Fraud Detection and Prevention Market by Solution (Fraud Analytics, Authentication, and GRC), Service (Managed and Professional), Vertical (BFSI, Retail and eCommerce, and Travel and Transportation), Deployment Mode) and Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America)
Fraud Detection and Prevention Market Overview
The Fraud Detection and Prevention Market size is projected to reach a CAGR of 19.7% from 2022 to 2028.
Fraud detection and prevention services are the solutions offered by IT vendors to the different enterprises. This solution helps enterprises to prevent occurrences or spot frauds at initial stages. In other words, fraud detection and prevention refer to the solutions and systems provided by the IT vendors, which are used to find patterns and anomalies and analyse the data (to spot deviation from usual path) and these solutions control user access by authentication and verification.
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Adoption of digitalization and IoT increased the adoption rate of fraud detection and prevention system and increase in revenue loss due to fraud are some of the factors that have supported long-term expansion for Fraud Detection and Prevention Market.
Fraud Detection and Prevention Market Regional Analysis
North America is expected to be the largest contributor in terms of the market size in the FDP market. It is one of the most affected regions in the world by money laundering and terrorist financing crime activities; as a result, it has the highest number of FDP providers.
Fraud Detection and Prevention Market Competitive Landscape
Key Players
• FICO
• SAP
• Fiserv
• EMC
• Experian
• ACI
• NICE Actimize
• Computer Sciences Corporation
• Kount
• RSA Security
• FIS
• CaseWare
• PayPal
• Visa
• Microsoft Corporation
• Ingenico
• AWS
• PerimeterX
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Fraud Detection and Prevention Market Recent Developments
• In July 2020, NICE Actimize enhanced SURVEIL-X, a holistic trade surveillance solution. The company enhanced SURVEIL-X with self-service analytics for custom risk detection. SURVEIL-X Studio enables Financial Services Organizations (FSOs) to rapidly create, test, and deploy custom analytics risk detection models to close regulatory and operational risk gaps
• In April 2019, NICE Actimize introduced CDD-X to modernize KYC/CDD programs with advanced analytics and the power of AI. The robust combination of AI technology with NICE Actimize’s expertise in KYC/CDD reduces customer review time by up to 70 %and increases the accuracy of high-risk customer management.
Reasons to Acquire in the Fraud Detection and Prevention Market
• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
• Gain authentic and granular data access for Fraud Detection and Prevention Market so as to understand the trends and the factors involved behind changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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Frequently Asked Questions
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