According to the latest report published by Variant Market Research,the Global Fraud Detection and Prevention Market size is projected to reach $59.3 Billion by 2025 from $16.1 Billion in 2017. In this report, fraud detection and prevention market forecast says that the global market is growing at a CAGR of 17.6% from 2017 to 2025. By Geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 18.8% and 18.2%, respectively, during the forecast period.
"Fraud Detection and Prevention Market (By Solution: Fraud Analytics, and Authentication; By Service: Managed Services, and Professional Services; By Deployment: On-Premises, and Cloud; By Organization Size: Small and Medium-Sized Enterprises (SMEs), and Large Enterprises; By Application: Insurance Claims, Electronic Payment, Money Laundering, Mobile Payment, Other Applications; By Industry Vertical :BFSI, Telecommunication, Retail, Government/Public Sector, Healthcare, Energy & Power, Manufacturing, Real Estate, and Other Industry Verticals;By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025"
The global fraud detection and preventionmarket is mainly driven by increase in mobile and web banking applications globally
Increase in mobile and web banking applications globally, and rising fraudulent activities across various industriesare the major factors driving the growth of the global fraud detection and prevention market. In addition, increased loss of reputation and revenue for organizationshas also propelled the growth of the market. However, high initial cost of these solutions may hamper the market growth. Moreover, introduction of big data analytics and cloud computingcould offer high growth opportunities for the market in the coming years.
The global fraud detection and prevention market is classified on the basis of solution, service, organization size, deployment, application, industry vertical, and geography. On the basis of solution the segmentation includes fraud analytics (predictive analytics, behavioral analytics, social media analytics, customer analytics, bigdata analytics), and authentication (single-factor authentication, multifactor authentication). By organization, the segment is bifurcated into small & medium-sized enterprises (SMEs), and large enterprises. Managed services, and professional servicesare covered under the deployment segment. Based on application, the segment is divided as insurance claims, mobile payment, electronic payment, money laundering, and other applications (banking transactions and fund transfers).Furthermore, BFSI, telecommunication, retail, government/public sector, healthcare, energy & power, manufacturing, real estate, and other (media & entertainment, travel & transportation, and life sciences)are the segregation of the industry vertical segment.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Russia, Germany, France, UK, and Rest of Europe are analyzed under the European market. China, Japan, India, and Rest of Asia-Pacific are included under the Asia-Pacific market. While, RoW is bifurcated into South America, Middle East, and Africa.
Fraud analytics, by solutionsegment dominated the market with major share in 2017
On the basis of solution, fraud analytics accounted for the majority of the share in the year 2017, owing to the benefit that it helps in analyzing countless forms of stored data and gathered information, and in transforming them to actionable insights, thus offering necessary actions essential to prevent fraud. Conversely, authentication segment is anticipated to attain the fastestCAGR during the forecast period 2017 – 2025. The market for authentication is growing due to surge in employment of various government guidelines related to security for various industries to defend their vital information.
Professional occupied the principal share in the service segment in 2017
Professional contributed for the largest share in the service segment in the year 2017, and is expected to continue its trend over the forecast period.The growth in the segment is attributed to rising approval of mobile devices poses distinctive challenges to government and business organizations, imposing them to implement valuable solutions that would protect, identify, and react to evolving threats.
BFSI led the industry vertical segment with largest share in the year 2017
Based on industry vertical segment BFSI accounted for the largest market share in 2017, due to boosted implementation of fraud detection & prevention solutions as a result of high requirement to reinforce authentication processes for businesses.
North America accounted for the maximum share in the global fraud detection and prevention market
In 2017, North America was the highest revenue generating region accounting for 27.3% of the global fraud detection and prevention market share, owing to high number of early technology adopters in this region. However, Asia-Pacific is likely to achieve the fastest CAGR of 18.7% during the forecast period, driven bywide adoption of FDP solutions, due to the growing number of frauds and increasing government regulatory compliance.
Key players operating in the market include IBM Corporation, Oracle Corporation,Lavastorm, Fair Isaac Corporation, BAE Systems Plc,NCR Limited, ThreatMetrix, SAP SE,ACI Worldwide, Inc., and SAS Institute Inc., among others.