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Market Scenario:The rise in e-commerce business and increasing electronic payment is driving fraud detection and prevention market. As payment channels evolve, the growing threat of electronic payments fraud is increasing and various measures are implemented in preventing electronic payment frauds. These include ensure multichannel integration. Hackers coordinate attacks using multiple interaction channels to overcome traditional detection systems. Denial of service (DOS) and other attacks are often used to cover payment fraud on a network, requiring a more tightly integrated view of payments and broader network activity. To prevent customers account, the ensure multichannel integration method is used. It is required that institutions need to have visibility, into customer activity across all payment and interaction channels, including online and mobile. The organization must ensure that they are closely integrated with their core payments platforms. This approach enables them to capture payments from all channels and helps to maintain sophisticated fraud prevention logic across the business.
The Fraud Detection and Prevention Market is expected to grow at approximately USD 34 Billion by 2023, at 15% of CAGR between 2017 and 2023.
Key Players:
The prominent players in the fraud detection and prevention market are – IBM Corporation (U.S.), Oracle Corporation (U.S.), Fico (Brazil), SAS Institute Inc. (U.S.), SAP SE (Germany), Computer Sciences Corporation (U.S.), BAE Systems (U.K.), ACI Worldwide (U.S.), Fiserv Inc. (U.S.), Threatmetrix (U.S.) among others.
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Industry News:
In July 2018, Myriad Connect, a Paris-based technology firm has announced its plan for launching an out of band authentication and SIM swap detection service which will help combat fraud in mobile financial services.
In July 2018, Wibmo, a payment security technology provider, has rolled out an upgraded anti-fraud solution for safeguarding electronic payments services.
Market Segmentation:
• By solution, the global fraud detection and prevention market is segmented into fraud detection, authentication, and, data synthesis.
• By service, the fraud detection and prevention market has been segmented into professional service, and, managed service.
• By application, the fraud detection and prevention market has been segmented into insurance claims, money laundering, electronic payment, and, others.
• By end-user, the global fraud detection and prevention market is segmented into small & medium enterprises, large enterprises.
• By vertical, the market has been segmented into BFSI, retail, telecommunication, government/public sector, healthcare, real estate, energy and power, manufacturing, travel & transportation, media, entertainment, and, others.
Regional Analysis:
By region, the global fraud detection and prevention market is segmented into Asia Pacific, North America, Europe and Rest of the World. The North America market accounts for the maximum share of the global market. The concentration of global leaders in fraud detection and prevention in the region and the initiatives undertaken by them to strengthen foothold in the market will drive demand generation. Furthermore, Canada holds the first spot in the list of cashless economies with the U.S. also contributing significantly towards the adoption of non-cash payments in the region. The presence of developed cashless economies such as Sweden and the U.K. will fuel the growth of fraud detection and prevention market in Europe.
Asia-Pacific region will exhibit a steep rise in the growth of fraud detection and prevention market. The factors contributing towards the market expansion in the region include the presence of emerging economies, such as India and China, which are rapidly implementing FDP solutions. The growth in fraudulent activities in online payments will fuel the demand for fraud detection and prevention solutions in the region. Furthermore, the countries in the region are increasing inclination towards cashless transactions; for instance, Vietnam has announced its initiative about becoming 90% cashless retail economy by 2020. The growth of the global market will favor the market proliferation in Rest of the World region.
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Intended Audience
• Investors and consultants
• System Integrators
• Government Organizations
• Research/Consultancy firms
• Technology solution providers
• IT Organizations
• Fraud Detection and Prevention Solution Providers
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Contact Info:
Name: Abhishek Sawant
Email: Send Email
Organization: Market Research Future
Website: https://www.marketresearchfuture.com
Release ID: 481976
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