By Component, By Fraud
Type, By Deployment Type, By Organization Size, By End User Industry, By
Region, Competition, Forecast & Opportunities, 2024”, the global fraud detection and prevention market is expected
to grow at robust CAGR of 18% during 2019 -2024 on account of increasing
cases of frauds, rising inclination towards cloud services and growing use of
digital data mode. As enterprises expand, the amount of data also increases
which elevates the risk for fraudulent activities, which in turn, is driving global
fraud detection and prevention market.
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Global fraud detection
and prevention market can be segmented based on component, fraud type,
deployment type, organization size, end user industry and region. In terms of solution,
the market can be bifurcated into fraud analytics, authentication and others. Authentication segment is the
dominating segment in the market and the trend is likely to continue during
forecast period as it is used by various end user industry in order to
strengthen the authentication process. Based on enterprise, global fraud
detection and prevention market size is categorized into large enterprises and
SMEs. Large enterprises are witnessing high adoption of fraud detection and prevention
solutions and services owing to increase in financial losses and hefty fines
for regulatory non-compliance. Among end users, BFSI leads global fraud
detection and prevention market as this vertical holds crucial information of customers,
employees and assets. Moreover, due to rising digitization of the financial
sector and increasing trend of online transactions, there is an increased risk
for frauds, which is expected to continue driving the market.
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Fiserv Inc., IBM Corporation, Fair Isaac Corporation, ACI Worldwide,
Inc., Actimize Inc., SAP SE, SAS Institute Inc., Oracle Corp., BAE Systems PLC,
Experian PLC, etc. are some of the leading players operating in global fraud
detection and prevention market. “North America accounts for the largest share
in the global fraud detection and prevention market and the region is expected
to continue its dominance during forecast period as well on account of early
adoption of online services and e-tailing in like US and Canada. Moreover,
surging investments in fraud detection and prevention solutions across diverse verticals
and presence of leading players in the region is further expected to bolster
the growth of North America fraud detection and prevention market in the coming
years. Nevertheless, APAC is expected to witness fastest growth in adoption of fraud
detection and prevention solutions over the course of next five years.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global Fraud Detection and Prevention Market
By Component, By Fraud Type, By Deployment Type, By Organization Size, By End
User Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global fraud
detection and prevention market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in global fraud
detection and prevention market.
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