Global fraud detection technology market review to 2022, industry size is expected to grow from $16.62 billion in 2017 to US$ 41.59 billion by 2022, CAGR of 20.1%. Fraud Detection Technology Market that share Industry size, latest market trends and global forecast during period.
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Fraud Detection Market comprises major vendors, such as IBM (US), FICO (US), Oracle (US), SAS Institute (US), BAE Systems (UK), DXC Technology (US), SAP (Germany), ACI Worldwide (US), Fiserv (US), Threat Metrix (US), NICE Systems (Israel), Experian (US), and LexisNexis (US). The stakeholders include FDP service providers, consulting firms, cybersecurity vendors, Value-added Resellers (VARs), telecom providers, and information technology security agencies.
Fraud Detection Market By Application Area
- Insurance claims
- Money laundering
- Electronic payment
- Mobile payment
Key target audience of the FDP market report such as Government agencies, Cybersecurity vendors, Telecom providers, FDP solution providers, Independent software vendors, Consulting firms, System integrators, VARs, Information Technology (IT) security agencies, Managed Security Service Providers (MSSPs).
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FDP solutions have been deployed across various verticals, including the government and public utilities, retail, Banking, Financial Services, and Insurance (BFSI), telecommunications, healthcare, real estate, and others (travel and transportation, media and entertainment, and life sciences). The government and public utilities vertical is expected to witness the highest CAGR during the forecast period.
Market Overview and Industry Trends on Fraud Detection Market
- Market Overview
- Market Dynamics
- Increasing Fraudulent Activities in Various Industries
- Increase in Reputation Loss and Revenue Loss for Organizations
- Increasing Online Transactions Over Mobile and Web Applications
- Lack of Integration Capabilities
- Emerging Economies
- Introduction of Ai and Machine Learning Technologies for Detecting Frauds
- Low Levels of Awareness About the Fraud Possibilities in Smes
The global fraud detection and prevention market has been segmented on the basis of regions into North America, Europe, APAC, MEA, and Latin America to provide a region-specific analysis in the report. North America, followed by Europe, are expected to become the largest revenue-generating regions for the FDP solution vendors in 2017.
The increasing fraudulent activities in various industries are one of the key factors that is expected to fuel the growth of the FDP market in North America.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the FDP market place.
- By Company Type: Tier 1: 27%, Tier 2: 48%, and Tier 3: 25%
- By Designation: C-Level: 30%, Director Level: 25%, and Others: 45%
- By Region: North America: 57%, Europe: 16%, APAC: 15%, and RoW: 12%
APAC includes emerging economies, such as India and China, which are rapidly deploying FDP solutions. This is mainly due to growth in fraudulent activities in organizations, and banking and financial institutes with the growing volume of online payment transactions.
APAC is expected to grow at the highest CAGR during the forecast period. Furthermore, North America is expected to have the largest market size in 2017.
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