The global fraud detection and prevention market is anticipated to grow at 16.8% CAGR owing to the increasing adoption of digitalization and IoT that has increased the rate of FDP, mounting revenue losses as a result of fraud cases, an increasing number of online and banking services will propel the growth in the market.

Nevertheless, the mounting use of developed analytics in FDP and integration of AI, ML, and big data technologies to develop FDP solutions will boost the opportunity growth in the Fraud Detection and Prevention Market.

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COVID19 has reduced the market for the detection and prevention of fraud in many applications. However, the rise in insurance claims due to the novel coronavirus pandemic has offered fraudsters opportunities to extract insurance claims from hospitals and government, leading to the growth of the Fraud Detection and Prevention Market in the healthcare and government sector.

Based on offering, the service segment is anticipated to have the significant growth owing to the rising demand for professional services like consulting, training & education, and support & maintenance by large enterprises.

North America dominates the market in 2020 owing to the rising cases of payment frauds, identity thefts, and money laundering in the region. Moreover, the region is anticipated to grow further owing to the rising investment by organizations to protect data breaches and enhance security IT infrastructure.

The prominent players in the global fraud detection and prevention industry include FICO, Fiserv, FIS Global, Oracle Corporation, IBM Corporation, SAP SE, Lavastorm, ACI Worldwide, SAS Institute Inc., and NCR Limited.

Source: VynZ Research