The global fraud detection & prevention market was valued at $13,644 million in 2016, and is expected to reach $40,610 million by 2023, growing at a CAGR of 17% from 2017 to 2023. The banking, financial services & insurance (BFSI) and manufacturing sectors are expected to dominate the global market. North America was the leading contributor to the global revenue, whereas, Asia-Pacific is projected to be dominant region by 2023.
The fraud detection & prevention market in Asia-Pacific is projected to grow at a significant rate during the forecast period, owing to increase in fraud incidents in emerging economies such as India, China and Japan. Furthermore, upcoming new visualization tools and applications, in addition to customer analytics and predictive analytics, may further increase the demand for these solutions.
Emergence of big data analytics across various industries, such as BFSI, retail, manufacturing, healthcare, real estate, and others, high demand for cloud services, and proliferation of mobile devices for payment are expected to drive the market growth. Mobile phones enable easy access to personally identifiable information such as email address, home address, and banking & stored payment information. However, high installation cost of deploying varied prevention solutions, including predictive analytics, big data analytics, customer analytics, and others, hinders this growth.
In 2016, BFSI accounted for maximum revenue share, owing to frequent incident of fraudulent activities, specifically in mobile transactions. For instance, in January 2018, HID Global collaborated with ThreatMark, a threat and fraud detection technology provider to develop new features to improve the ability of financial organizations to identify cyber threats such as malware, identity theft, and account takeover.
Rise in demand for advanced authentication provides numerous growth opportunities for market expansion in the government sector. In addition, the retail segment is projected to grow at a highest CAGR of 18.7%, owing to rise in incident of card-related frauds, transactions, and revenue loses. The authentication segment generated the highest revenue in 2015, as organizations largely invest on technologies that can protect data from security risks and malware attacks. The fraud analytics solution is expected to grow at the highest CAGR, as these solutions analyze various forms of data and then covert them to actionable insights. In addition, rise in adoption of advanced analytics techniques and competitive intelligence that involves tactful data collection & collation, analysis, and formation of meaningful insights that enables in making strategic business decisions supplements the fraud detection & prevention market growth.
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Prominent players, such as IBM Corporation, BAE Systems, SAP SE, Oracle Corporation, ACI Worldwide, and others, focus on product launch, acquisition, and partnership for expansion in the market. For instance, in 2016, IBM Corporation acquired IRIS Analytics, a privately held company specializing in real-time analytics to help combat fraud.
In 2016, North America accounted for a major share in the global fraud detection & prevention market. However, Asia-Pacific is expected to dominate by 2023, owing to increase in rate of Internet penetration in India, China, Japan, Malaysia, and Singapore as organizations need to protect corporate and personal information from fraud attacks. Furthermore, the need to support secure enterprise mobility practices within organizations is expected to boost the demand for fraud detection & prevention solutions.
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.
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Fraud Detection & Prevention Market Key Segments:
By Solution Type
- Fraud Analytics
- Predictive Analytics
- Customer Analytics
- Social Media Analytics
- Bigdata Analytics
- Behavioral Analytics
- Single-Factor Authentication
- Multifactor Authentication
By Deployment Type
By End User
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Industry Vertical
- Real Estate
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This post was originally published on Trading Herald