The current business scenario has witnessed an upsurge in the adoption of fraud detection & prevention solutions in developed as well as the developing regions.
The global fraud detection & prevention market size was valued at $13,644 million in 2016, and is expected to reach $40,610 million by 2023, growing at a CAGR of 17% during the forecast period. Fraud detection & prevention solutions are solutions offered by IT vendors against fraud incidents and help to detect or prevent such future occurrences.
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The companies adopt efficient techniques to provide customers with innovative and modernized security offerings. Introduction of big data analytics and cloud computing services, and increase in mobile payment drive the growth of the fraud detection & prevention market.
Although continuous technological advancements prevailing in the market are promoting market expansion, factors such as high cost of these solutions may restrict the fraud detection & prevention market growth.
The global fraud detection & prevention market is segmented based on solution type, services, deployment type, end user, industry vertical, and geography. On the basis of solution type, it is bifurcated into fraud analytics and authentication.
The authentication segment accounted for the largest market share of around 57.9% in 2016, owing to high demand for effective fraud detection solutions and real-time operations due to increase in online payment transactions. The services segment is classified based on professional services and managed services.
Managed services is expected to exhibit the highest growth rate during the forecast period, as they integrate with the company’s intellectual property to provide end-to-end solutions tailored to meet the organization’s exact requirements. Based on deployment model, the market is segmented into cloud and on-premises models.
By end user, it is divided into small & medium enterprises (SMEs) and large enterprises (LE). Industries analyzed in this report include banking, financial service & insurance (BFSI); retail; healthcare; real estate; manufacturing; and others.
The BFSI industry generated the highest revenue in 2016, accounting for around $3,498 million, and is expected to maintain its lead in the future. This growth is attributed to increase in number & frequency of sophisticated attacks in the banking sector, which has led to the development of analytical solutions to predict and prevent fraud.
Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific exhibits the highest rate of adoption of fraud detection solutions, while LAMEA is expected to grow at a significant growth rate, predicting a lucrative market growth for fraud detection & prevention solutions, especially in Brazil, South Africa, and Argentina.
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Key players operating in the global fraud detection & prevention market are IBM Corporation, Oracle Corporation, SAS Institute Inc., Fair Isaac Corporation., SAP SE, BAE Systems, ACI Worldwide, NCR Limited, Lavastorm Analytics, and ThreatMetrix.
KEY BENEFITS FOR STAKEHOLDERS
- In-depth analysis of the global fraud detection and prevention market along with its dynamics is provided to understand the market scenario.
- Quantitative analysis of the current trends and future estimations from 2016 to 2023 is provided to assist strategists and stakeholders to capitalize on prevailing opportunities.
- Porter’s Five Forces analysis examines the competitive structure of the fraud detection and prevention market and provides a clear understanding of the factors that influence the market entry and expansion.
- A detailed analysis of the geographical segments enables identification of profitable segments for market players.
- Comprehensive analysis of the trends, sub-segments, and key revenue pockets are provided in the report.
- Detailed analysis of the key players and their business strategies are anticipated to assist stakeholders to take informed business decisions.
- Profile analysis of leading players that operate in the fraud detection and prevention market are provided in the report, which highlight the major developmental strategies.
KEY MARKET SEGMENTS
By Solution Type
- Fraud Analytics
- Predictive Analytics
- Customer Analytics
- Social Media Analytics
- Bigdata Analytics
- Behavioral Analytics
- Single-Factor Authentication
- Multifactor Authentication
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