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Market Insights:The rising cases of fraud and cyber attacks have accelerated the adoption of Fraud Detection and Prevention (FDP) solutions in the recent times. With a shift witnessed towards mobile economy, a boost in fraud detection and prevention market is expected over the next few years. Market Research Future (MRFR) has revealed in its latest report that the global Fraud Detection And Prevention Market will thrive at a striking CAGR of 15% during the forecast period and the market valuation is expected to reach USD 34 Bn by the end of 2023.
The growth of e-commerce and cashless payments is likely to continue over the next few years which will generate demand for fraud detection and prevention products. The initiatives taken by the governments for promoting cashless economies will also fuel the growth of fraud detection and prevention market. Furthermore, the technological innovations introduced for securing the online payments will catalyze the adoption of the fraud detection and prevention products.
The adoption rate of fraud detection and prevention solutions is higher in developed economies than the developing ones. The developing economies are not well equipped with technology which opens up avenues for fraud detection and prevention market proliferation. From the perspective of business, secured payment gateways are quintessential for a boom in the economy which is why the governments are taking initiatives to counter online frauds. The developing economies will generate a significant proportion of revenue in the coming years from the fraud detection and prevention market.
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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.
Segments:
Fraud Detection and Prevention market for segment on the basis of solution, service application, end-user and vertical.
Fraud Detection and Prevention Market by Solution:
• Fraud Detection
• Authentication
• Data Synthesis
Fraud Detection and Prevention Market by Service:
• Professional Service
• Managed Service
Fraud Detection and Prevention Market by Application:
• Insurance Claims
• Money Laundering
• Electronic Payment
• Others
Fraud Detection and Prevention Market by End-User:
• Small & Medium Enterprises
• Large Enterprises
Fraud Detection and Prevention Market by Vertical:
• BFSI
• Retail
• Telecommunication
• Government/Public Sector
• Healthcare
• Real estate
• Energy and Power
• Manufacturing
• Travel & Transportation
• Media and Entertainment
• Others
Regional Analysis:
The regional analysis of fraud detection and prevention market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. North America is estimated to have the largest market share in the fraud detection and prevention market owning to presence of large number of FDP vendors present in the region. Asia-Pacific region is one of the prominent players in the fraud detection and prevention market due to emerging economies, such as India and China, which are rapidly implementing FDP solutions. This is mainly due to growth in fraudulent activities in organizations, banking & financial institutes with the growing volume of online payment transactions.
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.
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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
About Us:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Contact Info:
Name: Abhishek Sawant
Email: Send Email
Organization: Market Research Future
Website: https://www.marketresearchfuture.com
Release ID: 422385
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