India - March 16, 2022 /MarketersMEDIA/ —
Market Insights:
Data leakage and fraudulent attacks have become common phenomena, which explains the growing adoption of fraud detection and prevention solutions. Sectors, such as BFSI and military, those deal with sensitive data are victims of con attacks. Thus, the adoption of preventive measures is high in these sectors. In recent times, digital data is any enterprises’ assets, thus making dupe easy. Thus, the need for fraud detection is growing. These factors can cause the global Fraud Detection and Prevention Market to value at USD 104.86 billion, at 22.71% CAGR by 2030
The lack of skilled professionals on the other hand will challenge security analysis sector based organizations functioning in the global fraud detection and prevention market. Analysts have split the market into vertical, application, organization size, service, and solution segments based on products and services. Security analysis based companies have been profiled. Concerns regarding high costs are set to affect the global market during the forecast period 2020 to 2030.
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Key Players:
The prominent players in the fraud detection and prevention market are – IBM Corporation (U.S.),Oracle Corporation (U.S.), Fico (Brazil), SAS Institute Inc. (U.S.), SAP SE (Germany), Computer Sciences Corporation (U.S.), BAE Systems (U.K.), ACI Worldwide (U.S.), Fiserv Inc. (U.S.), Threatmetrix (U.S.) among others.
Regional Analysis:
The regional segmentation of the global fraud detection and prevention market features the regional markets that are Latin America, Asia Pacific, Europe, North America, and the Middle East & Africa. During the forecast period, North America is foreseen to dominate the global market due to the presence of many major market players in the USA and various technological advancements. Canada is another crucial country-specific market in this region. These two countries are the early adopters of virtual transaction technologies. Strict regulations to curb financial loses is having a positive impact on the North America market.
Europe is another conspicuously important regional market due to the reasons that are pretty much the same as in the USA. The top-level technologically advanced country-specific markets in this region are France, Germany, Spain, and the UK, followed by the remaining countries of Europe.
In the Asia Pacific region, the fraud detection and prevention market is growing due to the substantial growth of the information technology (IT) industry in China and India. Other country-specific markets in this region are Australia and Japan, followed by the remaining countries of the Asia Pacific region. Australia and Japan are equipped with advanced technology.
Latin America is a small market because it is not as technologically advanced as North America is. Most powerful country-specific markets in this region are Brazil, Chile, and Peru, followed by the remaining countries of Latin America.
In the MEA region, the market is cramped due to the limited availability of technology. The heavy country-specific markets in this region are Saudi Arabia, UAE, and Israel, followed by the remaining countries of the MEA region.
Fraud Detection and Prevention Market Segmentation
The market of fraud detection and prevention market was studied based on service, solution, organization size, application, and vertical.
The solution-based segments of the fraud detection and prevention market are authentication, fraud detection, and data synthesis. The fraud detection discipline is highly appreciated across different sectors. The rise in need to analyze vulnerabilities and detect anomalies in data ecosystem of a market is promoting the adoption of fraud detection analytics across different sectors.
The services-based segments of the fraud detection and prevention market are managed service and professional service. The high demand for professional services can induce expansion for the global market of fraud detection and prevention.
The application-based segments of the fraud detection and prevention market are money laundering, insurance claims, electronic payment, and others. The need to secure insurance claims, increase in electronic transactions, and need for the prevention of money laundering cases can impel the expansion of the market.
The organization size-based segments of the fraud detection and prevention market are small & medium enterprises and large enterprises. The emergence of startups and their high rate of adopting fraud detection and prevention solutions can boost the expansion of the global
The vertical-based segments of the fraud detection and prevention market are retail, BFSI, government, telecommunication, real estate, healthcare, manufacturing, energy & power, media & entertainment, travel & transportation, and others. The BFSI vertical is the high end-user of fraud detection and prevention solutions. Thus, BFSI segment is expected to hold the largest share of the global market.
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Fraud Detection and Prevention Market Research Report: By Solution (Fraud Detection, Authentication, Data Synthesis), Service (Professional Service, Managed Service), Application (Insurance Claims, Money Laundering, Electronic Payment), Organization Size (SME, Large Enterprises), Vertical - Forecast till 2030
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