"The latest Fraud Detection and Prevention Market study offers an all-inclusive analysis of the major strategies, corporate models, and market shares of the most noticeable players in this market. The study offers a thorough analysis of the key persuading factors, market figures in terms of revenues, segmental data, regional data, and country-wise data. This study can be described as most wide-ranging documentation that comprises all the aspects of the evolving Fraud Detection and Prevention Market.
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Despite technical improvements that allow for easier payments or access data, the growing worry about digital fraud necessitates the adoption of fraud detection technologies. The sophistication of digital frauds, financial crimes, and cyberattacks is posing a threat to the growth of many enterprises throughout the world. As e-banking, digital payment apps, and cross-border transactions become widespread, the number of fraudulent instances involving identity theft, data breaches, and payment frauds is on the rise. All of the aforementioned elements are paving the way for fraud detection and prevention market expansion.
The fraud detection and prevention market is expected to grow from US$ 26,511.84 million in 2021 to US$ 75,139.66 million by 2028; it is estimated to register a CAGR of 16.0% from 2021 to 2028.
Major Key players covered in this Fraud Detection and Prevention Market report-
- Accertify, Inc.
- BAE Systems
- F5
- FICO
- Fiserv, Inc.
- IBM corporation
- Paypal
- SAP SE
- SAS Institute Inc.
- Securonix
The banking and financial services industries are early users of risk-prevention technology. Financial organizations are extremely vulnerable because of huge internet data exchanges. According to Facebook and BCG, India's online banking adoption rate is predicted to reach 150 million by 2022, thereby increasing the risk of fraudulent activity. As the use of digital banking grows, it is becoming increasingly vital for financial institutions to safeguard transactions against fraud. Financial institutions are now concentrating not just on financial risk mitigation but also on real-time fraud detection. With the emergence of pattern recognition, fraud detection systems are evolving. Machine learning technologies have given artificial intelligence a significant boost in its ability to defend any system since ML can safeguard firms from insider fraud and spot any irregularities in persons who may leak data. As the demand for AI and machine learning grows, so does the use of FDP solutions.
The scope of the Fraud Detection and Prevention Market Report:
The research report focuses on the current market trends, opportunities, future potential of the market, and competition in the Fraud Detection and Prevention in North America, Europe, Asia-Pacific, Middle East Africa, and South America. The study also provides market insights and analysis of the Fraud Detection and Prevention, highlighting the technological market trends, adoption rate, industry dynamics, and competitive analysis of major players in the industry.
MARKET SEGMENTATION-
The fraud detection and prevention market is segmented into component, deployment, end-user, and geography. Based on component, the fraud detection and prevention market is bifurcated into solution and services. The solution segment is further bifurcated into fraud analytics and authentication. The fraud analytics segment held a larger revenue share in 2020. Based on deployment, the fraud detection and prevention market is bifurcated into on-premise and cloud-based. The cloud-based segment held a larger revenue share in 2020. Based on end-user, the fraud detection and prevention market is categorized into BFSI, healthcare, manufacturing, retail, telecommunication, and others. The BFSI segment held the largest revenue share in the global fraud detection and prevention market in 2020. Geographically, the fraud detection and prevention market is segmented into five key regions—North America, Europe, Asia Pacific (APAC), Middle East Africa (MEA), and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC. The fraud detection and prevention market in APAC is projected to grow at the fastest rate from 2021 to 2028.
The segmentation in this research study has been finalized post in-depth secondary research and extensive primary research. In addition, the market is also segmented on the basis of products offered by the leading participants in the industry in order to understand widely used market specific terminologies. Thus, we have incorporated the segments of the research and have finalized the market segmentation.
Major highlights of the report:
- All-inclusive evaluation of the parent market
- Evolution of significant market aspects
- Industry-wide investigation of market segments
- Assessment of market value and volume in past, present, and forecast years
- Evaluation of market share
- Tactical approaches of market leaders
- Lucrative strategies to help companies strengthen their position in the market
Fraud Detection and Prevention Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East Africa, and Central South America
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