Fraud Detection and Prevention Market Size 2021

With rising incidences of fraud across a variety of industries, enterprises and government bodies are losing large amounts of capital every year. Among different industries, the highly regulated sectors like financial, healthcare, insurance, retail, and social security are the frequent targets. For these industries, combating fraud is essential as there is a multitude of compliance, regulations, risk management measures, and monetary consequences. Furthermore, increased use of digital data mode, high usage of internet enabled devices, and cloud services has rapidly increased the vulnerability of enterprises towards fraud, further fueling the Fraud Detection and Prevention Market Size.

With growing digitization, Fraud Detection and Prevention Market Size has witnessed the replacement of traditional methods of fraud detection by advanced techniques. The introduction of key technologies namely big data analytics, cloud computing services, AI and machine learning are driving the growth of Fraud Detection and Prevention Market Size. For instance, LexisNexis offers fraud detection solutions leveraging advanced analytics and robust data to combat insurance fraud. This solution helps insurance carriers identify and investigate potentially fraudulent claims and questionable provider behavior more efficiently. On the other hand, deepsense.ai builds machine learning algorithms that are more efficient than rules-based systems for fraud detection. These algorithms decrease the number of false alarms and aid companies to maintain a good relationship with their customers.
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Major Key Players:

Key players operating in the Fraud Detection and Prevention Market Size are IBM Corporation, SAP SE, Dell Inc., FRISS, BAE Systems and NICE amongst others. However, the new market entrants offering highly advanced solutions are also expected to propel the market in the near future.

Key Findings of the Report:

In terms of revenue, the North American region accounted for the highest market share in 2018 and is anticipated to witness a sustainable CAGR over the forecast period.

Among the solutions, Fraud analytics segments accounted for a significant market share in 2018, growing at a CAGR of 26.0% over the forecast years (2019 – 2027).

Cloud based deployment is expected to grow at an increasing rate as compared to on-premise, owing to the ease of installation & updation, high scalability, total low cost of ownership and other benefits offered by cloud-based deployment.

Market Segmentation

Fraud Detection and Prevention Market Size:

By Deployment

On Cloud

On Premise

By Organization Size

SMEs

Large Enterprise

By Component

Solutions

Fraud Analytics

Authentication

Single-Factor Authenticatio

Multifactor Authentication

Others

Services

Professional Service

Managed Service

By Application

Identity Theft

Payment Frauds

Electronic Payment Fraud

Mobile Payment Fraud

Credit and Debit Card Fraud

Money Laundering

Others (Banking Transactions, Fund Transfers etc.)

By Industry Vertical:

Banking, Financial Services and Insurance (BFSI)

Energy and Power

Government/Public Sector

Healthcare

Manufacturing

Real Estate

Retail

Telecommunication

Others (Travel and Transportation, Media and Entertainment, etc.)

By Region:

North America

U.S.

Canada

Mexico

Rest of North America

Europe

France

The UK

Spain

Germany

Italy

Nordic Countries

Denmark

Finland

Iceland

Sweden

Norway

Benelux Union

Belgium

The Netherlands

Luxembourg

Rest of Europe

Asia Pacific 

China

Japan

India

New Zealand

Australia

South Korea

Southeast Asia

Indonesia

Thailand

Malaysia

Singapore

Rest of Southeast Asia

Rest of Asia Pacific

Middle East and Africa

Saudi Arabia

UAE

Egypt

Kuwait

South Africa

Rest of Middle East & Africa

Latin America

Brazil

Argentina

Rest of Latin America


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