According to the recent study the fraud analytics market is projected to reach an estimated $XX billion by 2028 from $XX billion in 2023, at a CAGR of 16% to 18% from 2023 to 2028. Growth in this market is primarily driven by increasing use of digitization and IoT along with expanding deployment of fraud detection and prevention systems and rising demand for fraud analytics to avoid risk related to online transaction frauds.
Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in fraud analytics market by application (insurance claim, money laundering, electronic payment, and others), organisation size (SMEs and large enterprises), deployment mode(on-premise and cloud), end use industry (BFSI, retail & e-commerce, government, healthcare, industrial & manufacturing, and travel and transportation, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Cloud market is expected to remain the largest segment during the forecast period.”
Based on deployment mode, the fraud analytics market is segmented into on-premise and cloud. Lucintel forecasts that the Cloud market is expected to remain the largest segment due to the growing demand for cloud-based fraud detection and prevention software among the enterprises and growing interest in cloud-based solutions among small and medium-sized businesses (SMEs) due to their low investment needs.
“Within the fraud analytics market, the BFSI segment is expected to remain the largest end use industry”
Based on end use industry the BFSI segment is expected to witness the highest growth over the forecast period due to the increasing use of digital channels and technology in financial sector such as internet banking and mobile banking and growing need for fraud analytics to prevent the fraud happening in online, insurance claim, and credit card transactions.
“Asia pacific will dominate the fraud analytics market in near future”
APAC region is expected to witness highest growth due to the presence of huge number of fraud and prevention system service providers, growing demand for latest fraud detection and prevention systems among retail companies to avoid retail frauds, and increasing use of fraud analytics in bank debit and credit card e-commerce transactions in the region.
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Major players of fraud analytics market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. SAP SE, IBM, Sas Institute, ACI Worldwide, and Fiserv are among the major fraud analytics providers.
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