The Global Fraud Detection and Prevention Market size is estimated to be USD 24.62 billion in 2019 and is predicted to reach USD 321.16 billion by 2030 with a CAGR of 26.3% from 2020-2030. Any illegal and unlawful act done to get any value from something is known as fraud. Fraud Detection and Prevention software are the applications and provide solution to for the fraud detection and prevention market. It helps in the identification and data and its integrity, it also helps in the online transaction by authenticating the access by the responsible person to further avoid such actions.
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There has been various technological advancement over the period of time and increase in fraud cases are further expected to fuel the growth of fraud detection and prevention software market over the forecast period. Increase in enterprises and data based firm with increasing complexity in data are further expected to promote the market growth.
There are various other factors such as technological advancement, increase in fraud cases and changing regulatory scenario is expected to contribute the market growth. However, high costs of this software, lack of awareness are expected to hamper the growth of fraud detection and prevention market in the near future. Moreover, increase in analytics, increase in globalization and further updates and advancement in the existing software are expected create ample opportunities in the fraud detection and prevention market over the forecast period.
Market Segmentations and Scope of the Study:
The global fraud detection and prevention market share is analyzed on the basis of solution type, services, deployment, end user, industry vertical and geography. On the basis of solution type, the market is segmented into fraud analytics and authentication. The fraud analytics are sub segmented into Predictive Analytics, Customer Analytics, Social Media Analytics, Bigdata Analytics, and Behavioral Analytics. The authentication segment is further divided into Single-Factor Authentication and Multifactor Authentication. On the basis of services, the market is divided into Professional and Managed. Based on deployment type, the market is divided into Cloud and On-Premises. On the basis of end user, the market is divided into Small & Medium Enterprises (SMEs) and Large Enterprises. On the basis of industry vertical, the market is divided into BFSI, Retail, Healthcare, Real Estate, Manufacturing, and Others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
North America represents the developed market share over the forecast period coupled with increased adoption of fraud detection and prevention software coupled with technological advancement and increase in data based enterprises, presence of developed infrastructure and increased awareness among people are further expected to fuel the marker growth.
Asia pacific is expected to develop significantly over the forecast period owing to the presence of developing economies coupled with increased penetration of internet and mobile devices, increase in fraud cases and wide application is further expected to augment the growth of fraud detection and prevention market over the forecast period.
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The fraud detection and prevention market, which is highly competitive and fragmented in nature, consists of a various market players. Some of the major market players include IBM Corporation, SAP SE, Oracle Corporation, ACI Worldwide, Lavastorm, ThreatMetrix, SAS Institute Inc., BAE Systems, NCR Limited, and Fair Isaac Corporation among others.
There have been various developments taken place in the market which further contributes the growth of fraud detection and prevention market. For instance, in August 2018, Maersk and IBM has announced the creation of TradeLens, jointly developed by the two companies to apply blockchain to the world's global supply chain. TradeLens is the result of a collaboration agreement between Maersk and IBM, a blockchain-enabled shipping solution designed to promote more efficient and secure global trade, bringing together various parties to support information sharing and transparency, and spur industry-wide innovation.