The fraud detection and prevention market is predicted to grow significantly due to the rise in the demand for artificial intelligence and machine learning with the help of big data analytics, Rise in the demand for cloud services and systems and increasing use of transactions through the mobile application.
Based on offering, the global fraud detection and prevention market is segmented into solution and service. Between these, solution category held larger share in the market in 2019. This is due to the up-surging demand for advanced solutions to avoid risks and fraudulent activities.
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Service category is further sub-divided into professional service, and managed service. Between these, professional services are predicted to have the larger share in the fraud detection and prevention market over the forecast period. The rise in the fraudulent activities and the initiatives taken by the companies and the government for protecting their data is predicted to give a boost to the professional services in the fraud detection and prevention market over the forecasted period.
Based on fraud type, the global fraud detection and prevention market is bifurcated into internal fraud and external fraud. Between these, the internal category held a larger share in the global fraud detection and prevention market in 2019, and is also predicted to witness faster growth during the forecast period (2020 – 2025). This is due to the growing frequency of internal frauds within organizations, especially in large enterprises firms, where the business complexities are huge and chance for fraudsters to target is high.
Rise in the cyber-attacks across all the verticals and increasing fraudulent attacks due to increase use of electronic transactions is predicted to be the major driving factor for the fraud detection and prevention market.
APAC is predicted to grow significantly due to the adoption of fraud detection and prevention software and system across various verticals is predicted to boost the region for fraud detection and prevention market over the forecast period.
Some of the key players in the global fraud detection and prevention market are FICO, Fiserv, FIS Global, Oracle Corporation, IBM Corporation, SAP SE, Lavastorm, ACI Worldwide, SAS Institute Inc., and NCR Limited.
Source: VynZ Research