Global Fraud Detection and Prevention Market Report 2022: Growing Rates of Cybercrime and Insurance & Payment Fraud Bolster Sector - ResearchAndMarkets.com

Furthermore, the growing number of cyber-attacks and higher occurrences of data theft resulting in revenue loss are propelling the fraud detection and prevention market ahead.

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Thursday, October 20, 2022
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Technology, Security, Adoption, Health, International Commission on Holocaust Era Insurance Claims, Life, BFSI, Deployment, CAGR, Investment, Coronavirus, Fast-moving consumer goods, Region, Analysis, Travel, FDP, AI, Application, Internet, Transport, Hungama Digital Media Entertainment, Component, Joint, Real estate, Government, Fraud, App Store (iOS/iPadOS), COVID-19, USD, ML, SME, List of life sciences, Cryptocurrency, Online shopping, Pharmaceutical industry, Telecom, Health care, Retail, Solution, Industry, Manufacturing, Cloud
Geotags: 
EUROPE, SOUTH AMERICA, NORTH AMERICA
Summary
Key Points: 
  • Furthermore, the growing number of cyber-attacks and higher occurrences of data theft resulting in revenue loss are propelling the fraud detection and prevention market ahead.
  • Currently, the market has the opportunity to employ AI and ML in the banking sector to improve fraud detection and prevention.
  • By region, the global Fraud Detection and Prevention market is categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
  • As a result of growing cybercrime, payments fraud, insurance fraud, and other types of fraud, the outlook for the fraud detection and prevention market in the second half of 2020 and beyond boosted the adoption of fraud detection and prevention solutions.


The "Global Fraud Detection and Prevention Market, By Components, By Application, By Deployment, By Enterprise Size, By Industry & By Region - Forecast and Analysis 2022-2028" report has been added to ResearchAndMarkets.com's offering.

Global fraud detection and prevention market is valued at USD 25.1 billion in 2021, and it is estimated to surpass market size of USD 118.95 billion by 2028, at a CAGR of 24.89% over the forecast period 2022-2028.

The widespread adoption of digitization and the Internet of Things has boosted the demand for fraud detection and prevention solutions. Furthermore, the growing number of cyber-attacks and higher occurrences of data theft resulting in revenue loss are propelling the fraud detection and prevention market ahead. Currently, the market has the opportunity to employ AI and ML in the banking sector to improve fraud detection and prevention.

Segments covered in this report

  • Based on Components, the market is categorized into Solutions, Services.
  • Based on Application, the market is categorized into Insurance Claims, Money Laundering, Electronic Payment, others.
  • Based on Deployment, the market is categorized into Cloud, On-Premise. Based on Enterprise Size, the market is categorized into Large Enterprises, Small & Medium Enterprises (SMEs).
  • Based on Industry, the market is categorized into BFSI, IT, Telecom, Retail, Consumer Packaged Goods, Government, Construction, Real Estate, Energy, Utilities, Travel, Transportation, Manufacturing, Healthcare, Life Sciences, Media, Entertainment, Other.
  • By region, the global Fraud Detection and Prevention market is categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

Drivers

The popularity of digital applications and mobile banking services has grown, as has the number of fraudulent websites and mobile applications. In other industries, such as retail and e-commerce, manufacturing, and healthcare, fake websites and online apps are on the rise. These websites and programs mimic retail establishments and home delivery services, enticing clients into making fraudulent online transactions. Customers in the banking business are increasingly depending on mobile applications for a range of purposes, such as online payments, statement reviews, filing complaints, and providing feedback.

Restraints

The lack of professionals and qualified workers will stifle the expansion of the fraud detection and prevention market. This is especially true in emerging markets.

Market Trends

The coronavirus pandemic had a significant influence on the global economy. Overall demand for fraud detection and prevention (FDP) solutions fell somewhat in the first half of 2020 across all applications. Several marketing efforts, planned investments, government policies, and other projects have also been halted as a result of the outage.

As a result of growing cybercrime, payments fraud, insurance fraud, and other types of fraud, the outlook for the fraud detection and prevention market in the second half of 2020 and beyond boosted the adoption of fraud detection and prevention solutions. Individuals are claiming COVID-19 medical expenses through their life and health insurance policies. Because of the rising number of online insurance claims, fraudsters now have more opportunity to engage in fraudulent operations.

Key Topics Covered:

Executive Summary

Market overview

Parent Market Analysis

Market overview

Market size

Key Market Insights

Covid Impact

Market Dynamics & Outlook

Global Fraud Detection and Prevention Market by Component

Global Fraud Detection and Prevention Market by Application Area

Global Fraud Detection and Prevention Market by Deployment

Global Fraud Detection and Prevention Market by Enterprise Size

Global Fraud Detection and Prevention Market by Industry

Market Size by Region

Key Company Profiles

Companies Mentioned

  • IBM Corporation (US)
  • Uplexis (Brazil)
  • Experian Information Solutions, Inc. (Brazil)
  • Gemalto - Thales Group (France)
  • ACI Worldwide, Inc. (US)
  • BAE Systems (US)
  • Fair Isaac Corporation (US)
  • Fidelity National Information Services, Inc. (US)
  • LexisNexis (US)
  • NICE Actimize Ltd. (Israel)

For more information about this report visit https://www.researchandmarkets.com/r/w4t6a2

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